Document:

Exhibit 4.3

 

Lazy Days’ R.V. Center, Inc.

 

$152,000,000

11 3/4% Senior Notes due 2012

 

PURCHASE AGREEMENT

 

May 12, 2004

 

DEUTSCHE BANK SECURITIES INC.

JEFFERIES & COMPANY, INC.

WELLS FARGO SECURITIES, LLC

c/o Deutsche Bank Securities Inc.

60 Wall Street

New York, New York  10005

 

Ladies and Gentlemen:

 

Lazy Days’ R.V. Center. Inc., a Florida
corporation (the “Company”), hereby confirms its agreement with you (the
“Initial Purchasers”), as set forth below.

 

Section 1.               The Securities.  Subject to the terms and conditions herein
contained, the Company proposes to issue and sell to the Initial Purchasers
$152,000,000 aggregate principal amount of its 11 3/4% Senior Notes due 2012
(the “Notes”).  The Notes are to
be issued under an indenture (the “Indenture”) to be dated as
of May 14, 2004 by and between the Company and The Bank of New York, as
Trustee (the “Trustee”).

 

The Notes are being sold in connection with
the acquisition (the “Acquisition”) to be consummated pursuant to the
Stock Purchase Agreement dated May 14, 2004 (the “Acquisition Agreement”)
by and among the Company, the Company’s parent, LD Holdings, Inc. (“Holdings”),
the Employee Stock Ownership Plan and Trust for the Employees of Lazydays (the
“ESOP”) and certain other stockholders of Holdings and RV Acquisition,
Inc., (“RV Acquisition”), a newly formed holding company owned by an
affiliate of Bruckmann, Rosser, Sherrill & Co., Inc. (“BRS”),
pursuant to which RV Acquisition has agreed to acquire all of Holdings’
outstanding capital stock.

 

The Notes will be offered and sold to the
Initial Purchasers without being registered under the Securities Act of 1933,
as amended (the “Act”), in reliance on exemptions therefrom.

 

 

In connection with the sale of the Notes, the
Company has prepared a preliminary offering memorandum dated April 27, 2004
(the “Preliminary Memorandum”) and a final offering memorandum dated May
12, 2004 (the “Final Memorandum”; the Preliminary Memorandum and the
Final Memorandum each herein being referred to as a “Memorandum”) setting
forth or including a description of the terms of the Notes, the terms of the
offering of the Notes, a description of the Company and any material
developments relating to the Company occurring after the date of the most
recent historical financial statements included therein.

 

The Initial Purchasers and their direct and
indirect transferees of the Notes will be entitled to the benefits of the
Registration Rights Agreement, substantially in the form attached hereto as Exhibit
A (the “Registration Rights Agreement”), pursuant to which the
Company has agreed, among other things, to file a registration statement (the “Registration
Statement”) with the Securities and Exchange Commission (the “Commission”)
registering the Notes or the Exchange Notes (as defined in the Registration
Rights Agreement) under the Act.

 

Section 2.               Representations and Warranties.  The Company represents and warrants to and
agrees with each of the Initial Purchasers as follows:

 

(a)           Neither
the Preliminary Memorandum as of the date thereof nor the Final Memorandum nor
any amendment or supplement thereto as of the date thereof and at all times
subsequent thereto up to the Closing Date (as defined in Section 3 below)
contained or contains any untrue statement of a material fact or omitted or
omits to state a material fact necessary to make the statements therein, in the
light of the circumstances under which they were made, not misleading, except
that the representations and warranties set forth in this Section 2(a) do
not apply to statements or omissions made in reliance upon and in conformity
with information relating to either of the Initial Purchasers furnished to the
Company in writing by the Initial Purchasers expressly for use in the
Preliminary Memorandum, the Final Memorandum or any amendment or supplement
thereto.

 

(b)           As
of the Closing Date, the Company will have the authorized, issued and
outstanding capitalization set forth in the Final Memorandum; all of the
outstanding shares of capital stock of the Company have been, and as of the
Closing Date will be, duly authorized and validly issued, are fully paid and
nonassessable and were not issued in violation of any preemptive or similar
rights; except as set forth in the Final Memorandum, all of the outstanding
shares of capital stock of the Company will be free and clear of all liens,
encumbrances, equities and claims or restrictions on transferability (other
than those imposed by the Act and the securities or “Blue Sky” laws of certain
jurisdictions) or voting; except as set forth in the Final Memorandum, there
are no (i) options, warrants or other rights to purchase,
(ii) agreements or other obligations to issue or (iii) other rights
to convert any obligation into, or exchange any securities for, shares of
capital stock of or ownership interests in the Company outstanding.  Except as disclosed in the Final Memorandum,
the Company does not

 

2

 

own, directly or indirectly, any shares of
capital stock or any other equity or long-term debt securities or have any
equity interest in any firm, partnership, joint venture or other entity.

 

(c)           The
Company is duly incorporated, validly existing and in good standing under the
laws of its jurisdiction of incorporation and has all requisite corporate power
and authority to own its properties and conduct its business as now conducted
and as described in the Final Memorandum; the Company is duly qualified to do
business as a foreign corporation in good standing in all other jurisdictions
where the ownership or leasing of its properties or the conduct of its business
requires such qualification, except where the failure to be so qualified would
not, individually or in the aggregate, have a material adverse effect on the
general affairs, management, business, condition (financial or otherwise),
prospects or results of operations of the Company, taken as a whole (any such
event, a “Material Adverse Effect”).

 

(d)           The
Company has all requisite corporate power and authority to execute, deliver and
perform each of its obligations under the Notes, the Exchange Notes and the
Private Exchange Notes (as defined in the Registration Rights Agreement).  The Notes, when issued, will be in the form
contemplated by the Indenture.  The
Notes, the Exchange Notes and the Private Exchange Notes have each been duly
and validly authorized by the Company and, when executed by the Company and
authenticated by the Trustee in accordance with the provisions of the Indenture
and, in the case of the Notes, when delivered to and paid for by the Initial
Purchasers in accordance with the terms of this Agreement, will constitute
valid and legally binding obligations of the Company, entitled to the benefits
of the Indenture, and enforceable against the Company in accordance with their
terms, except that the enforcement thereof may be subject to
(i) bankruptcy, insolvency, reorganization, moratorium or other similar
laws now or hereafter in effect relating to creditors’ rights generally, and
(ii) general principles of equity and the discretion of the court before
which any proceeding therefor may be brought.

 

(e)           The
Company has all requisite corporate power and authority to execute, deliver and
perform its obligations under the Indenture. 
The Indenture meets the requirements for qualification under the Trust
Indenture Act of 1939, as amended (the “TIA”).  The Indenture has been duly and validly authorized by the Company
and, when executed and delivered by the Company (assuming the due
authorization, execution and delivery by the Trustee), will constitute a valid
and legally binding agreement of the Company, enforceable against the Company
in accordance with its terms, except that the enforcement thereof may be
subject to (i) bankruptcy, insolvency, reorganization, moratorium or other
similar laws now or hereafter in effect relating to creditors’ rights generally
and (ii) general principles of equity and the discretion of the court
before which any proceeding therefor may be brought.

 

(f)            The
Company has all requisite corporate power and authority to execute, deliver and
perform its obligations under the Registration Rights Agreement.  The Registration Rights Agreement has been
duly and validly authorized by the Company and, when executed and delivered by
the Company (assuming the due authorization, execution and delivery

 

3

 

by the Initial Purchasers), will constitute a
valid and legally binding agreement of the Company enforceable against the
Company in accordance with its terms, except that (A) the enforcement
thereof may be subject to (i) bankruptcy, insolvency, reorganization,
moratorium or other similar laws now or hereafter in effect relating to
creditors’ rights generally, and (ii) general principles of equity and the
discretion of the court before which any proceeding therefor may be brought and
(B) any rights to indemnity or contribution thereunder may be limited by
federal and state securities laws and public policy considerations.

 

(g)           The
Company has all requisite corporate power and authority to execute, deliver and
perform its obligations under this Agreement and to consummate the transactions
contemplated hereby.  This Agreement and
the consummation by the Company of the transactions contemplated hereby have
been duly and validly authorized by the Company.  This Agreement has been duly executed and delivered by the
Company.

 

(h)           No
consent, approval, authorization or order of any court or governmental agency
or body, or third party is required for the issuance and sale by the Company of
the Notes to the Initial Purchasers or the consummation by the Company of the
other transactions contemplated hereby, except such as have been obtained and
such as may be required under state securities or “Blue Sky” laws in connection
with the purchase and resale of the Notes by the Initial Purchasers.  The Company is not (i) in violation of
its certificate of incorporation or bylaws (or similar organizational
document), (ii) in breach or violation of any statute, judgment, decree,
order, rule or regulation applicable to it or any of its properties or assets,
except for any such breach or violation that would not, individually or in the
aggregate, have a Material Adverse Effect, or (iii) in breach of or default
under (nor has any event occurred that, with notice or passage of time or both,
would constitute a default under) or in violation of any of the terms or
provisions of any indenture, mortgage, deed of trust, loan agreement, note,
lease, license, franchise agreement, permit, certificate, contract or other
agreement or instrument to which it is a party or to which it or its properties
or assets is subject (collectively, “Contracts”), except for any such
breach, default, violation or event that would not, individually or in the
aggregate, have a Material Adverse Effect.

 

(i)            The
execution, delivery and performance by the Company of this Agreement, the
Indenture and the Registration Rights Agreement and the consummation by the
Company of the transactions contemplated hereby and thereby (including, without
limitation, the issuance and sale of the Notes to the Initial Purchasers) will
not conflict with or constitute or result in a breach of or a default under (or
an event that with notice or passage of time or both would constitute a default
under) or violation of any of (i) the terms or provisions of any Contract,
except for any such conflict, breach, violation, default or event that would
not, individually or in the aggregate, have a Material Adverse Effect,
(ii) the certificate of incorporation or bylaws (or similar organizational
document) of the Company or (iii) (assuming compliance with all applicable
state securities or “Blue Sky” laws and assuming the accuracy of the
representations and warranties of the Initial Purchasers in Section 8
hereof) any statute, judgment, decree, order, rule or regulation applicable to
the Company or any of its properties

 

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or assets, except for any such conflict,
breach or violation that would not, individually or in the aggregate, have a Material
Adverse Effect.

 

(j)            The
audited consolidated financial statements of the Company included in the Final
Memorandum present fairly in all material respects the financial position,
results of operations and cash flows of the Company at the dates and for the
periods to which they relate and have been prepared in accordance with
generally accepted accounting principles applied on a consistent basis, except
as otherwise stated therein.  The
summary and selected financial and statistical data in the Final Memorandum
present fairly in all material respects the information shown therein and have
been prepared and compiled on a basis consistent with the audited financial
statements included therein, except as otherwise stated therein.  Crowe Chizek and Company LLC (the “Independent
Accountants”) is an independent public accounting firm within the meaning
of the Act and the rules and regulations promulgated thereunder.

 

(k)           The
pro forma financial statements (including the notes thereto) and the other pro
forma financial information included in the Final Memorandum (i) comply as
to form in all material respects with the applicable requirements of Regulation
S-X promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), (ii) have been prepared in accordance with the Commission’s
rules and guidelines with respect to pro forma financial statements and
(iii) have been properly computed on the bases described therein; the
assumptions used in the preparation of the pro forma financial data and other
pro forma financial information included in the Final Memorandum are reasonable
and the adjustments used therein are appropriate to give effect to the
transactions or circumstances referred to therein.

 

(l)            There
is not pending or, to the knowledge of the Company, threatened any action,
suit, proceeding, inquiry or investigation to which the Company is a party, or
to which the property or assets of the Company are subject, before or brought
by any court, arbitrator or governmental agency or body that, if determined
adversely to the Company, would, individually or in the aggregate, have a
Material Adverse Effect or that seeks to restrain, enjoin, prevent the
consummation of or otherwise challenge the issuance or sale of the Notes to be
sold hereunder or the consummation of the other transactions described in the
Final Memorandum.

