Document:

Exhibit 10.5

      

      

        EXECUTION COPY

         

        

        
          SUBSIDIARY GUARANTEE

           

          SUBSIDIARY GUARANTEE, dated as of July 20, 2022 (this “Guarantee”), made by each of the signatories hereto (together with any other entity that may become a party hereto as provided
            herein, the “Guarantors”), in favor of the purchasers each of which is a signatory (together with their permitted assigns, the “Purchasers”) to that certain Securities Purchase Agreement, dated as of the date hereof, between
            Cenntro Electric Group Limited ACN 619 054 938, an Australian public company (the “Company”) and the Purchasers.

           

          W I T N E S S E T H:

           

          WHEREAS, pursuant to that certain Securities Purchase Agreement, dated as of the date hereof, by and between the Company and the Purchasers (the “Purchase Agreement”), the Company has
            agreed to sell and issue to the Purchasers, and the Purchasers have agreed to purchase from the Company the Notes and the Warrants, subject to the terms and conditions set forth therein; and

           

          WHEREAS, each Guarantor1 will directly benefit from the extension of credit to the Company represented by the
            issuance of the Notes and from the issuance of the Warrants; and

           

          NOW, THEREFORE, in consideration of the premises and to induce the Purchasers to enter into the Purchase Agreement and to carry out the transactions contemplated thereby, each Guarantor hereby
            agrees with the Purchasers as follows:

           

          1.           Definitions.  Unless otherwise defined herein, terms defined in the Purchase Agreement and used herein shall have the meanings given to them in the Purchase Agreement.  The
            words “hereof,” “herein,” “hereto” and “hereunder” and words of similar import when used in this Guarantee shall refer to this Guarantee as a whole and not to any particular provision of this Guarantee, and Section and Schedule references are
            to this Guarantee unless otherwise specified.  The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms.  The following terms shall have the following meanings:

           

          “Guarantee” means this Subsidiary Guarantee, as the same may be amended, supplemented or otherwise modified from time to time.

           

          

           

          

          1 Guarantors shall include domestic and foreign subsidiaries.

           

          
            
              

          

          
          “Obligations” means, in addition to all other costs and expenses of collection incurred by Purchasers in enforcing any of such Obligations and/or this Guarantee, all
            of the liabilities and obligations (primary, secondary, direct, contingent, sole, joint or several) due or to become due, or that are now or may be hereafter contracted or acquired, or owing to, of the Company or any Guarantor to the
            Purchasers, including, without limitation, all obligations under this Guarantee, the Notes, the Warrants, and any other instruments, agreements or other documents executed and/or delivered in connection herewith or therewith, in each case,
            whether now or hereafter existing, voluntary or involuntary, direct or indirect, absolute or contingent, liquidated or unliquidated, whether or not jointly owed with others, and whether or not from time to time decreased or extinguished and
            later increased, created or incurred, and all or any portion of such obligations or liabilities that are paid, to the extent all or any part of such payment is avoided or recovered directly or indirectly from any of the Purchasers as a
            preference, fraudulent transfer or otherwise as such obligations may be amended, supplemented, converted, extended or modified from time to time.  Without limiting the generality of the foregoing, the term “Obligations” shall include, without
            limitation: (i) principal of, and interest on the Notes and the loans extended pursuant thereto; (ii) any and all other fees, indemnities, costs, obligations and liabilities of the Company or any Guarantor from time to time under or in
            connection with this Guarantee, the Notes, Warrants, and any other instruments, agreements or other documents executed and/or delivered in connection herewith or therewith; and (iii) all amounts (including but not limited to post-petition
            interest) in respect of the foregoing that would be payable but for the fact that the obligations to pay such amounts are unenforceable or not allowable due to the existence of a bankruptcy, reorganization or similar proceeding involving the
            Company or any Guarantor.

           

          2.           Guarantee.

           

          (a)          Guarantee.

           

          (i)           The Guarantors hereby, jointly and severally, unconditionally and irrevocably, guarantee to the Purchasers and their respective successors, endorsees,
            transferees and assigns, the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations.

           

          (ii)        Anything herein or in any other Transaction Document to the contrary notwithstanding, the maximum liability of each Guarantor hereunder and under the other
            Transaction Documents shall in no event exceed the amount which can be guaranteed by such Guarantor under applicable United States federal and state laws, including laws relating to the insolvency of debtors, fraudulent conveyance or transfer
            or laws affecting the rights of creditors generally (after giving effect to the right of contribution established in Section 2(b)).