 

(m)          The
Company possesses all licenses, permits, certificates, consents, orders,
approvals and other authorizations from, and has made all declarations and filings
with, all federal, state, local and other governmental authorities, all
self-regulatory organizations and all courts and other tribunals, presently
required or necessary to own or lease, as the case may be, and to operate its
properties and to carry on its business as now or proposed to be conducted as
set forth in the Final Memorandum (“Permits”), except where the failure
to obtain such Permits would not, individually or in the aggregate, have a
Material Adverse Effect; the Company has fulfilled and performed all of its
obligations with respect to such Permits and no event has occurred that allows,
or after notice or lapse of time would allow, revocation or termination thereof
or results in any other material impairment of the rights of the holder of

 

5

 

any such Permit; and the Company has not
received any notice of any proceeding relating to revocation or modification of
any such Permit, except as described in the Final Memorandum and except where
such revocation or modification would not, individually or in the aggregate,
have a Material Adverse Effect.

 

(n)           Since
the date of the most recent financial statements appearing in the Final
Memorandum, except as described therein, (i) the Company has not incurred
any liabilities or obligations, direct or contingent, or entered into or agreed
to enter into any transactions or contracts (written or oral) not in the
ordinary course of business, which liabilities, obligations, transactions or
contracts would, individually or in the aggregate, be material to the general
affairs, management, business, condition (financial or otherwise), prospects or
results of operations of the Companies, taken as a whole, (ii)  the
Company has not purchased any of its outstanding capital stock, nor declared,
paid or otherwise made any dividend or distribution of any kind on its capital
stock and (iii) there shall not have been any material change in the
capital stock or long-term indebtedness of the Company.

 

(o)           The
Company has filed all necessary federal, state and foreign income and franchise
tax returns, except where the failure to so file such returns would not,
individually or in the aggregate, have a Material Adverse Effect, and has paid
all taxes shown as due thereon; and other than tax deficiencies that the
Company is contesting in good faith and for which the Company has provided
adequate reserves, there is no tax deficiency that has been asserted against
the Company that would have, individually or in the aggregate, a Material Adverse
Effect.

 

(p)           The
statistical and market-related data included in the Final Memorandum are based
on or derived from sources that the Company believes to be reliable and accurate.

 

(q)           None
of the Company or any agent acting on its behalf has taken or will take any
action that might cause this Agreement or the sale of the Notes to violate
Regulation T, U or X of the Board of Governors of the Federal Reserve System,
in each case as in effect, or as the same may hereafter be in effect, on the
Closing Date.

 

(r)            The
Company has good and marketable title to all real property and good title to
all personal property described in the Final Memorandum as being owned by it
and good and marketable title to a leasehold estate in the real and personal
property described in the Final Memorandum as being leased by it free and clear
of all liens, charges, encumbrances or restrictions, except as described in the
Final Memorandum or to the extent the failure to have such title or the
existence of such liens, charges, encumbrances or restrictions would not,
individually or in the aggregate, have a Material Adverse Effect.  All leases, contracts and agreements to
which the Company is a party or by which it is bound are valid and enforceable
against the Company, and are valid and enforceable against the other party or
parties thereto and are in full force and effect with only such exceptions as
would not, individually or in the aggregate, have a Material Adverse
Effect.  The Company owns or possesses

 

6

 

adequate licenses or other rights to use all
patents, trademarks, service marks, trade names, copyrights and know-how
necessary to conduct the businesses now or proposed to be operated by them as
described in the Final Memorandum, and the Company has not received any notice
of infringement of or conflict with (or knows of any such infringement of or
conflict with) asserted rights of others with respect to any patents,
trademarks, service marks, trade names, copyrights or know-how that, if such
assertion of infringement or conflict were sustained, would have a Material Adverse
Effect.

 

(s)           There
are no legal or governmental proceedings involving or affecting the Company or
any of its properties or assets that would be required to be described in a
prospectus pursuant to the Act that are not described in the Final Memorandum,
nor are there any material contracts or other documents that would be required
to be described in a prospectus pursuant to the Act that are not described in
the Final Memorandum.

 

(t)            Except
as would not, individually or in the aggregate, have a Material Adverse Effect
(A) the Company is in compliance with and not subject to liability under applicable
Environmental Laws (as defined below), (B) the Company has made all
filings and provided all notices required under any applicable Environmental
Law, and has and is in compliance with all Permits required under any
applicable Environmental Laws and each of them is in full force and effect,
(C) there is no civil, criminal or administrative action, suit, demand,
claim, hearing, notice of violation, investigation, proceeding, notice or
demand letter or request for information pending or, to the knowledge of the
Company, threatened against the Company under any Environmental Law,
(D) no lien, charge, encumbrance or restriction has been recorded under
any Environmental Law with respect to any assets, facility or property owned,
operated, leased or controlled by the Company, (E)  the Company has not received
notice that it has been identified as a potentially responsible party under the
Comprehensive Environmental Response, Compensation and Liability Act of 1980,
as amended (“CERCLA”), or any comparable state law and (F) no
property or facility of the Company is (i) listed or proposed for listing
on the National Priorities List under CERCLA or is (ii) listed in the
Comprehensive Environmental Response, Compensation, Liability Information
System List promulgated pursuant to CERCLA, or on any comparable list
maintained by any state or local governmental authority.

 

For purposes of this Agreement, “Environmental
Laws” means the common law and all applicable federal, state and local laws
or regulations, codes, orders, decrees, judgments or injunctions issued,
promulgated, approved or entered thereunder, relating to pollution or
protection of public or employee health and safety or the environment,
including, without limitation, laws relating to (i) emissions, discharges,
releases or threatened releases of hazardous materials into the environment
(including, without limitation, ambient air, surface water, ground water, land
surface or subsurface strata), (ii) the manufacture, processing, distribution,
use, generation, treatment, storage, disposal, transport or handling of hazardous
materials, and (iii) underground and above ground storage tanks and
related piping, and emissions, discharges, releases or threatened releases
therefrom.

 

7

 

(u)           There
is no strike, labor dispute, slowdown or work stoppage with the employees of
the Company that is pending or, to the knowledge of the Company, threatened.

 

(v)           The
Company carries insurance in such amounts and covering such risks as is
adequate for the conduct of its business and the value of its properties.

 

(w)          The
Company has no liability for any prohibited transaction or funding deficiency
or any complete or partial withdrawal liability with respect to any pension,
profit sharing or other plan that is subject to the Employee Retirement Income
Security Act of 1974, as amended (“ERISA”), to which the Company makes
or ever has made a contribution and in which any employee of the Company is or
has ever been a participant.  With
respect to such plans, the Company is in compliance in all material respects
with all applicable provisions of ERISA and the Internal Revenue Code of 1986,
as amended.

 

(x)            The
Company (i) makes and keeps accurate books and records and
(ii) maintains internal accounting controls that provide reasonable assurance
that (A) transactions are executed in accordance with management’s
authorization, (B) transactions are recorded as necessary to permit
preparation of its financial statements and to maintain accountability for its
assets, (C) access to its assets is permitted only in accordance with
management’s authorization and (D) the reported accountability for its
assets is compared with existing assets at reasonable intervals.

 

(y)           The
Company will not be an “investment company” or “promoter” or “principal
underwriter” for an “investment company,” as such terms are defined in the
Investment Company Act of 1940, as amended, and the rules and regulations
thereunder.

 

(z)            The
Notes, the Indenture and the Registration Rights Agreement will conform in all
material respects to the descriptions thereof in the Final Memorandum.

 

(aa)         No
holder of securities of the Company will be entitled to have such securities
registered under the registration statements required to be filed by the
Company pursuant to the Registration Rights Agreement other than as expressly
permitted thereby.

 

(bb)         Immediately
after the consummation of the transactions contemplated by this Agreement, the
fair value and present fair saleable value of the assets of the Company will
exceed the sum of its stated liabilities and identified contingent liabilities;
the Company is not, nor will the Company be, after giving effect to the
execution, delivery and performance of this Agreement, and the consummation of
the transactions contemplated hereby, (a) left with unreasonably small
capital with which to carry on its business as it is proposed to be conducted,
(b) unable to pay its debts (contingent or otherwise) as they mature or
(c) otherwise insolvent.

 

(cc)         None
of the Company or any of its Affiliates (as defined in Rule 501(b) of
Regulation D under the Act) has directly, or through any agent, (i) sold,
offered for sale,

 

8

 

solicited offers to buy or otherwise
negotiated in respect of, any “security” (as defined in the Act) that is or
could be integrated with the sale of the Notes in a manner that would require
the registration under the Act of the Notes or (ii) engaged in any form of
general solicitation or general advertising (as those terms are used in
Regulation D under the Act) in connection with the offering of the Notes or in
any manner involving a public offering within the meaning of Section 4(2)
of the Act.  Assuming the accuracy of
the representations and warranties of the Initial Purchasers in Section 8
hereof, it is not necessary in connection with the offer, sale and delivery of
the Notes to the Initial Purchasers in the manner contemplated by this
Agreement to register any of the Notes under the Act or to qualify the
Indenture under the TIA.

 

(dd)         No
securities of the Company are of the same class (within the meaning of
Rule 144A under the Act) as the Notes and listed on a national securities
exchange registered under Section 6 of the Exchange Act, or quoted in a
U.S. automated inter-dealer quotation system.

 

(ee)         The
Company has not taken, nor will it take, directly or indirectly, any action
designed to, or that might be reasonably expected to, cause or result in stabilization
or manipulation of the price of the Notes.

 

(ff)           None
of the Company, any of its Affiliates or any person acting on its or their
behalf (other than the Initial Purchasers) has engaged in any directed selling
efforts (as that term is defined in Regulation S under the Act (“Regulation S”))
with respect to the Notes; the Company and its Affiliates and any person acting
on its or their behalf (other than the Initial Purchasers) have complied with
the offering restrictions requirement of Regulation S.

 

Any certificate signed by any officer of the
Company and delivered to any Initial Purchaser or to counsel for the Initial
Purchasers shall be deemed a joint and several representation and warranty by
the Company to each Initial Purchaser as to the matters covered thereby.

 

Section 3.               Purchase, Sale and Delivery of
the Notes.  On the basis of the representations,
warranties, agreements and covenants herein contained and subject to the terms
and conditions herein set forth, the Company agrees to issue and sell to the
Initial Purchasers, and the Initial Purchasers, acting severally and not
jointly, agree to purchase the Notes in the respective amounts set forth on Schedule 1
hereto from the Company at 98.735% of their principal amount.  One or more certificates in definitive form
for the Notes that the Initial Purchasers have agreed to purchase hereunder,
and in such denomination or denominations and registered in such name or names
as the Initial Purchasers request upon notice to the Company at least 36 hours
prior to the Closing Date, shall be delivered by or on behalf of the Company to
the Initial Purchasers, against payment by or on behalf of the Initial
Purchasers of the purchase price therefor by wire transfer (same day funds), to
such account or accounts as the Company shall specify prior to the Closing
Date, or by such means as the parties hereto

 

9

 

shall agree prior to the Closing Date.  Such delivery of and payment for the Notes
shall be made at the offices of Kirkland & Ellis LLP, Citigroup Center, 153
E. 53rd Street, New York, New York 10022 at 10:00 A.M., New York time, on May
14, 2004, or at such other place, time or date as the Initial Purchasers, on
the one hand, and the Company, on the other hand, may agree upon, such time and
date of delivery against payment being herein referred to as the “Closing
Date.”  The Company will make such
certificate or certificates for the Notes available for checking and packaging
by the Initial Purchasers at the offices of Deutsche Bank Securities Inc. in
New York, New York, or at such other place as Deutsche Bank Securities Inc. may
designate, at least 24 hours prior to the Closing Date.

 

Section 4.               Offering by the Initial
Purchasers.  The Initial Purchasers
propose to make an offering of the Notes at the price and upon the terms set
forth in the Final Memorandum as soon as practicable after this Agreement is
entered into and as in the judgment of the Initial Purchasers is advisable.

 

Section 5.               Covenants of the Company.  The Company covenants and agrees with each
of the Initial Purchasers as follows:

 

(a)           The
Company will not amend or supplement the Final Memorandum or any amendment or
supplement thereto of which the Initial Purchasers shall not previously have
been advised and furnished a copy for a reasonable period of time prior to the
proposed amendment or supplement and as to which the Initial Purchasers shall
not have given their consent.  The
Company will promptly, upon the reasonable request of the Initial Purchasers or
counsel for the Initial Purchasers, make any amendments or supplements to the
Preliminary Memorandum or the Final Memorandum that may be necessary or
advisable in connection with the resale of the Notes by the Initial Purchasers.

 

(b)           The
Company will cooperate with the Initial Purchasers in arranging for the
qualification of the Notes for offering and sale under the securities or “Blue
Sky” laws of which jurisdictions as the Initial Purchasers may designate and
will continue such qualifications in effect for as long as may be necessary to
complete the resale of the Notes; provided, however, that in connection
therewith, the Company shall not be required to qualify as a foreign
corporation or to execute a general consent to service of process in any
jurisdiction or subject itself to taxation in excess of a nominal dollar amount
in any such jurisdiction where it is not then so subject.

 

(c)           If,
at any time prior to the completion of the distribution by the Initial
Purchasers of the Notes or the Private Exchange Notes, any event occurs or
information becomes known as a result of which the Final Memorandum as then
amended or supplemented would include any untrue statement of a material fact,
or omit to state a material fact necessary to make the statements therein, in
the light of the circumstances under which they were made, not misleading, or
if for any other reason it is necessary at any time to amend or supplement the
Final Memorandum to comply with applicable law, the Company will promptly
notify the Initial Purchasers thereof and will prepare, at the expense of the
Company, an

 

10

 

amendment or supplement to the Final
Memorandum that corrects such statement or omission or effects such compliance.

 

(d)           The
Company will, without charge, provide to the Initial Purchasers and to counsel
for the Initial Purchasers as many copies of the Preliminary Memorandum and the
Final Memorandum or any amendment or supplement thereto as the Initial
Purchasers may reasonably request.

 

(e)           The
Company will apply the net proceeds from the sale of the Notes as set forth
under “Use of Proceeds” in the Final Memorandum.

 

(f)            For
so long as any of the Notes remain outstanding, the Company will furnish to the
Initial Purchasers copies of all reports and other communications (financial or
otherwise) furnished by the Company to the Trustee or to the holders of the
Notes and, as soon as available, copies of any reports or financial statements
furnished to or filed by the Company with the Commission or any national
securities exchange on which any class of securities of the Company may be
listed.

 

(g)           Prior
to the Closing Date, the Company will furnish to the Initial Purchasers, as
soon as they have been prepared, a copy of any unaudited interim financial statements
of the Company for any period subsequent to the period covered by the most
recent financial statements appearing in the Final Memorandum.

 

(h)           None
of the Company or any of its Affiliates will sell, offer for sale or solicit
offers to buy or otherwise negotiate in respect of any “security” (as defined
in the Act) that could be integrated with the sale of the Notes in a manner
which would require the registration under the Act of the Notes.

 

(i)            The
Company will not engage in any form of general solicitation or general
advertising (as those terms are used in Regulation D under the Act) in
connection with the offering of the Notes or in any manner involving a public
offering within the meaning of Section 4(2) of the Act.

 

(j)            For
so long as any of the Notes remain outstanding, the Company will make available
at its expense, upon request, to any holder of such Notes and any prospective
purchasers thereof the information specified in Rule 144A(d)(4) under the
Act, unless the Company is then subject to Section 13 or 15(d) of the
Exchange Act.

 

(k)           The
Company will use its best efforts to (i) permit the Notes to be designated
as PORTAL-eligible securities in accordance with the rules and regulations
adopted by the NASD relating to trading in the NASD’s Portal Market (the “Portal
Market”) and (ii) permit the Notes to be eligible for clearance and
settlement through The Depository Trust Company.

 

11

 

(l)            In
connection with Notes offered and sold in an off shore transaction (as defined
in Regulation S) the Company will not register any transfer of such Notes not
made in accordance with the provisions of Regulation S and will not, except in
accordance with the provisions of Regulation S, if applicable, issue any such
Notes in the form of definitive securities.

 

(m)          None
of the Company or any of its Affiliates will engage in any directed selling
efforts (as that term is defined in Regulation S) with respect to the Notes.

 

(n)           For
a period of two years (calculated in accordance with paragraphs (d) of
Rule 144 under the Act) following the date any Notes are acquired from the
Company or any of its Affiliates, none of the Company or any of its Affiliates
will sell any such Notes.

 

Section 6.               Expenses.  The Company agrees to pay all costs and
expenses incident to the performance of its obligations under this Agreement,
whether or not the transactions contemplated herein are consummated or this
Agreement is terminated pursuant to Section 11 hereof, including all costs
and expenses incident to (i) the printing, word processing or other
production of documents with respect to the transactions contemplated hereby,
including any costs of printing the Preliminary Memorandum and the Final
Memorandum and any amendment or supplement thereto, and any “Blue Sky”
memoranda, (ii) all arrangements relating to the delivery to the Initial
Purchasers of copies of the foregoing documents, (iii) the fees and
disbursements of the counsel, the accountants and any other experts or advisors
retained by the Company, (iv) preparation (including printing), issuance
and delivery to the Initial Purchasers of the Notes, (v) the qualification
of the Notes under state securities and “Blue Sky” laws, including filing fees
and fees and disbursements of counsel for the Initial Purchasers relating
thereto, (vi) expenses in connection with the “roadshow” and any other
meetings with prospective investors in the Notes, (vii) fees and expenses
of the Trustee including fees and expenses of counsel, (viii) all expenses
and listing fees incurred in connection with the application for quotation of
the Notes on the PORTAL Market and (ix) any fees charged by investment
rating agencies for the rating of the Notes. 
If the sale of the Notes provided for herein is not consummated because
any condition to the obligations of the Initial Purchasers set forth in
Section 7 hereof is not satisfied, because this Agreement is terminated or
because of any failure, refusal or inability on the part of the Company to
perform all obligations and satisfy all conditions on their part to be
performed or satisfied hereunder (other than solely by reason of a default by
the Initial Purchasers of their obligations hereunder after all conditions
hereunder have been satisfied in accordance herewith), the Company agrees to
promptly reimburse the Initial Purchasers upon demand for all out-of-pocket
expenses (including fees, disbursements and charges of Cahill Gordon &
Reindel LLP, counsel for the Initial Purchasers) that shall have
been incurred by the Initial Purchasers in connection with the proposed purchase
and sale of the Notes.

 

Section 7.               Conditions of the Initial
Purchasers’ Obligations.  The obligation
of the Initial Purchasers to purchase and pay for the Notes shall, in their
sole discretion,

 

12

 

be subject to the satisfaction or waiver of
the following conditions on or prior to the Closing Date:

 

(a)           On
the Closing Date, the Initial Purchasers shall have received the opinion, dated
as of the Closing Date and addressed to the Initial Purchasers, of Kirkland
& Ellis LLP, counsel for the Company, substantially in the form of Exhibit
B hereto.  In rendering such
opinion, Kirkland & Ellis LLP shall have received and may rely upon such
certificates and other documents and information as it may reasonably request
to pass upon such matters; and

 

(b)           On
the Closing Date, the Initial Purchasers shall have received the opinion, dated
as of the Closing Date and addressed to the Initial Purchasers, of Johnson,
Pope, Bokor, Ruppel & Burns LLP, Florida counsel for the Company, substantially
in the form of Exhibit C hereto. 
In rendering such opinion, Johnson, Pope, Bokor, Ruppel & Burns LLP
shall have received and may rely upon such certificates and other documents and
information as it may reasonably request to pass upon such matters.

 

(c)           On
the Closing Date, the Initial Purchasers shall have received the opinion, in
form and substance satisfactory to the Initial Purchasers, dated as of the Closing
Date and addressed to the Initial Purchasers, of Cahill Gordon & Reindel LLP,
counsel for the Initial Purchasers, with respect to certain legal matters
relating to this Agreement and such other related matters as the Initial
Purchasers may reasonably require.  In
rendering such opinion, Cahill Gordon & Reindel LLP shall have received and may rely
upon such certificates and other documents and information as it may reasonably
request to pass upon such matters.

 

(d)           The
Initial Purchasers shall have received from the Independent Accountants a
comfort letter or letters dated the date hereof and the Closing Date, in form
and substance satisfactory to counsel for the Initial Purchasers.

 

(e)           The
representations and warranties of the Company contained in this Agreement shall
be true and correct on and as of the date hereof and on and as of the Closing
Date as if made on and as of the Closing Date; the statements of the Company’s
officers made pursuant to any certificate delivered in accordance with the
provisions hereof shall be true and correct on and as of the date made and on
and as of the Closing Date; the Company shall have performed all covenants and
agreements and satisfied all conditions on their part to be performed or
satisfied hereunder at or prior to the Closing Date; and, except as described
in the Final Memorandum (exclusive of any amendment or supplement thereto after
the date hereof), subsequent to the date of the most recent financial
statements in such Final Memorandum, there shall have been no event or
development, and no information shall have become known, that, individually or
in the aggregate, has or would be reasonably likely to have a Material Adverse
Effect.

 

(f)            The
sale of the Notes hereunder shall not be enjoined (temporarily or permanently)
on the Closing Date.

 

13

 

(g)           Subsequent
to the date of the most recent financial statements in the Final Memorandum
(exclusive of any amendment or supplement thereto after the date hereof), the
Company shall not have sustained any loss or interference with respect to its
business or properties from fire, flood, hurricane, accident or other calamity,
whether or not covered by insurance, or from any strike, labor dispute, slow
down or work stoppage or from any legal or governmental proceeding, order or
decree, which loss or interference, individually or in the aggregate, has or
would be reasonably likely to have a Material Adverse Effect.

 

(h)           The
Initial Purchasers shall have received a certificate of the Company, dated the
Closing Date, signed on behalf of the Company by its Chairman of the Board,
Chief Executive Officer or the Chief Operating Officer and the Chief Financial
Officer, to the effect that

 

(i)            the
representations and warranties of the Company contained in this Agreement are
true and correct on and as of the date hereof and on and as of the Closing
Date, and the Company has performed all covenants and agreements and satisfied
all conditions on its part to be performed or satisfied hereunder at or prior
to the Closing Date;

 

(ii)           at
the Closing Date, since the date hereof or since the date of the most recent
financial statements in the Final Memorandum (exclusive of any amendment or
supplement thereto after the date hereof), no event or development has occurred,
and no information has become known, that, individually or in the aggregate,
has or would be reasonably likely to have a Material Adverse Effect; and

 

(iii)                               the sale of the Notes
hereunder has not been enjoined (temporarily or permanently).

 

(i)            On
or prior to the Closing Date, the Company shall have entered into a new senior
secured revolving credit facility in form and substance reasonably satisfactory
to the Initial Purchasers.

 

(j)            On
or prior to the Closing Date, the Company shall have entered into an amended
and restated floor plan credit facility providing for up to $85.0 million in
floor plan financing for purchases of vehicle inventory in form and substance
reasonably satisfactory to the Initial Purchasers.

 

(k)           On
the Closing Date, the Initial Purchasers shall have received the Registration
Rights Agreement executed by the Company and such agreement shall be in full
force and effect at all times from and after the Closing Date.

 

(l)            The
Acquisition Agreement shall have been entered into by all parties thereto and
shall be in full force and effect.

 

14

 

On or before the Closing Date, the Initial
Purchasers and counsel for the Initial Purchasers shall have received such
further documents, opinions, certificates, letters and schedules or instruments
relating to the business, corporate, legal and financial affairs of the Company
as they shall have heretofore reasonably requested from the Company.