           

          (iii)          Each Guarantor agrees that the Obligations may at any time and from time to time exceed the amount of the liability of such Guarantor hereunder without
            impairing the guarantee contained in this Section 2 or affecting the rights and remedies of the Purchasers hereunder.

           

          (iv)          The guarantee contained in this Section 2 shall remain in full force and effect until all the Obligations and the obligations of each Guarantor under the
            guarantee contained in this Section 2 shall have been satisfied by indefeasible payment in full.

           

          
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          (v)           No payment made by the Company, any of the Guarantors, any other guarantor or any other Person or received or collected by the Purchasers from the Company, any
            of the Guarantors, any other guarantor or any other Person by virtue of any action or proceeding or any set-off or appropriation or application at any time or from time to time in reduction of or in payment of the Obligations shall be deemed to
            release or otherwise affect the liability of any Guarantor hereunder which shall, notwithstanding any such payment (other than any payment made by such Guarantor in respect of the Obligations or any payment received or collected from such
            Guarantor in respect of the Obligations), remain liable for the Obligations up to the maximum liability of such Guarantor hereunder until the Obligations are indefeasibly paid in full.

           

          (vi)        Notwithstanding anything to the contrary in this Guarantee, with respect to any defaulted non-monetary Obligations the specific performance of which by the
            Guarantors is not reasonably possible (e.g. the issuance of the Company’s Common Stock), the Guarantors shall only be liable for making the Purchasers whole on a monetary basis for the Company’s failure to perform such Obligations in accordance
            with the Transaction Documents.

           

          (b)         Right of Contribution.  Subject to Section 2(c), each Guarantor hereby agrees that to the extent that a Guarantor shall have paid more than its
            proportionate share of any payment made hereunder, such Guarantor shall be entitled to seek and receive contribution from and against any other Guarantor hereunder which has not paid its proportionate share of such payment.  Each Guarantor’s
            right of contribution shall be subject to the terms and conditions of Section 2(c).  The provisions of this Section 2(b) shall in no respect limit the obligations and liabilities of any Guarantor to the Purchasers and each Guarantor shall
            remain liable to the Purchasers for the full amount guaranteed by such Guarantor hereunder.

           

          (c)       No Subrogation.  Notwithstanding any payment made by any Guarantor hereunder or any set-off or application of funds of any Guarantor by the Purchasers, no
            Guarantor shall be entitled to be subrogated to any of the rights of the Purchasers against the Company or any other Guarantor or any collateral security or guarantee or right of offset held by the Purchasers for the payment of the Obligations,
            nor shall any Guarantor seek or be entitled to seek any contribution or reimbursement from the Company or any other Guarantor in respect of payments made by such Guarantor hereunder, until all amounts owing to the Purchasers by the Company on
            account of the Obligations are indefeasibly paid in full.  If any amount shall be paid to any Guarantor on account of such subrogation rights at any time when all of the Obligations shall not have been paid in full, such amount shall be held by
            such Guarantor in trust for the Purchasers, segregated from other funds of such Guarantor, and shall, forthwith upon receipt by such Guarantor, be turned over to the Purchasers in the exact form received by such Guarantor (duly indorsed by such
            Guarantor to the Purchasers, if required), to be applied against the Obligations, whether matured or unmatured, in such order as the Purchasers may determine.

           

          
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          (d)         Amendments, Etc. With Respect to the Obligations.  Each Guarantor shall remain obligated hereunder notwithstanding that, without any reservation of rights
            against any Guarantor and without notice to or further assent by any Guarantor, any demand for payment of any of the Obligations made by the Purchasers may be rescinded by the Purchasers and any of the Obligations continued, and the
            Obligations, or the liability of any other Person upon or for any part thereof, or any collateral security or guarantee therefor or right of offset with respect thereto, may, from time to time, in whole or in part, be renewed, extended,
            amended, modified, accelerated, compromised, waived, surrendered or released by the Purchasers, and the Purchase Agreement and the other Transaction Documents and any other documents executed and delivered in connection therewith may be
            amended, modified, supplemented or terminated, in whole or in part, as the Purchasers may deem advisable from time to time, and any collateral security, guarantee or right of offset at any time held by the Purchasers for the payment of the
            Obligations may be sold, exchanged, waived, surrendered or released.  The Purchasers shall have no obligation to protect, secure, perfect or insure any Lien at any time held by them as security for the Obligations or for the guarantee contained
            in this Section 2 or any property subject thereto.