 

All such documents, opinions, certificates,
letters, schedules or instruments delivered pursuant to this Agreement will
comply with the provisions hereof only if they are reasonably satisfactory in
all material respects to the Initial Purchasers and counsel for the Initial
Purchasers.  The Company shall furnish
to the Initial Purchasers such conformed copies of such documents, opinions,
certificates, letters, schedules and instruments in such quantities as the
Initial Purchasers shall reasonably request.

 

Section 8.               Offering of Notes; Restrictions
on Transfer.  (a)  Each of the Initial Purchasers agrees with
the Company (as to itself only) that (i) it has not and will not solicit
offers for, or offer or sell, the Notes by any form of general solicitation or
general advertising (as those terms are used in Regulation D under the Act) or
in any manner involving a public offering within the meaning of
Section 4(2) of the Act; and (ii) it has and will solicit offers for
the Notes only from, and will offer the Notes only to (A) in the case of
offers inside the United States, persons whom the Initial Purchasers reasonably
believe to be QIBs or, if any such person is buying for one or more
institutional accounts for which such person is acting as fiduciary or agent,
only when such person has represented to the Initial Purchasers that each such
account is a QIB, to whom notice has been given that such sale or delivery is
being made in reliance on Rule 144A, and, in each case, in transactions
under Rule 144A and (B) in the case of offers outside the United
States, to persons other than U.S. persons (“non-U.S. purchasers,” which term
shall include dealers or other professional fiduciaries in the United States acting
on a discretionary basis for non-U.S. beneficial owners (other than an estate
or trust)); provided,
however,
that, in the case of this clause (B), in purchasing such Notes such persons are
deemed to have represented and agreed as provided under the caption “Transfer
Restrictions” contained in the Final Memorandum (or, if the Final Memorandum is
not in existence, in the most recent Memorandum).

 

(b)           Each of the Initial Purchasers
represents and warrants (as to itself only) with respect to offers and sales
outside the United States that (i) it has and will comply with all
applicable laws and regulations in each jurisdiction in which it acquires,
offers, sells or delivers Notes or has in its possession or distributes any
Memorandum or any such other material, in all cases at its own expense;
(ii) the Notes have not been and will not be offered or sold within the
United States or to, or for the account or benefit of, U.S. persons except in
accordance with Regulation S under the Act or pursuant to an exemption from the
registration requirements of the Act; (iii) it has offered the Notes and
will offer and sell the Notes (A) as part of its distribution at any time
and (B) otherwise until 40 days after the later of the commencement of the
offering and the Closing Date, only in accordance with Rule 903 of
Regulation S and, accordingly, neither it nor any persons acting on its behalf
have engaged or will engage in any directed selling efforts (within the meaning
of Regulation S) with respect to the

 

15

 

Notes, and any such persons have complied and
will comply with the offering restrictions requirement of Regulation S, and
(iv) at or prior to the confirmation of sales of the Notes, it will have sent
to each distributor, dealer or person receiving a selling concession, fee or
other remuneration that purchases Notes from it during the restricted period a
confirmation or notice to substantially the following effect:

 

“The Notes
covered hereby have not been registered under the United States Securities Act
of 1933 (the “Securities Act”) and may not be offered and sold within the
United States or to, or for the account or benefit of, U.S. persons (i) as part
of the distribution of the Notes at any time or (ii) otherwise until 40 days
after the later of the commencement of the offering and the closing date of the
offering, except in either case in accordance with Regulation S (or Rule 144A
if available) under the Securities Act. 
Terms used above have the meaning given to them in Regulation S.”

 

Terms used in this Section 8 and not
defined in this Agreement have the meanings given to them in Regulation S.

 

Section 9.               Indemnification and
Contribution.  (a)  The Company agrees to indemnify and hold
harmless each Initial Purchaser and each person, if any, who controls any
Initial Purchaser within the meaning of Section 15 of the Act or
Section 20 of the Exchange Act against any losses, claims, damages or
liabilities to which any Initial Purchaser or such controlling person may
become subject under the Act, the Exchange Act or otherwise, insofar as any
such losses, claims, damages or liabilities (or actions in respect thereof)
arise out of or are based upon the following:

 

(i)            any untrue
statement or alleged untrue statement of any material fact contained in any Memorandum
or any amendment or supplement thereto; or

 

(ii)           the omission or
alleged omission to state, in any Memorandum or any amendment or supplement
thereto, a material fact required to be stated therein or necessary to make the
statements therein not misleading;

 

and will reimburse, as incurred, the Initial
Purchasers and each such controlling person for any legal or other expenses
incurred by the Initial Purchasers or such controlling person in connection
with investigating, defending against or appearing as a third-party witness in
connection with any such loss, claim, damage, liability or action; provided,
however,
the Company will not be liable in any such case to the extent that any such
loss, claim, damage, or liability arises out of or is based upon any untrue
statement or alleged untrue statement or omission or alleged omission made in
any Memorandum or any amendment or supplement thereto in reliance upon and in
conformity with written information concerning the Initial Purchasers furnished
to the Company by the Initial Purchasers through Deutsche Bank Securities Inc.
specifically for use therein.  The
indemnity provided for in this Section 9 will be in addition to any
liability that the Company may otherwise have to the indemnified parties.  The Company shall not be liable under

 

16

 

this Section 9 for any settlement of any
claim or action effected without its prior written consent, which shall not be
unreasonably withheld.

 

(b)           Each Initial Purchaser, severally and
not jointly, agrees to indemnify and hold harmless the Company, its directors,
its officers and each person, if any, who controls the Company within the
meaning of Section 15 of the Act or Section 20 of the Exchange Act
against any losses, claims, damages or liabilities to which the Company or any
such director, officer or controlling person may become subject under the Act,
the Exchange Act or otherwise, insofar as such losses, claims, damages or liabilities
(or actions in respect thereof) arise out of or are based upon (i) any
untrue statement or alleged untrue statement of any material fact contained in
any Memorandum or any amendment or supplement thereto, or (ii) the omission
or the alleged omission to state therein a material fact required to be stated
in any Memorandum or any amendment or supplement thereto, or necessary to make
the statements therein not misleading, in each case to the extent, but only to
the extent, that such untrue statement or alleged untrue statement or omission
or alleged omission was made in reliance upon and in conformity with written
information concerning such Initial Purchaser, furnished to the Company by the
Initial Purchasers through Deutsche Bank Securities Inc. specifically for use
therein; and subject to the limitation set forth immediately preceding this
clause, will reimburse, as incurred, any legal or other expenses incurred by
the Company or any such director, officer or controlling person in connection
with investigating or defending against or appearing as a third party witness
in connection with any such loss, claim, damage, liability or action in respect
thereof.  The indemnity provided for in
this Section 9 will be in addition to any liability that the Initial
Purchasers may otherwise have to the indemnified parties.  The Initial Purchasers shall not be liable
under this Section 9 for any settlement of any claim or action effected
without their consent, which shall not be unreasonably withheld.

 

(c)           Promptly after receipt by an
indemnified party under this Section 9 of notice of the commencement of
any action for which such indemnified party is entitled to indemnification
under this Section 9, such indemnified party will, if a claim in respect
thereof is to be made against the indemnifying party under this Section 9,
notify the indemnifying party of the commencement thereof in writing; but the
omission to so notify the indemnifying party (i) will not relieve it from
any liability under paragraph (a) or (b) above unless and to the extent
such failure results in the forfeiture by the indemnifying party of substantial
rights and defenses and (ii) will not, in any event, relieve the
indemnifying party from any obligations to any indemnified party other than the
indemnification obligation provided in paragraphs (a) and (b) above.  In case any such action is brought against
any indemnified party, and it notifies the indemnifying party of the
commencement thereof, the indemnifying party will be entitled to participate
therein and, to the extent that it may wish, jointly with any other indemnifying
party similarly notified, to assume the defense thereof, with counsel
reasonably satisfactory to such indemnified party; provided, however,
that if (i) the use of counsel chosen by the indemnifying party to
represent the indemnified party would present such counsel with a conflict of
interest, (ii) the defendants in any such action include both the
indemnified party and the indemnifying party and the indemnified party shall
have been advised by counsel that there may be one or more legal defenses
available to it and/or other indemnified parties that

 

17

 

are different from or additional to those
available to the indemnifying party, or (iii) the indemnifying party shall
not have employed counsel reasonably satisfactory to the indemnified party to
represent the indemnified party within a reasonable time after receipt by the
indemnifying party of notice of the institution of such action, then, in each
such case, the indemnifying party shall not have the right to direct the
defense of such action on behalf of such indemnified party or parties and such
indemnified party or parties shall have the right to select separate counsel to
defend such action on behalf of such indemnified party or parties.  After notice from the indemnifying party to
such indemnified party of its election so to assume the defense thereof and
approval by such indemnified party of counsel appointed to defend such action,
the indemnifying party will not be liable to such indemnified party under this
Section 9 for any legal or other expenses, other than reasonable costs of
investigation, subsequently incurred by such indemnified party in connection
with the defense thereof, unless (i) the indemnified party shall have
employed separate counsel in accordance with the proviso to the immediately
preceding sentence (it being understood, however, that in connection with such
action the indemnifying party shall not be liable for the expenses of more than
one separate counsel (in addition to local counsel) in any one action or
separate but substantially similar actions in the same jurisdiction arising out
of the same general allegations or circumstances, designated by the Initial
Purchasers in the case of paragraph (a) of this Section 9 or the Company
in the case of paragraph (b) of this Section 9, representing the
indemnified parties under such paragraph (a) or paragraph (b), as the
case may be, who are parties to such action or actions) or (ii) the
indemnifying party has authorized in writing the employment of counsel for the
indemnified party at the expense of the indemnifying party.  All fees and expenses reimbursed pursuant to
this paragraph (c) shall be reimbursed as they are incurred.  After such notice from the indemnifying
party to such indemnified party, the indemnifying party will not be liable for
the costs and expenses of any settlement of such action effected by such
indemnified party without the prior written consent of the indemnifying party
(which consent shall not be unreasonably withheld), unless such indemnified
party waived in writing its rights under this Section 9, in which case the
indemnified party may effect such a settlement without such consent.  No indemnifying party shall, without the
prior written consent of the indemnified party, effect any settlement or
compromise of any pending or threatened proceeding in respect of which any indemnified
party is or could have been a party, or indemnity could have been sought
hereunder by any indemnified party, unless such settlement (A) includes an
unconditional written release of the indemnified party, in form and substance
reasonably satisfactory to the indemnified party, from all liability on claims
that are the subject matter of such proceeding and (B) does not include
any statement as to an admission of fault, culpability or failure to act by or
on behalf of any indemnified party.

 

(d)           In circumstances in which the
indemnity agreement provided for in the preceding paragraphs of this
Section 9 is unavailable to, or insufficient to hold harmless, an
indemnified party in respect of any losses, claims, damages or liabilities (or
actions in respect thereof), each indemnifying party, in order to provide for
just and equitable contribution, shall contribute to the amount paid or payable
by such indemnified party as a result of such losses, claims, damages or
liabilities (or actions in respect thereof) in such proportion as is

 

18

 

appropriate to reflect (i) the relative
benefits received by the indemnifying party or parties on the one hand and the
indemnified party on the other from the offering of the Notes or (ii) if
the allocation provided by the foregoing clause (i) is not permitted by
applicable law, not only such relative benefits but also the relative fault of
the indemnifying party or parties on the one hand and the indemnified party on
the other in connection with the statements or omissions or alleged statements
or omissions that resulted in such losses, claims, damages or liabilities (or
actions in respect thereof).  The
relative benefits received by the Company on the one hand and any Initial
Purchaser on the other shall be deemed to be in the same proportion as the
total proceeds from the offering (before deducting expenses) received by the
Company bear to the total discounts and commissions received by such Initial Purchaser.  The relative fault of the parties shall be
determined by reference to, among other things, whether the untrue or alleged
untrue statement of a material fact or the omission or alleged omission to
state a material fact relates to information supplied by the Company on the one
hand, or such Initial Purchaser on the other, the parties’ relative intent,
knowledge, access to information and opportunity to correct or prevent such
statement or omission or alleged statement or omission, and any other equitable
considerations appropriate in the circumstances.  The Company and the Initial Purchasers agree that it would not be
equitable if the amount of such contribution were determined by pro rata or per
capita allocation or by any other method of allocation that does not take into
account the equitable considerations referred to in the first sentence of this
paragraph (d).  Notwithstanding any
other provision of this paragraph (d), no Initial Purchaser shall be
obligated to make contributions hereunder that in the aggregate exceed the
total discounts, commissions and other compensation received by such Initial
Purchaser under this Agreement, less the aggregate amount of any damages that
such Initial Purchaser has otherwise been required to pay by reason of the
untrue or alleged untrue statements or the omissions or alleged omissions to
state a material fact, and no person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Act) shall be entitled to
contribution from any person who was not guilty of such fraudulent misrepresentation.  For purposes of this paragraphs (d),
each person, if any, who controls an Initial Purchaser within the meaning of
Section 15 of the Act or Section 20 of the Exchange Act shall have
the same rights to contribution as the Initial Purchasers, and each director of
the Company, each officer of the Company and each person, if any, who controls
the Company within the meaning of Section 15 of the Act or Section 20
of the Exchange Act, shall have the same rights to contribution as the Company.

 

Section 10.             Survival Clause.  The respective representations, warranties,
agreements, covenants, indemnities and other statements of the Company, its
officers and the Initial Purchasers set forth in this Agreement or made by or
on behalf of them pursuant to this Agreement shall remain in full force and
effect, regardless of (i) any investigation made by or on behalf of the
Company, any of its officers or directors, the Initial Purchasers or any
controlling person referred to in Section 9 hereof and (ii) delivery
of and payment for the Notes.  The
respective agreements, covenants, indemnities and other statements set forth in
Sections 6, 9, 10 and 15 hereof shall remain in full force and effect,
regardless of any termination or cancellation of this Agreement.

 

19

 

Section 11.             Termination.  (a) 
This Agreement may be terminated in the sole discretion of the Initial
Purchasers by notice to the Company given prior to the Closing Date in the
event that the Company shall have failed, refused or been unable to perform all
obligations and satisfy all conditions on its part to be performed or satisfied
hereunder at or prior thereto or, if at or prior to the Closing Date,

 

(i)            the Company shall
have sustained any loss or interference with respect to its businesses or
properties from fire, flood, hurricane, accident or other calamity, whether or
not covered by insurance, or from any strike, labor dispute, slow down or work
stoppage or any legal or governmental proceeding, which loss or interference,
in the sole judgment of the Initial Purchasers, has had or has a Material
Adverse Effect, or there shall have been, in the sole judgment of the Initial
Purchasers, any event or development that, individually or in the aggregate,
has or could be reasonably likely to have a Material Adverse Effect (including
without limitation a change in control of the Company), except in each case as
described in the Final Memorandum (exclusive of any amendment or supplement
thereto);

 

(ii)           trading in securities
of the Company or in securities generally on the New York Stock Exchange,
American Stock Exchange or the NASDAQ National Market shall have been suspended
or materially limited or minimum or maximum prices shall have been established
on any such exchange or market;

 

(iii)          a banking
moratorium shall have been declared by New York or United States authorities or
a material disruption in commercial banking or securities settlement or
clearance services in the United States;

 

(iv)          there shall have
been (A) an outbreak or escalation of hostilities between the United
States and any foreign power, or (B) an outbreak or escalation of any
other insurrection or armed conflict involving the United States or any other
national or international calamity or emergency, or (C) any material
change in the financial markets of the United States which, in the case of (A),
(B) or (C) above and in the sole judgment of the Initial Purchasers, makes it
impracticable or inadvisable to proceed with the offering or the delivery of
the Notes as contemplated by the Final Memorandum; or

 

(v)           any securities of
the Company shall have been downgraded by any nationally recognized statistical
rating organization or any such organization shall have publicly announced that
it has under surveillance or review, or has changed its outlook with respect
to, its ratings of any securities of the Company (other than an announcement
with positive implications of a possible upgrading).

 

(b)           Termination of this Agreement
pursuant to this Section 11 shall be without liability of any party to any
other party except as provided in Section 10 hereof.

 

20

 

Section 12.             Information Supplied by the
Initial Purchasers.  The statements
set forth in the last paragraph on the front cover page and in the second and
third sentences of the third paragraph under the heading “Private Placement” in
the Final Memorandum (to the extent such statements relate to the Initial
Purchasers) constitute the only information furnished by the Initial Purchasers
to the Company for the purposes of Sections 2(a) and 9 hereof.

 

Section 13.             Notices.  All communications hereunder shall be in
writing and, if sent to the Initial Purchasers, shall be mailed or delivered to
(i) Deutsche Bank Securities Inc., 60 Wall Street, New York, New York
10005, Attention:  Corporate Finance
Department with a copy to Cahill Gordon & Reindel, 80 Pine Street, New
York, New York 10005, Attention: 
William M. Hartnett, Esq.; if sent to the Company, shall be mailed or
delivered to the Company at 6130 Lazy Days Boulevard, Seffner, FL 33584-2968,
Attention: John Horton; with a copy to Kirkland & Ellis LLP, Citigroup
Center, 153 East 53rd Street, New York, NY 10022, Attention: Joshua
N. Korff, Esq.   
                    .

 

All such notices and communications shall be
deemed to have been duly given:  when
delivered by hand, if personally delivered; five business days after being
deposited in the mail, postage prepaid, if mailed; and one business day after
being timely delivered to a next-day air courier.

 

Section 14.             Successors.  This Agreement shall inure to the benefit of
and be binding upon the Initial Purchasers, the Company and their respective
successors and legal representatives, and nothing expressed or mentioned in
this Agreement is intended or shall be construed to give any other person any
legal or equitable right, remedy or claim under or in respect of this
Agreement, or any provisions herein contained; this Agreement and all conditions
and provisions hereof being intended to be and being for the sole and exclusive
benefit of such persons and for the benefit of no other person except that
(i) the indemnities of the Company contained in Section 9 of this
Agreement shall also be for the benefit of any person or persons who control
the Initial Purchasers within the meaning of Section 15 of the Act or
Section 20 of the Exchange Act and (ii) the indemnities of the
Initial Purchasers contained in Section 9 of this Agreement shall also be
for the benefit of the directors of the Company, its officers and any person or
persons who control the Company within the meaning of Section 15 of the
Act or Section 20 of the Exchange Act. 
No purchaser of Notes from the Initial Purchasers will be deemed a
successor because of such purchase.

 

Section 15.             Information Relating to
Prevailing Market Price.  The
Initial Purchasers shall provide such data as the Company may reasonably
request in order to determine the Prevailing Market Price (as such term is
defined in the Final Memorandum).

 

Section 16.             APPLICABLE LAW.  THE VALIDITY AND INTERPRETATION OF THIS
AGREEMENT, AND THE TERMS AND CONDITIONS SET FORTH HEREIN SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE
TO

 

21

 

CONTRACTS MADE AND TO BE PERFORMED WHOLLY
THEREIN, WITHOUT GIVING EFFECT TO ANY PROVISIONS THEREOF RELATING TO CONFLICTS
OF LAW.

 

Section 17.             Counterparts.  This Agreement may be executed in two or
more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

 

22

 

If the foregoing correctly sets forth our
understanding, please indicate your acceptance thereof in the space provided
below for that purpose, whereupon this letter shall constitute a binding
agreement between the Company and the Initial Purchasers.

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  LAZY DAYS’ R.V. CENTER, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

On behalf of the several Initial Purchasers

listed on Schedule I attached hereto.

 

	
  DEUTSCHE BANK SECURITIES INC.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

23

 

SCHEDULE 1

 

 

	
  Initial
  Purchaser

  	
   

  	
  Principal
  Amount of Notes

  	
   

  
	
  Deutsche Bank Securities Inc.

  	
   

  	
  $

  	
       

  	
   

  
	
  Jefferies & Company, Inc.

  	
   

  	
  $

  	
       

  	
   

  
	
  Wells Fargo Securities, LLC.

  	
   

  	
  $

  	
       

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Total

  	
   

  	
  $

  	
  152,000,000

  	
   

  

 

 

Exhibit A

 

Form of Registration Rights Agreement

 

 

Exhibit B

 

Form of Opinion of Kirkland & Ellis LLP

 

2

 

Exhibit C

 

Form of Opinion of Johnson, Pope, Bokor,
Ruppel & Burns LLP

 

3Exhibit 10.1

 

 

AGREEMENT
AMONG SELLERS

 

This AGREEMENT  AMONG SELLERS (this “Agreement”) is made as of the 27th day of
April, 2004, by and among LD Holdings Inc., a Delaware corporation (“LDH”), Lazy Days’ R.V. Center, Inc., a
Florida corporation and wholly owned subsidiary of LDH (“Lazy Days” and together with LDH,
collectively, the “Companies”),
the Employee Stock Ownership Plan and Trust for the Employees of Lazy Days (the
“ESOP”), acting herein through
James L. Farnsworth as the directed trustee of the ESOP and not in his
individual capacity, pursuant to the direction of the ESOP Fiduciary, those
persons and entities listed on Exhibit A attached
hereto (each a “Seller” and
collectively, the “Sellers”) and
Oakridge Consulting, acting herein through Michael Salvati solely in his
capacity as agent for the Sellers and not in his individual capacity (the “Sellers’ Representative”). Capitalized
terms used and not otherwise defined herein shall have the meanings ascribed to
them in the Purchase Agreement (as defined below).

 

RECITALS

 

WHEREAS, as of the
date hereof, LDH, Lazy Days, the ESOP, the Sellers, the Sellers’ Representative
and R.V. Acquisition Inc., a Delaware corporation (the “Buyer”) entered into that certain Stock
Purchase Agreement (the “Purchase Agreement”),
pursuant to which the Buyer has agreed to purchase from the ESOP and the
Sellers all of their respective shares of capital stock of LDH (other than the
Sellers Contributed Shares and the Wallace Contributed Shares) (the “Transaction”); and

 

WHEREAS, the Sellers
and the ESOP now desire to set forth herein their agreement as to the
allocation of the proceeds to be received by the ESOP and the Sellers pursuant
to the Transaction, and other related matters; and

 

WHEREAS, one of the
conditions to the Closing of the Transaction is that the parties enter into
this Agreement.

 

NOW THEREFORE, in
consideration of the foregoing and the mutual agreements set forth below, and
for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties agree as follows:

 

ARTICLE I

 

CONSENTS AND WAIVER

 

1.1                                 ESOP
Waiver under Shareholders’ Agreement and the 2002 Escrow Agreement.  In exchange for the ESOP Consideration, (a)
pursuant to Section 11(i) of the Shareholders’ Agreement, the ESOP hereby
agrees to waive its right to receive any distributions from the Transaction to
which the ESOP may be entitled under the Shareholders’ Agreement, and (b)
pursuant to Section 15(d) of the 2002 Escrow Agreement, the ESOP hereby
agrees to waive its right to receive any proceeds to which it might otherwise
have been entitled from the Transaction pursuant to the terms of the 2002
Escrow Agreement.

 

 

1.2                                 Alliance
and Wallace Waiver under the 2002 Escrow Agreement.  Pursuant to Section 15(d) of the 2002
Escrow Agreement, Alliance and Wallace hereby waive the obligation of the ESOP
to pay to the 2002 Escrow Agent any ESOP Consideration.

 

1.3                                 ESOP
Consideration. The Sellers hereby acknowledge and agree that (a) the ESOP
Consideration shall not be considered proceeds of a Sale Event under the
Shareholders’ Agreement, and shall not be subject to distribution pursuant to
the terms of the Shareholders’ Agreement, (b) the ESOP Consideration shall not
be subject to distribution under the 2002 Escrow Agreement, and (c) the Sellers
shall have no rights in or to the ESOP Consideration, or any portion thereof,
except pursuant to each Seller’s right in his capacity as an ESOP participant.