           

          (e)          Guarantee Absolute and Unconditional.  Each Guarantor waives any and all notice of the creation, renewal, extension or accrual of any of the Obligations
            and notice of or proof of reliance by the Purchasers upon the guarantee contained in this Section 2 or acceptance of the guarantee contained in this Section 2; the Obligations, and any of them, shall conclusively be deemed to have been created,
            contracted or incurred, or renewed, extended, amended or waived, in reliance upon the guarantee contained in this Section 2; and all dealings between the Company and any of the Guarantors, on the one hand, and the Purchasers, on the other hand,
            likewise shall be conclusively presumed to have been had or consummated in reliance upon the guarantee contained in this Section 2.  Each Guarantor waives to the extent permitted by law diligence, presentment, protest, demand for payment and
            notice of default or nonpayment to or upon the Company or any of the Guarantors with respect to the Obligations.  Each Guarantor understands and agrees that the guarantee contained in this Section 2 shall be construed as a continuing, absolute
            and unconditional guarantee of payment and performance without regard to (a) the validity or enforceability of the Purchase Agreement or any other Transaction Document, any of the Obligations or any other collateral security therefor or
            guarantee or right of offset with respect thereto at any time or from time to time held by the Purchasers, (b) any defense, set-off or counterclaim (other than a defense of payment or performance or fraud by Purchasers) which may at any time be
            available to or be asserted by the Company or any other Person against the Purchasers, or (c) any other circumstance whatsoever (with or without notice to or knowledge of the Company or such Guarantor) which constitutes, or might be construed
            to constitute, an equitable or legal discharge of the Company for the Obligations, or of such Guarantor under the guarantee contained herein, in bankruptcy or in any other instance.  When making any demand hereunder or otherwise pursuing its
            rights and remedies hereunder against any Guarantor, the Purchasers may, but shall be under no obligation to, make a similar demand on or otherwise pursue such rights and remedies as they may have against the Company, any other Guarantor or any
            other Person or against any collateral security or guarantee for the Obligations or any right of offset with respect thereto, and any failure by the Purchasers to make any such demand, to pursue such other rights or remedies or to collect any
            payments from the Company, any other Guarantor or any other Person or to realize upon any such collateral security or guarantee or to exercise any such right of offset, or any release of the Company, any other Guarantor or any other Person or
            any such collateral security, guarantee or right of offset, shall not relieve any Guarantor of any obligation or liability hereunder, and shall not impair or affect the rights and remedies, whether express, implied or available as a matter of
            law, of the Purchasers against any Guarantor.  For the purposes hereof, “demand” shall include the commencement and continuance of any legal proceedings.

           

          

          
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          (f)          Reinstatement.  The guarantee contained in this Section 2 shall continue to be effective, or be reinstated, as the case may be, if at any time payment, or
            any part thereof, of any of the Obligations is rescinded or must otherwise be restored or returned by the Purchasers upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Company or any Guarantor, or upon or as a
            result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, the Company or any Guarantor or any substantial part of its property, or otherwise, all as though such payments had not been made.

           

          (g)         Payments.  Each Guarantor hereby guarantees that payments hereunder will be paid to the Purchasers without set-off or counterclaim in U.S. dollars at the
            address set forth or referred to in the Signature Pages to the Purchase Agreement.

           

          3.           Representations and Warranties.  Each Guarantor hereby makes the following representations and warranties to Purchasers as of the date hereof:

           

          (a)       Organization and Qualification.  The Guarantor is a corporation or limited liability company, as applicable, duly incorporated or organized, as applicable,
            validly existing and, where applicable, in good standing under the laws of the applicable jurisdiction set forth on Schedule 1, with the requisite corporate or limited liability company power and authority to own and use its properties
            and assets and to carry on its business as currently conducted.  No Guarantor has any subsidiaries other than those identified as such on the Disclosure Schedules to the Purchase Agreement.  Each Guarantor is duly qualified to do business and,
            where applicable, is in good standing as a foreign corporation in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary, except where the failure to be so qualified or in good
            standing, as the case may be, could not, individually or in the aggregate, (x) adversely affect the legality, validity or enforceability of this Guaranty in any material respect, (y) have a material adverse effect on the results of operations,
            assets, prospects, or financial condition of the Guarantor or (z) adversely impair in any material respect the Guarantor’s ability to perform fully on a timely basis its obligations under this Guaranty (a “Material Adverse Effect”).