 

1.4                                 Further
Acknowledgements.  The Sellers and
the ESOP hereby further acknowledge and agree that any distributions from the
Transaction (other than the ESOP Consideration) to which the ESOP may otherwise
be entitled under the Shareholders’ Agreement or the 2002 Escrow Agreement
shall be allocated among the Sellers as set forth herein.

 

1.5                                 Exercise
of Fiduciary Duty.  Notwithstanding
any provision hereof to the contrary, this Agreement shall not be binding upon
the ESOP unless the ESOP Fiduciary shall receive an opinion of the ESOP
Advisor, dated as of the Closing Date, that as of such date (a) the
consideration to be paid to the ESOP on the Closing Date for the ESOP Common
Shares pursuant to the terms of the Purchase Agreement is not less than
“adequate consideration”  as determined under
ERISA, (b) the terms and conditions of the transactions contemplated by the
Purchase Agreement are fair to the ESOP from a financial point of view, and (c)
the consideration to be paid to the ESOP for the ESOP Common Shares pursuant to
the terms of the Purchase Agreement is not less than the consideration that the
ESOP would have received under the terms of the Purchase Agreement had this
Agreement not been entered into. The ESOP Fiduciary, as the independent
Fiduciary under the terms of the ESOP, shall have (i) determined, in the sole
exercise of its fiduciary discretion under ERISA, that the consummation by the
ESOP of the transactions contemplated by the Purchase Agreement and this
Agreement (including, without limitation, the LDRV Agreement) is prudent, is
for the exclusive purpose of providing benefits to participants and
beneficiaries of the ESOP, and does not constitute a prohibited transaction or
otherwise violate ERISA, (ii) determined that the consummation by the ESOP of
the transactions contemplated by the Purchase Agreement and this Agreement
(including, without limitation, the LDRV Agreement) in no other respects
violates the ESOP Fiduciary’s fiduciary obligations, and (iii) directed the
Trustee to consummate the transactions contemplated by the Purchase Agreement
and this Agreement (including, without limitation, the LDRV Agreement).

 

ARTICLE II

 

ALLOCATION OF TOTAL NON-ESOP SELLERS’
PROCEEDS

 

2.1                                 Total
Non-ESOP Sellers’ Proceeds.  The Net
Purchase Price (after any adjustment under Section 2.3 and
Section 2.4 of the Purchase Agreement) less the ESOP Consideration plus
any adjustment for repayment of the ESOP Loan per Section 2.2(c) of the
Purchase Agreement shall hereinafter be referred to as the “Non-ESOP Sellers’ Net Purchase Price,”  and
the Non-ESOP

 

2

 

Sellers’ Net
Purchase Price plus the Sellers Contribution Shares (valued at their
Liquidation Value (as defined below)) plus the Wallace Contribution
Shares (valued at $5,000,000) plus the Wallace Share Notes (as such term
is defined in the Wallace Note Agreement) (valued at $7,000,000) shall
hereinafter be referred to as the “Total
Non-ESOP Sellers’ Proceeds.” 
The parties to this Agreement acknowledge that Wallace intends to use a
portion of his proceeds under the Purchase Agreement to purchase Notes (as such
term is defined in the Wallace Note Agreement).

 

2.2                                 Allocation
of Total Non-ESOP Sellers’ Proceeds 
Each of the Sellers hereby acknowledges and agrees that the Total
Non-ESOP Sellers’ Proceeds shall be allocated and distributed among the Sellers
in accordance with the Shareholders’ Agreement and the 2002 Escrow Agreement,
(a) as modified by the provisions of Article I
above, (b) as if the Closing occurs on the thirtieth (30th) day immediately
prior to the Closing Date, (c) the ESOP Adjustment is given effect, and (d) as
if the holders of Class A Preferred Stock have elected to convert their
respective shares of Common Stock (as defined in the Shareholders Agreement),
at a conversion price of $3.674864 per share, and as if the holders of Class B
Preferred Stock have elected to convert their respective shares into shares of
Common Stock, at a conversion price of $7.0267751 per share, in connection with
the Transaction; provided,  however, that (i) the Wallace
Contribution Shares shall be (A) valued at five million dollars ($5,000,000),
(B) treated as if received as cash solely for the purpose of determining the
allocation hereunder, and (C) allocated solely to Wallace in lieu of five
million dollars ($5,000,000) of cash otherwise allocated to Wallace hereunder,
and (ii) that the Wallace Share Notes shall be (A) valued at seven million
dollars ($7,000,000), (B) treated as if received as cash solely for the purpose
of determining the allocation hereunder, and (C) allocated solely to Wallace in
lieu of seven million dollars ($7,000,000) of cash otherwise allocated to
Wallace hereunder.

 

2.3                                 Flow
of Funds.  Each of the Sellers hereby
acknowledge and agree that the Flow of Funds spreadsheet attached hereto as Exhibit B is illustrative of an allocation of the Total
Non-ESOP Sellers’ Proceeds in accordance with Section 2.2
above.

 

2.4                                 Allocation
Confirmation.  At least four (4)
business days prior to the Closing, the Companies shall, based upon their
determination of the Non-ESOP Sellers’ Net Purchase Price, (a) determine the
allocation of the Total Non-ESOP Sellers’ Proceeds in accordance with Section 2.2 above, (b) determine each Seller’s pro rata
portion (expressed as a percentage carried out to the fourth decimal place) of
the Total Non-ESOP Sellers’ Proceeds allocated to each Seller on such date in
accordance with Section 2.2 above (the “Proceeds Percentages”), and (c) confirm the foregoing
(including a detailed explanation of the basis of their determination) to the
Buyer and each of the Sellers (the “Allocation Confirmation”).
The Sellers will promptly acknowledge agreement with the Allocation
Confirmation as determined by the Companies pursuant to the foregoing
terms.  Upon receipt of the Sellers’
acknowledgement of the Allocation Confirmation, but in any event at least two
(2) business days prior to the Closing, the Companies shall prepare and deliver
to the Buyer Exhibit C to the Purchase
Agreement, setting forth the name, address and Proceeds Percentage of each of
the Sellers.

 

3

 

ARTICLE III

 

WALLACE SHORTFALL

 

3.1                                 Determination
of Wallace Shortfall. Notwithstanding anything to the contrary in Article II above, to the extent that the amount
received by Wallace under the allocation of the Total Non-ESOP Sellers’
Proceeds pursuant to Article II
is less than $28,147,532 (the “Wallace Shortfall”),
then all of the Sellers holding Class A Preferred Stock immediately prior to
the Closing (the “Class A Holders”),
on a pro rata basis, shall reallocate to Wallace, shares of the Sellers
Contribution Shares that the Class A Holders would have had the right to
receive pursuant to Article II
above, having a total value equal to the lesser of (a) the Wallace Shortfall or
(b) all of the Sellers Contribution Shares that the Class A Holders would have
had the right to receive pursuant to Article II
above.  For purposes of determining the
existence of a Wallace Shortfall, (a) shares of the Sellers Contribution Shares
received by Wallace pursuant to the Allocation Confirmation shall be valued at
one hundred percent (100%) of the liquidation value per share of the Sellers
Contribution Shares pursuant to the Certificate of Incorporation of the Buyer
(the “Liquidation Value”), subject to
adjustment to reflect the effect of any stock split, reverse split, exchange or
readjustment of shares, stock dividend, reclassification, reorganization,
recapitalization or other like change with respect to the Sellers Contribution
Shares occurring after the date of this Agreement, and (b) any amounts received
by Wallace (i) as an employee of the Companies, (ii) as an ESOP participant,
(iii) as a participant in any phantom stock plan of Lazy Days,  and/or (iv) pursuant to the Ground Lease, shall
be excluded.

 

3.2                                 Valuing
the Wallace Shortfall.  For purposes
of determining the number of shares of the Sellers Contribution Shares required
to pay the Wallace Shortfall, the Sellers Contribution Shares shall be valued
at sixty percent (60%) of its Liquidation Value, subject to adjustment to
reflect the effect of any stock split, reverse split, exchange or readjustment
of shares, stock dividend, reclassification, reorganization, recapitalization
or other like change with respect to the Sellers Contribution Shares occurring
after the date of this Agreement.

 

3.3                                 Procedure
for Acknowledgement of the Wallace Shortfall.  At least four (4) business days prior to the
Closing, the Companies shall, based upon their determination of the Allocation
Confirmation as set forth in Section 2.4
above, deliver a notice of the Wallace Shortfall, including each Class A
Holder’s pro rata portion thereof, to the Escrow Agent, the Buyer, the Sellers’
Representative and each of the Sellers. The Sellers will promptly acknowledge
agreement with the Wallace Shortfall as determined by the Companies pursuant to
the foregoing terms.

 

3.4                                 Effect
of Additional Proceeds on Class A Amount. 
In the event that, following the Closing, additional cash amounts which
effectively increase the Non-ESOP Sellers’ Net Purchase Price are received by
Wallace as a result of any post-Closing payments made pursuant to the Purchase
Agreement, and provided that any Wallace Shortfall has been satisfied as set
forth above, Wallace shall transfer such additional cash amounts to the Class A
Holders, in accordance with their respective Proceeds Percentage, until the
Class A Holders receive from Wallace an amount equal to (a) the amount of the
Wallace Shortfall, plus (b) the amount of the 30 Day Adjustment.

 

4

 

3.5                                 Effect
on Indemnification Obligations.  The
Sellers hereby acknowledge and agree that their respective Proceeds Percentage
as determined under Article II
above shall determine their respective indemnification obligations under
Section 11.3  of the Purchase Agreement
(collectively the “Indemnification
Obligations”).  The Sellers
hereby further acknowledge and agree that any action taken pursuant to this Article III shall not change any Seller’s Proceeds
Percentage as originally determined pursuant to Article II
above, and therefore each Seller shall continue to bear the Indemnification
Obligations in accordance with its original Proceeds Percentage until each time
(each, a “Reallocation Date”), if ever, that (a)
all of the Escrow Cash (as defined in the Escrow Agreement) has been
distributed under the Escrow Agreement and (b) any Seller has no Sellers
Contribution Shares remaining as a result of Article III
or Article IV hereof or the payment
of indemnification obligations under the Purchase Agreement or the Escrow
Agreement.  Upon a Reallocation Date, any
Seller that no longer holds any Sellers Contribution Shares shall have no
further Indemnification Obligations with respect to the Sellers Contribution
Shares, and the remaining Sellers that continue to hold Sellers Contribution
Shares shall bear the Indemnification Obligations with respect to the Sellers
Contribution Shares proportionately in accordance with their Reallocation
Percentage (as hereinafter defined), and the Sellers’ Representative shall
notify the Escrow Agent of each Seller’s Reallocation Percentage; provided,
however, that once
all of the Escrow Shares have been distributed under the Escrow Agreement,
the allocation of the Indemnification Obligations among the Sellers will be
readjusted from the Reallocation Percentage to the original Proceeds Percentage. Notwithstanding
anything herein to the contrary, in no event shall any Seller have any
Indemnification Obligations with respect to the Sellers Contribution Shares in
excess of the Sellers Contribution Shares then beneficially owned by such
Seller.  As used in this Agreement, “Reallocation Percentage” shall mean, at any given time, the
pro rata portion (expressed as a percentage carried out to the fourth decimal
place) equal to the number of shares of Sellers Contribution Shares then
beneficially owned by a Seller divided by the total number of shares of
Sellers Contribution Shares then held under the Escrow Agreement.

 

3.6                                 Release
under the Escrow Agreement. 
Immediately prior to the release of the Sellers Contribution Shares held
under the Escrow Agreement, the Sellers’ Representative shall deliver to the
Escrow Agent and each of the Sellers, a schedule setting forth the actual
number of shares of Sellers Contribution Shares to be released to each of the
Sellers, as determined pursuant to each Seller’s Proceeds Percentage, as
adjusted to take into account any action taken pursuant to Section 3.1,
Section 3.3 and Article IV hereof.

 

ARTICLE IV

 

WALLACE CALL RIGHT

 

4.1                                 Wallace
Call Right.  At any time on or after
the date hereof through the first anniversary of the Closing Date, Wallace
shall be entitled to purchase, at his sole option, and the Class A Holders and
Alliance shall be obligated to sell, all or a portion of their shares (if any)
of Sellers Contribution Shares, for cash, upon not less than thirty (30) days’
nor more than sixty (60) days’ notice provided in the manner specified in Section 4.2, at a purchase price equal
to sixty percent (60%) of the Liquidation Value, subject to adjustment to
reflect the effect of any stock split, reverse split, exchange or readjustment
of shares, stock dividend, reclassification, reorganization, recapitalization
or other like change with respect to the Sellers Contribution

 

5

 

Shares
occurring after the date of this Agreement, plus sixty percent (60%) of any
accrued and unpaid dividends therefor, to the extent such dividends are not
included in the Liquidation Value (the “Wallace
Call Right”).  If the Wallace
Call Right is exercised with respect to less than all of the shares of Sellers
Contribution Shares held by all of the Class A Holders and Alliance, it shall
be exercised among all of the Class A Holders and Alliance on a pro rata basis.

 

4.2                                 Procedure
for Wallace Call Right. In the event Wallace elects to purchase the Sellers
Contribution Shares pursuant to the Wallace Call Right (“Wallace
Purchase”), notice of such Wallace Purchase shall be given by
Wallace (the “Wallace Call Notice”) to the Buyer
and the Sellers’ Representative.  The
Wallace Call Notice shall state the time and date as of which the Wallace
Purchase shall occur. Within ten (10) business days of its receipt of the
Wallace Call Notice, the Sellers’ Representative shall deliver a notice (the “Sellers’ Representative Notice”) of such Wallace Purchase to
Alliance and each Class A Holder of the shares of Sellers Contribution Shares
subject to the Wallace Purchase.  The Sellers’ Representative Notice
shall state (a) the time and date as of which the Wallace Purchase shall occur
and (b) the purchase price.  On or before
the purchase date, each Class A Holder and Alliance shall notify the Escrow
Agent (i) as to the number of shares of such Class A Holder’s or Alliance’s  (as applicable) Sellers Contribution Shares that is subject
to the Wallace Purchase and (ii) that such Class A Holder or Alliance  (as applicable)  is
surrendering such shares to Wallace.  On
the purchase date, (i) the full purchase price for such Sellers Contribution
Shares shall be paid or delivered to each such Class A Holder and Alliance by
wire transfer of immediately available funds to the respective banks accounts
of the Class A Holders and Alliance, (ii) the Seller’s Representative shall
deliver a schedule to the Buyer, the Escrow Agent, each Class A Holder and
Alliance, setting forth the number of shares of Sellers Contribution Shares
beneficially owned by each of Wallace, each Class A Holder and Alliance as of
such date after giving effect to such purchase and (iii) each Class A Holder
and Alliance shall promptly acknowledge its agreement with such schedule, as
well as its receipt of its respective share of the purchase price.

 

ARTICLE V

 

2002 AGREEMENTS

 

5.1                                 Termination
of the 2002 Escrow Agreement. Pursuant to Section 3 of the 2002 Escrow
Agreement, LDH, Alliance, Wallace and the ESOP, as directed by the ESOP
Fiduciary, hereby agree that, as of the Closing, no further distributions shall
be made pursuant to the 2002 Escrow Agreement, and therefore, effective as of
the Closing, the 2002 Escrow Agreement is terminated, and any and all rights
and obligations then existing, or thereafter arising with respect to the 2002
Escrow Agreement are null and void.

 

5.2                                 Termination
of Section 6 of the Shareholders Agreement.  Pursuant to Section 11(i) of the
Shareholders Agreement, LDH, the Sellers and the ESOP, as directed by the ESOP
Fiduciary, desire to terminate Section 6 of the Shareholders Agreement as
of the Closing, and therefore, hereby agree that, effective as of the Closing,
Section 6 of the Shareholders Agreement is terminated, and any and all
rights and obligations then existing, or thereafter arising with respect to
said Section are null and void.  
The foregoing provision shall not effect the remaining Sections of the
Shareholders Agreement, which shall continue in full force and effect in
accordance with the provisions thereof.

 

6

 

5.3                                 Continuation
of the 2002 General Release.  Each of
the Sellers hereby agrees and acknowledges that nothing in this Agreement
modifies or amends in any respect the 2002 General Release.

 

ARTICLE VI

MISCELLANEOUS

 

6.1                                 Definitions.

 

(a)                                  “2002 Escrow Agreement” means that certain Escrow Agreement,
dated as of August 6, 2002, by and among Alliance, Wallace, LDH, the ESOP
and SunTrust Bank, as escrow agent (the “2002 Escrow Agent”).

 

(b)                                 “2002 General Release” means that certain General Release,
dated as of August 6, 2002, by and among Donald W. Wallace, Lazy Days’
R.V. Center, Inc., LDRV Holdings Corp., Alliance Holdings, Inc., PPM America
Special Investments Fund, L.P., PPM America Special Investments CBO II, L.P.,
ReliaStar Financial Corp. and PB Capital Corporation.

 

(c)                                  “30 Day Adjustment” means the difference between the amount
of the Total Sellers’ Proceeds allocated to the Class A Holders pursuant to Section 2.2 above, and the amount of the Total Sellers’
Proceeds that would be allocated to the Class A Holders under Section 2.2 above if such determination was made
as of the Closing Date.

 

(d)                                 “Escrow Agreement” means that certain Escrow Agreement, dated
as of the Closing Date, by and among the Sellers, the Sellers’ Representative,
the Buyer and the escrow agent identified therein (the “Escrow Agent”).

 

(e)                                  “ESOP Adjustment” means, with respect to each of Alliance and
all the Class A Holders (allocated among each of the Class A Holders based on
their respective Proceeds Percentage), a reduction of
$299,570.53  of the Total Non-ESOP Seller
Proceeds that would otherwise be received by each of them which reduction will
effectively result in Wallace receiving a corresponding increase of
$599,141.06.

 

(f)                                    “Shareholders’ Agreement” means that certain Shareholders’
Agreement, dated as of August 6, 2002, by and among LDH, the Shareholders
(as defined therein) and the Management (as defined therein).

 

(g)                                 “Sellers Contribution Shares” means those shares of the Buyer
Preferred Stock received by the Sellers pursuant to that certain Sellers
Contribution Agreement to be entered into on or prior to the Closing Date by
and among the Buyer and the Sellers in connection with the Transaction.

 

(h)                                 “Wallace Contribution Shares” means, collectively, the shares
of Series A Preferred Stock, par value $0.01 per share, and common stock, par
value $0.01 per share, of Buyer received by Wallace pursuant to that certain
Wallace Contribution

 

7

 

Agreement to be entered into on or prior to the Closing Date by and
between the Buyer and Wallace.

 

(i)                                     “Wallace Note Agreement” means that certain Wallace Note
Agreement to be entered into on the Closing Date by and among Donald W.
Wallace. Lazy Days, and Bruckmann, Rosser, Sherrill & Co. II, L.P., a
Delaware limited partnership.

 

(j)                                     “Tranche A Warrants” means, collectively, the Tranche A Warrant,
dated August 6, 2002, issued to Alliance Holdings, Inc. by LD Holdings,
Inc., and the Tranche A Warrant of LD Holdings, Inc., dated August 6,
2002, issued to Donald W. Wallace by LD Holdings, Inc..

 

6.2                                 Notices,
Consents, etc.  Any notices, consents
or other communications required to be sent or given hereunder by any of the
parties shall in every case be in writing and shall be deemed properly served
if (a) delivered personally, (b) sent by registered or certified mail, in all
such cases with first class postage prepaid, return receipt requested, or (c)
delivered by a recognized overnight courier service, to the parties at the
addresses as set forth below or at such other addresses as may be furnished in
writing.

 

	
   

  	
  (a)

  	
  If to the Companies (prior to the Closing):

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Lazy Days’ R.V. Center, Inc.

  6130 Lazy Days Boulevard

  Seffner, Florida 33584

  Attention: Charles Thibault

  Tel: (813) 246-4333

  Fax: (813) 246-5240

  E-mail: clthibault@lazydays.com

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  with a copy (which shall not constitute notice) to:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Katten Muchin Zavis Rosenman

  525 West Monroe Street, Suite 1600

  Chicago, Illinois 60661

  Attention: Howard S. Lanznar, Esq.

  Tel: (312) 902-5696

  Fax: (312) 902-1061

  E-mail: howard.lanznar@kmz.com

  
	
   

  	
   

  	
   

  
	
   

  	
  (b)

  	
  If to the Trustee:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  James L. Farnsworth

  1501 South Florida Avenue

  Lakeland, FL 33803

  

 

8

 

	
   

  	
   

  	
  with a copy (which shall not
  constitute notice) to:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Gray Harris & Robinson,
  P.A.

  201 East Pine Street

  Suite 1400 – SE Bank Building

  Orlando, FL 32801

  Attention: Michael J. Canan

  Tel: (407) 244-5665

  Fax: (407) 244-5690

  Email: mcanan@grayharris.com

  
	
   

  	
   

  	
   

  
	
   

  	
  (c)

  	
  If to the ESOP
  Fiduciary:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Consulting Fiduciaries,
  Inc.

  400 Skokie Blvd, Suite 260

  Northbrook, IL 60062

  Attention: David L. Heald

  Tel: (847) 559-9838

  Fax: (847) 559-9840

  Email: dlheald@aol.com

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  with a copy (which
  shall not constitute notice) to:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Steiker, Fischer,
  Edwards & Greenapple, P.C.

  7318 Germantown Avenue

  Philadelphia, PA 19119

  Attention:  Steven R. Fischer

  Tel: (215) 242-5100

  Fax: (215) 248-2288

  
	
   

  	
   

  	
   

  
	
   

  	
  (d)

  	
  If to the Sellers’ Representative:

  
	
   

  	
   

  	
  Oakridge Consulting

  318 S. Elmwod

  Oak Park, IL 60203

  Attention: Michael Salvati

  Tel: (708) 383-5426

  Fax: (708) 383-7597

  Email:  mike.salvati@attbi.com

  
				

 

9

 

	
   

  	
   

  	
  with a copy (which shall not constitute notice) to:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Katten Muchin Zavis Rosenman

  525 West Monroe Street, Suite 1600

  Chicago, Illinois 60661

  Attention: Howard S. Lanznar, Esq.

  Tel: (312) 902-5696

  Fax: (312) 902-1061

  E-mail: howard.lanznar@kmz.com

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  with a copy (which shall not constitute notice) to:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Holland & Knight LLP

  701 Brickell Avenue, Suite 3000

  Miami, FL 33131

  Attention:  Ronald Albert, Jr., Esq.

  Tel: (305) 789-7762

  Fax: (305) 789-7799

  Email: ralbert@hklaw.com

  
	
   

  	
   

  	
   

  
	
   

  	
  (e)

  	
  If to Alliance:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Alliance Holdings, Inc.

  711 York Road, 2nd Floor

  Willow Grove, PA 19090

  Attention: David B. Fenkell

  Tel: (215) 706-0873

  Fax: (215) 706-0877

  E-mail: fenkell@allianceholdings.com

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  with a copy (which shall not constitute notice) to:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Squires, Sanders & Dempsey L.L.P.

  1300 Huntington Center

  41 South High Street

  Columbus, Ohio 43215-6150

  Attention: Paul Sefcovic

  Tel: (614) 365-2738

  Fax: (614) 365-2499

  E-mail: psefcovic@ssd.com

  

 

10

 

	
   

  	
  (f)

  	
  If to PPM America, Inc.:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  PPM America, Inc.

  225 West Wacker Drive, Suite 975

  Chicago, IL 60606

  Attention: Lori Seegers, General Counsel

  Tel: (312) 634-2616

  Fax: (312) 634-0049

  E-mail: lori.seegers@ppmamerica.com

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  And: Bob O’Rourke

  Tel: (312) 634-1220

  Fax: (312) 634-0045

  E-mail: bob.orourke@ppmamerica.com

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  with a copy to:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Latham & Watkins

  Sears Tower, Suite 5800

  233 South Wacker Drive

  Chicago, IL 60606

  Attention: James W. Doran, Esq.