           

          (b)          Authorization; Enforcement.  Each Guarantor has the requisite corporate or limited liability company power and authority to enter into and to consummate
            the transactions contemplated by this Guaranty, and otherwise to carry out its obligations hereunder.  The execution and delivery of this Guaranty by each Guarantor and the consummation by it of the transactions contemplated hereby have been
            duly authorized by all requisite corporate or limited liability company action on the part of the Guarantor.  This Guaranty has been duly executed and delivered by each Guarantor and constitutes the valid and binding obligation of such
            Guarantor enforceable against such Guarantor in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting
            generally the enforcement of, creditors’ rights and remedies or by other equitable principles of general application.

           

          
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          (c)          No Conflicts.  The execution, delivery and performance of this Guaranty by each Guarantor and the consummation by each Guarantor of the transactions
            contemplated thereby do not and will not (i) conflict with or violate any provision of its certificate of registration or articles of incorporation, constitution, bylaws or other organizational or charter documents (each as applicable), or (ii)
            conflict with, constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or
            instrument to which the Guarantor is a party, or (iii) subject to the accuracy of the representations and warranties given by the Purchasers in Sections 3.2(c), 3.2(i), 3.2(j) and 3.2(k) of the Purchase Agreement, result in a violation of any
            law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to which any Guarantor is subject (including United States Federal and State securities laws and regulations), or by which
            any material property or asset of any Guarantor is bound or affected, except in the case of each of clauses (ii) and (iii), such conflicts, defaults, terminations, amendments, accelerations, cancellations and violations as could not,
            individually or in the aggregate, have or result in a Material Adverse Effect.  The business of the Guarantor is not being conducted in violation of any law, ordinance or regulation of any governmental authority, except for violations which,
            individually or in the aggregate, do not have a Material Adverse Effect.

           

          (d)        Consents and Approvals.  No Guarantor is required to obtain any consent, waiver, authorization or order of, or make any filing or registration with, any
            court or other federal, state, local, foreign or other governmental authority or other person in connection with the execution, delivery and performance by such Guarantor of this Guaranty.

           

          (e)         Purchase Agreement.  The representations and warranties of the Company set forth in the Purchase Agreement as they relate to such Guarantor, each of which
            is hereby incorporated herein by reference, are true and correct as of each time such representations are deemed to be made pursuant to such Purchase Agreement, and the Purchasers shall be entitled to rely on each of them as if they were fully
            set forth herein, provided that each reference in each such representation and warranty to the Company’s knowledge shall, for the purposes of this Section 3, be deemed to be a reference to such Guarantor’s knowledge.

           

          (f)          Foreign Law.  Each Guarantor has had the opportunity to consult with appropriate foreign legal counsel with respect to any of the above representations
            for which non-U.S. law is applicable.

           

          4.           Covenants.

           

          (a)          Each Guarantor covenants and agrees with the Purchasers that, from and after the date of this Guarantee until the Obligations shall have been indefeasibly paid
            in full, such Guarantor shall take, and/or shall refrain from taking, as the case may be, each commercially reasonable action that is necessary to be taken or not taken, as the case may be, so that no Event of Default (as defined in the Notes)
            is caused by the failure to take such action or to refrain from taking such action by such Guarantor.

           

          
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          (b)          So long as any of the Obligations are outstanding, each Guarantor will not directly or indirectly on or after the date of this Guarantee:

           

          (i)           Except as permitted under the Purchase Agreement, enter into, create, incur, assume or suffer to exist any indebtedness for borrowed money of any kind,
            including but not limited to, a guarantee, on or with respect to any of its property or assets now owned or hereafter acquired or any interest therein or any income or profits therefrom;

           

          (ii)          Except as permitted under the Purchase Agreement, enter into, create, incur, assume or suffer to exist any liens of any kind, on or with respect to any of its
            property or assets now owned or hereafter acquired or any interest therein or any income or profits therefrom;

           

          (iii)       Amend its certificate of registration or articles of incorporation, constitution, bylaws or other organizational or charter documents (each as applicable) so as
            to adversely affect any rights of any Purchaser;

           

          (iv)          repay, repurchase or offer to repay, repurchase or otherwise acquire more than a de minimis number of shares of its securities or debt obligations;

           

          (v)            pay cash dividends on any equity securities of the Company;

           

          (vi)          enter into any transaction with any Affiliate of the Guarantor which would be required to be disclosed in any public filing of the Company with the Commission,
            unless such transaction is made on an arm’s-length basis and expressly approved by a majority of the disinterested directors of the Company (even if less than a quorum otherwise required for board approval); or

           

          (vii)         enter into any agreement with respect to any of the foregoing.