  Tel: (312) 876-7664

  Fax: (312) 993-9767

  E-mail: james.doran@lw.com

  
	
   

  	
   

  	
   

  
	
   

  	
  (g)

  	
  If to Wallace:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Donald W. Wallace

  6130 Lazy Days Boulevard

  Seffner, FL 33584

  Tel: (813) 246-4999

  Fax: (813) 246-4744

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  with a copy to:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Holland & Knight LLP

  701 Brickell Avenue, Suite 3000

  Miami, FL 33131

  Attention: Ronald Albert, Jr., Esq.

  Tel: (305) 789-7762

  Fax: (305) 789-7799

  E-mail: ralbert@hklaw.com

  

 

11

 

	
   

  	
  (h)

  	
  If to Provident:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  The Provident Bank

  309 Vine Street

  250D

  Cincinnati, OH 45202

  Attention:  Christopher B. Gribble

  Vice President

  Tel:  (513) 579-2750

  Fax:  (513) 579-2858

  Email:  cgribble@providentbank.com

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  With a copy to:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Keating, Muething & Klekamp, P.L.L.

  1400 Provident Tower

  One East Fourth Street

  Cincinnati, OH 45202

  Attention:  Gehl P. Babinec, Esq.

  Tel: (513) 579-6400

  Fax: (513) 579-6457

  Email: gbabinec@kmklaw.com

  
	
   

  	
   

  	
   

  
	
   

  	
  (i)

  	
  If to Lion Connecticut Holdings, Inc., as successor

  by merger to ReliaStar Financial Corp:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ING Investment Management LLC

  Agent for Lion Connecticut Holdings, Inc..

  100 Washington Avenue South

  Suite 1635

  Minneapolis, MN 55401-2121

  Attention:  Chris Kenealy

  Tel: (612) 342-7245

  Fax: (612) 342-3561

  Email:  chris.kenealy@inginvestment.com

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  with a copy to:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ING Investment Management LLC

  5780 Powers Ferry Road NW

  Suite 300

  Atlanta, GA 30327

  Attention:  Michael B. Lisenby, Esq.

  Tel: (770) 690-4751

  Fax: (770) 690-4899

  Email:  mike.lisenby@inginvestment.com

  

 

12

 

	
   

  	
  (j)

  	
  If to PB Capital Corporation:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  PB Capital Corporation

  (f/k/a (USA) Capital Corp.)

  590 Madison Avenue

  New York, NY 10022-2540

  Attention:  Chris Ruzzi

  Tel: (212) 756-5584

  Fax: (212) 756-5536

  Email:  cruzzi@pb-us.com

  

 

Date of service of such notice shall be (x) the date such notice is
personally delivered, (y) three days after the date of mailing if sent by
certified or registered mail, or (z) one business day after date of delivery to
the overnight courier if sent by overnight courier.

 

6.3                                 Further
Assurances; Cooperation by the Parties. 
At any time or from time to time each of the parties hereto shall
execute and deliver any further instruments or documents and take all such
further actions as are reasonably necessary in order to consummate and make
effective the transactions contemplated by this Agreement.  The parties to this Agreement will use their
reasonable efforts, and will cooperate with each other, to secure all necessary
consents, approvals, authorizations, exemptions and waivers from third parties
as shall be required in order to enable each of them to effect the transactions
contemplated hereby and will otherwise use their reasonable best efforts to
cause the consummation of such transactions in accordance with the terms and
conditions hereof.

 

6.4                                 Governing Law. 
This Agreement shall be governed by the laws of the State of
Delaware without reference to conflicts of law principles thereunder.

 

6.5                                 SUBMISSION
TO JURISDICTION; WAIVER OF JURY TRIAL. 
EACH OF THE PARTIES SUBMITS TO THE EXCLUSIVE JURISDICTION OF ANY STATE
OR FEDERAL COURT SITTING IN CHICAGO, ILLINOIS, IN ANY ACTION OR PROCEEDING
ARISING OUT OF OR RELATING TO THIS AGREEMENT, AGREES THAT ALL CLAIMS IN RESPECT
OF THE ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND
AGREES NOT TO BRING ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS
AGREEMENT IN ANY OTHER COURT.  EACH OF
THE PARTIES WAIVES ANY DEFENSE OF INCONVENIENT FORUM TO THE MAINTENANCE OF ANY
ACTION OR PROCEEDING SO BROUGHT AND WAIVES ANY BOND, SURETY OR OTHER SECURITY
THAT MIGHT BE REQUIRED OF ANY OTHER PARTY WITH RESPECT THERETO. EACH PARTY
AGREES THAT SERVICE OF SUMMONS AND COMPLAINT OR ANY OTHER PROCESS THAT MIGHT BE
SERVED IN ANY ACTION OR PROCEEDING MAY BE MADE ON SUCH PARTY BY SENDING OR
DELIVERING A COPY OF THE PROCESS TO THE PARTY TO BE SERVED AT THE ADDRESS OF
THE PARTY AND IN THE MANNER PROVIDED FOR THE GIVING OF NOTICES IN SECTION 6.2. NOTHING IN THIS SECTION 6.5,
HOWEVER, SHALL AFFECT THE RIGHT OF ANY PARTY TO SERVE LEGAL PROCESS IN ANY
OTHER MANNER PERMITTED BY LAW.  EACH

 

13

 

PARTY AGREES
THAT A FINAL JUDGMENT IN ANY ACTION OR PROCEEDING SO BROUGHT SHALL BE
CONCLUSIVE AND MAY BE ENFORCED BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER
PROVIDED BY LAW.

 

EACH OF THE PARTIES HEREBY EXPRESSLY WAIVE ANY RIGHT TO A TRIAL BY JURY
IN ANY ACTON OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHT, POWER, OR REMEDY
UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE CONTEMPLATED
TRANSACTIONS HEREUNDER OR IN CONNECTION WITH ANY AMENDMENT, INSTRUMENT,
DOCUMENT, OR AGREEMENT DELIVERED OR WHICH MAY IN THE FUTURE BE DELIVERED IN
CONNECTION HEREWITH OR THEREWITH OR ARISING FROM ANY RELATIONSHIP EXISTING IN
CONNECTION WITH THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED BY THIS
AGREEMENT, AND AGREE THAT ANY SUCH ACTION SHALL BE TRIED BEFORE A COURT AND NOT
BEFORE A JURY.  THE TERMS AND PROVISIONS
OF THIS SECTION 6.5
CONSTITUTE A MATERIAL INDUCEMENT FOR THE PARTIES ENTERING INTO THIS AGREEMENT.

 

6.6                                 Headings.  The headings of the
various Sections of this Agreement have been inserted for convenience of
reference only and shall not be deemed to be a part of this Agreement.

 

6.7                                 Third
Parties.  Nothing herein expressed or
implied is intended or shall be construed to confer upon or give to any person,
other than the parties to this Agreement, any rights or remedies under or by
reason of this Agreement.

 

6.8                                 Counterparts.  This Agreement may be executed in two or more
counterparts, each of which shall be deemed to be an original, but all of which
together shall constitute one and the same instrument.

 

6.9                                 Severability.  The unenforceability or invalidity of any
provision of this Agreement shall not affect the enforceability or validity of
any other provision.

 

6.10                           Successors.  This Agreement will be binding upon and inure
to the benefit of the parties hereto and their respective, heirs, legal
representatives, successors and permitted assigns.

 

6.11                           Amendment.
This Agreement may not be amended or supplemented except by an written instrument
in writing executed by each of the parties hereto.

 

6.12                           ESOP
Actions.  Any action agreed to herein      by the ESOP shall have been
agreed to on behalf of the ESOP by the Trustee, at the direction of the ESOP
Fiduciary.

 

 

[signature page follows]

 

14

 

IN
WITNESS WHEREOF, the parties hereto have executed this
Agreement as of the day and year first above written.

 

	
   

  	
  COMPANIES:

  
	
   

  	
   

  
	
   

  	
  LD HOLDINGS, INC., a Delaware corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Chuck Thibault

  	
   

  
	
   

  	
  Name:

  	
  Chuck Thibault

  	
   

  
	
   

  	
  Title:

  	
  Vice President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  LAZY DAYS’ R.V. CENTER, INC., a Florida corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Chuck Thibault

  	
   

  
	
   

  	
  Name:

  	
  Chuck Thibault

  	
   

  
	
   

  	
  Title:

  	
  Vice President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SELLERS:

  
	
   

  	
   

  
	
   

  	
  ALLIANCE HOLDINGS, INC., a
  Pennsylvania corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John D. Hollyday

  	
   

  
	
   

  	
  Name:

  	
  John D. Hollyday

  	
   

  
	
   

  	
  Title:

  	
  Vice President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Donald W. Wallace

  	
   

  
	
   

  	
  Donald W. Wallace

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PPM AMERICA SPECIAL INVESTMENTS FUND, L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  PPM America, Inc., as Attorney-in-Fact

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Stuart J. Lissner

  	
   

  
	
   

  	
  Name:

  	
  Stuart J. Lissner

  	
   

  
	
   

  	
  Title:

  	
  Managing Director

  	
   

  
					

 

 

	
   

  	
  LION CONNECTICUT HOLDINGS, INC.,
  as

  successor by merger to RELIASTAR

  FINANCIAL CORP.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David S. Pendergrass

  	
   

  
	
   

  	
  Name:

  	
  David S. Pendergrass

  	
   

  
	
   

  	
  Title:

  	
  Vice President and Treasurer

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PPM AMERICA SPECIAL INVESTMENTS

  CBO II, L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  PPM America, Inc., as Attorney-in-Fact

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Stuart J. Lissner

  	
   

  
	
   

  	
  Name:

  	
  Stuart J. Lissner

  	
   

  
	
   

  	
  Title:

  	
  Managing Director

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PB CAPITAL CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Christopher J. Ruzzi

  	
   

  
	
   

  	
  Name:

  	
  Christopher J. Ruzzi

  	
   

  
	
   

  	
  Title:

  	
  Vice President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PB CAPITAL CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jeffrey N. Frost

  	
   

  
	
   

  	
  Name:

  	
  Jeffrey N. Frost

  	
   

  
	
   

  	
  Title:

  	
  Managing Director

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  THE PROVIDENT BANK

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Christopher B. Gribble

  	
   

  
	
   

  	
  Name:

  	
  Christopher B. Gribble

  	
   

  
	
   

  	
  Title:

  	
  Vice President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SELLERS’ REPRESENTATIVE:

  
	
   

  	
   

  
	
   

  	
  OAKRIDGE CONSULTING

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael Salvati

  	
   

  
	
   

  	
  Name:

  	
  Michael Salvati

  	
   

  
	
   

  	
  Title:

  	
  President

  	
   

  

 

 

	
   

  	
  JAMES L. FARNSWORTH, NOT IN HIS

  INDIVIDUAL CAPACITY, BUT SOLELY AS

  TRUSTEE OF THE EMPLOYEE STOCK

  OWNERSHIP PLAN AND TRUST FOR THE

  EMPLOYEES OF LAZY DAYS AS

  DIRECTED BY CONSULTING

  FIDUCIARIES, INC., THE ESOP

  FIDUCIARY

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ James L. Farsnworth

  	
   

  
	
   

  	
  Name:

  	
  James L. Farnsworth, solely as Trustee

  

 

 

EXHIBIT A

 

SELLERS

 

PPM America Special Investments Fund, L.P.

 

PPM America special Investments CBO II, L.P.

 

Lion Connecticut Holdings, Inc., as successor by merger to Reliastar
Financial Corporation

 

The Provident Bank

 

PB Capital Corporation

 

Alliance Holdings, Inc.

 

Donald W. Wallace

 

 

EXHIBIT B

 

FLOW OF FUNDS SPREADSHEET

 

SEE ATTACHED

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