           

          5.            Miscellaneous.

           

          (a)        Amendments in Writing.  None of the terms or provisions of this Guarantee may be waived, amended, supplemented or otherwise modified except in writing by
            the Purchasers.

           

          (b)        Notices.  All notices, requests and demands to or upon the Purchasers or any Guarantor hereunder shall be effected in the manner provided for in the
            Purchase Agreement, provided that any such notice, request or demand to or upon any Guarantor shall be addressed to such Guarantor at its notice address set forth on Schedule 5(b).

           

          
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          (c)        No Waiver By Course Of Conduct; Cumulative Remedies.  The Purchasers shall not by any act (except by a written instrument pursuant to Section 5(a)), delay,
            indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any default under the Transaction Documents or Event of Default (as defined in the Notes).  No failure to exercise, nor any delay
            in exercising, on the part of the Purchasers, any right, power or privilege hereunder shall operate as a waiver thereof.  No single or partial exercise of any right, power or privilege hereunder shall preclude any other or further exercise
            thereof or the exercise of any other right, power or privilege.  A waiver by the Purchasers of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy which the Purchasers would otherwise have on
            any future occasion.  The rights and remedies herein provided are cumulative, may be exercised singly or concurrently and are not exclusive of any other rights or remedies provided by law.

           

          (d)          Enforcement Expenses; Indemnification.

           

          (i)           Each Guarantor agrees to pay, or reimburse the Purchasers for, all its costs and expenses incurred in collecting against such Guarantor under the guarantee
            contained in Section 2 or otherwise enforcing or preserving any rights under this Guarantee and the other Transaction Documents to which such Guarantor is a party, including, without limitation, the reasonable fees and disbursements of counsel
            to the Purchasers.

           

          (ii)          Each Guarantor agrees to pay, and to save the Purchasers harmless from, any and all liabilities with respect to, or resulting from any delay in paying, any and
            all stamp, excise, sales or other taxes which may be payable or determined to be payable in connection with any of the transactions contemplated by this Guarantee.

           

          (iii)          Each Guarantor agrees to pay, and to save the Purchasers harmless from, any and all liabilities, obligations, losses, damages, penalties, actions, judgments,
            suits, costs, expenses or disbursements of any kind or nature whatsoever with respect to the execution, delivery, enforcement, performance and administration of this Guarantee to the extent the Company would be required to do so pursuant to the
            Purchase Agreement.

           

          (iv)          The agreements in this Section shall survive repayment of the Obligations and all other amounts payable under the Purchase Agreement and the other Transaction
            Documents.

           

          (e)         Successor and Assigns.  This Guarantee shall be binding upon the successors and assigns of each Guarantor and shall inure to the benefit of the Purchasers
            and their respective successors and assigns; provided that no Guarantor may assign, transfer or delegate any of its rights or obligations under this Guarantee without the prior written consent of the Purchasers.

           

          
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          (f)           Set-Off.  Each Guarantor hereby irrevocably authorizes the Purchasers at any time and from time to time while an Event of Default (as defined in the
            Notes) under the Notes or a default under any of the Transaction Documents shall have occurred and be continuing, without notice to such Guarantor or any other Guarantor, any such notice being expressly waived by each Guarantor, to set-off and
            appropriate and apply any and all deposits, credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by the Purchasers to or for the
            credit or the account of such Guarantor, or any part thereof in such amounts as the Purchasers may elect, against and on account of the obligations and liabilities of such Guarantor to the Purchasers hereunder and claims of every nature and
            description of the Purchasers against such Guarantor, in any currency, whether arising hereunder, under the Purchase Agreement, any other Transaction Document or otherwise, as the Purchasers may elect, whether or not the Purchasers have made
            any demand for payment and although such obligations, liabilities and claims may be contingent or unmatured.  The Purchasers shall notify such Guarantor promptly of any such set-off and the application made by the Purchasers of the proceeds
            thereof, provided that the failure to give such notice shall not affect the validity of such set-off and application.  The rights of the Purchasers under this Section are in addition to other rights and remedies (including, without limitation,
            other rights of set-off) which the Purchasers may have.

           

          (g)          Counterparts.  This Guarantee may be executed by two or more of the parties to this Guarantee on any number of separate counterparts (including by
            telecopy), and all of said counterparts taken together shall be deemed to constitute one and the same instrument.

           

          (h)          Severability.  Any provision of this Guarantee which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to
            the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other
            jurisdiction.

           

          (i)        Section Headings.  The Section headings used in this Guarantee are for convenience of reference only and are not to affect the construction hereof or be
            taken into consideration in the interpretation hereof.

           

          (j)          Integration.  This Guarantee and the other Transaction Documents represent the agreement of the Guarantors and the Purchasers with respect to the subject
            matter hereof and thereof, and there are no promises, undertakings, representations or warranties by the Purchasers relative to subject matter hereof and thereof not expressly set forth or referred to herein or in the other Transaction
            Documents.

           

          (k)        Governing Laws.  All questions concerning the construction, validity, enforcement and interpretation of this Guarantee shall be governed by and construed
            and enforced in accordance with the internal laws of the State of Nevada, without regard to the principles of conflicts of law thereof.  Each of the Company and the Guarantors agree that all proceedings concerning the interpretations,
            enforcement and defense of the transactions contemplated by this Guarantee (whether brought against a party hereto or its respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced
            exclusively in the state and federal courts sitting in Clark County, State of Nevada.  Each of the Company and the Guarantors hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in Clark County,
            State of Nevada for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any proceeding, any claim that
            it is not personally subject to the jurisdiction of any such court, that such proceeding is improper.  Each party hereto hereby irrevocably waives personal service of process and consents to process being served in any such proceeding by
            mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Guarantee and agrees that such service shall constitute good and
            sufficient service of process and notice thereof.  Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law.  Each party hereto hereby irrevocably waives, to the fullest extent
            permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Guarantee or the transactions contemplated hereby.

           

          
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          (l)           Acknowledgements.  Each Guarantor hereby acknowledges that:

           

          (i)         it has been advised by counsel in the negotiation, execution and delivery of this Guarantee and the other Transaction Documents to which it is a party;

           

          (ii)         the Purchasers have no fiduciary relationship with or duty to any Guarantor arising out of or in connection with this Guarantee or any of the other Transaction
            Documents, and the relationship between the Guarantors, on the one hand, and the Purchasers, on the other hand, in connection herewith or therewith is solely that of debtor and creditor; and

           

          (iii)         no joint venture is created hereby or by the other Transaction Documents or otherwise exists by virtue of the transactions contemplated hereby among the
            Guarantors and the Purchasers.

           

          (m)        Additional Guarantors.  The Company shall cause each of its subsidiaries formed or acquired on or subsequent to the date hereof (each, an “Additional
              Guarantor”) to become a Guarantor for all purposes of this Guarantee by executing and delivering an Assumption Agreement in the form of Annex 1 hereto.

           

          (n)         Release of Guarantors.  Each Guarantor will be released from all liability hereunder concurrently with the indefeasible repayment in full of all amounts
            owed under the Purchase Agreement, the Notes, Warrants, and the other Transaction Documents.

           

          (o)         Seniority.  The Obligations of each of the Guarantors hereunder rank senior in priority to any other Indebtedness (as defined in the Purchase Agreement)
            of such Guarantor.

           

          (p)     WAIVER OF JURY TRIAL.  EACH GUARANTOR AND, BY ACCEPTANCE OF THE BENEFITS HEREOF, THE
              PURCHASERS, HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS GUARANTEE AND FOR ANY COUNTERCLAIM THEREIN.

           

          [Signature Page Follows]

           

          
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          IN WITNESS WHEREOF, each of the undersigned has caused this Guarantee to be duly executed and delivered as of the date first above written.

           

          CENTRO ELECTRIC GROUP LIMITED

           

          	
                  Executed by Cenntro Electric Group Limited ACN 619 054 938 in accordance with
                      Section 127 of the Corporations Act 2001

                	 	 
	 	 	 
	
                  /s/ Peter Wang

                	 	
                  /s/ Tony Tsai

                
	
                  Signature of director

                	 	
                  Signature of director/company secretary

                  (Please delete as applicable)

                
	 	 	 
	
                  Peter Wang

                	 	
                  Tony Tsai

                
	
                  Name of director (print)

                	 	
                  Name of director/company secretary (print)

                

          

          

          

          

          	
                  CENNTRO ELECTRIC GROUP, INC.

                	 
	 	 
	
                  By:

                	
                  /s/ Peter Wang

                	 
	 	
                  Name: Peter Wang

                	 
	 	
                  Title: Chief Executive Officer

                	 

          

          

          

          

          	
                  CENNTRO AUTOMOTIVE CORPORATION

                	 
	 	 
	
                  By:

                	
                  /s/ Peter Wang

                	 
	 	
                  Name: Peter Wang

                	 
	 	
                  Title: Chief Executive Officer

                	 

          

          

          
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          Schedule 1

           

          	
                  Name

                	 	
                  Jurisdiction of Organization

                
	 	 
	
                  Cenntro Electric Group, Inc.

                	
                  Delaware

                
	 	 
	
                  Cenntro Automotive Corporation

                	
                  Delaware

                

          

          

          
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          Annex 1

           

          SUBSIDIARY GUARANTEE ASSUMPTION AGREEMENT

           

          

          ASSUMPTION AGREEMENT, dated as of July 20, 2022 made by each of the undersigned subsidiaries (individually, an “Additional Guarantor” and collectively, the “Additional Guarantors”)

            of Cenntro Electric Group Limited ACN 619 054 938, an Australian public company, in favor of the Purchasers pursuant to the Purchase Agreement referred to below. All capitalized terms not defined herein shall have the meaning ascribed to them
            in such Purchase Agreement.

          

          

          W I T N E S S E T H:

           

          

          WHEREAS, Cenntro Electric Group Limited ACN 619 054 938, an Australian incorporated public company (the “Company”) and the Purchasers have entered into a Securities Purchase Agreement,
            dated as of July 20, 2022 (as amended, supplemented or otherwise modified from time to time, the “Purchase Agreement”);

           

          

          WHEREAS, in connection with the Purchase Agreement, the Subsidiaries of the Company (other than the Additional Guarantors) have entered into the Subsidiary Guarantee, dated as of July 20, 2022
            (as amended, supplemented or otherwise modified from time to time, the “Guarantee”) in favor of the Purchasers;

           

          

          WHEREAS, the Purchase Agreement requires each Additional Guarantor to become a party to the Guarantee; and

           

          

          WHEREAS, each of the undersigned Additional Guarantors has agreed to execute and deliver this Assumption Agreement in order to become a party to the Guarantee;

           

          

          NOW, THEREFORE, IT IS AGREED:

           

          

          1.          Guarantee. By executing and delivering this Assumption Agreement, each Additional Guarantor, as provided in Section 5(m) of the Guarantee, hereby becomes a party to the
            Guarantee as a Guarantor thereunder with the same force and effect as if originally named therein as a Guarantor and, without limiting the generality of the foregoing, hereby expressly assumes all obligations and liabilities of a Guarantor
            thereunder. The information set forth in Annex 1 hereto is hereby added to the information set forth in Schedule 1 to the Guarantee. Each Additional Guarantor hereby represents and warrants that each of the representations and warranties
            contained in Section 3 of the Guarantee is true and correct on and as the date hereof as to such Additional Guarantor (after giving effect to this Assumption Agreement) as if made on and as of such date.

           

          

          2.       Governing Law. THIS ASSUMPTION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEVADA.

           

          

          [Signatures are on the following pages]

           

          

          
            13

            
              

          

          IN WITNESS WHEREOF, the undersigned has caused this Assumption Agreement to be duly executed and delivered as of the date first above written.

           

          

           ADDITIONAL GUARANTOR

          

          

          	
                  Cenntro Automotive Group Limited

                
	 
	
                  By:

                
	
                  Name:

                
	
                  Title:

                

          

          

          	
                  Hangzhou Cenntro Autotech Co., Ltd.

                
	 
	
                  By:

                
	
                  Name:

                
	
                  Title:

                

          

          

          	
                  Hangzhou Hengzhong Tech Co., Ltd.

                
	 
	
                  By:

                
	
                  Name:

                
	
                  Title:

                

          

          

          	
                  Hangzhou Ronda Tech Co., Ltd.

                
	 
	
                  By:

                
	
                  Name:

                
	
                  Title:

                

          

          

          	
                  Shengzhou Cenntro Machinery Co., Ltd.

                
	 
	
                  By:

                
	
                  Name:

                
	
                  Title:

                

          

          

          	
                  Simachinery Equipment Limited

                
	 
	
                  By:

                
	
                  Name:

                
	
                  Title:

                

          

          

          
            14

            
              

          

          	
                  Cenntro Electric Group (Europe) GmbH

                
	 
	
                  By:

                
	
                  Name:

                
	
                  Title:

                

          

          

          	
                  Cenntro Automotive Europe GmbH

                
	 
	
                  By:

                
	
                  Name:

                
	
                  Title:

                

          

          

          	
                  Zhejiang Sinomachinery Co., Ltd.

                
	 
	
                  By:

                
	
                  Name:

                
	
                  Title:

                

          

          

          	
                  Zhejiang Cenntro Machinery Co., Ltd.

                
	 
	
                  By:

                
	
                  Name:

                
	
                  Title:

                

          

          

          	
                  Zhejiang Tooniu Tech Co., Ltd.

                
	 
	
                  By:

                
	
                  Name:

                
	
                  Title:

                

          

          

          	
                  Zhejiang Xbean Tech Co. Ltd.

                
	 
	
                  By:

                
	
                  Name:

                
	
                  Title:

                

           

          

          
            15

            
              

          

          Annex 1

           

          

          ADDITIONAL GUARANTORS

           

          

          The following are the names, notice addresses and jurisdiction of incorporation or organization of each Additional Guarantor.

           

          

          	 	 	
                  JURISDICTION OF

                  INCORPORATION/ORGANIZATION

                	
                  COMPANY

                  OWNED BY

                  PERCENTAGE

                

	 	 	 	 
	
                  Cenntro Automotive Group Limited

                	 	
                  Hong Kong

                	
                  100%

                
	 	 	 	 
	
                  Hangzhou Cenntro Autotech Co., Ltd.

                	 	
                  PRC

                	
                  100%

                
	 	 	 	 
	
                  Hangzhou Hengzhong Tech Co., Ltd.

                	 	
                  PRC

                	
                  100%

                
	 	 	 	 
	
                  Hangzhou Ronda Tech Co., Ltd.

                	 	
                  PRC

                	
                  100%

                
	 	 	 	 
	
                  Shengzhou Cenntro Machinery Co., Ltd.

                	 	
                  PRC

                	
                  100%

                
	 	 	 	 
	
                  Simachinery Equipment Limited

                	 	
                  Hong Kong

                	
                  100%

                
	 	 	 	 
	
                  Cenntro Electric Group (Europe) GmbH

                	 	
                  Germany

                	
                  100%

                
	 	 	 	 
	
                  Cenntro Automotive Europe GmbH

                	 	
                  Germany

                	
                  65%

                
	 	 	 	 
	
                  Zhejiang Sinomachinery Co., Ltd.

                	 	
                  PRC

                	
                  100%

                
	 	 	 	 
	
                  Zhejiang Cenntro Machinery Co., Ltd.

                	 	
                  PRC

                	
                  100%

                
	 	 	 	 
	
                  Zhejiang Tooniu Tech Co., Ltd.

                	 	
                  PRC

                	
                  100%

                
	 	 	 	 
	
                  Zhejiang Xbean Tech Co. Ltd.

                	 	
                  PRC

                	
                  100%

                

          

          

          

          

          
            16Exhibit 10.6

        

        

          EXECUTION COPY

          

          TRADEMARK SECURITY AGREEMENT

        

         

        This TRADEMARK SECURITY AGREEMENT (this “Trademark Security Agreement”) is entered into as of July 20, 2022 by and
            among, Cenntro Electric Group Limited ACN 619 054 938, an Australian public company (the “Company”), all of the U.S. Subsidiaries of the Company (such subsidiaries, the “Guarantors” and
            together with the Company, the “Debtors”), the holders of the Company’s Senior Secured Convertible Notes due twelve (12) months following their dates of issuance, in the original aggregate principal amount of US$61,215,000 (collectively,
            the “Notes”) each being a signatory to the Security Agreement (as herein defined), their endorsees, transferees and assigns (collectively, the “Secured Parties”) and Univest Securities, LLC, in its capacity as agent for the
            Secured Parties (“Agent”).

        

        

        WHEREAS, pursuant to the Purchase Agreement (as defined in the Notes), the Secured Parties have severally agreed to extend the loans to the Company evidenced by the Notes;

         

        WHEREAS, pursuant to a certain Subsidiary Guarantee, dated as of the date hereof (the “Guarantee”), the Guarantors have jointly and severally agreed to guarantee and act as surety for
          payment of such Notes;

         

        WHEREAS, in order to induce the Secured Parties to extend the loans evidenced by the Notes and to purchase the warrants (“Warrants”) under the Securities Purchase Agreement, each Debtor
          has agreed to execute and deliver to the Secured Parties that certain Security Agreement, dated as of the date hereof (the “Security Agreement”) and to grant the Secured Parties, pari passu with each other Secured Party and through
          the Agent (as defined in Section 18 of the Security Agreement), a security interest in certain property of such Debtor to secure the prompt payment, performance and discharge in full of all of the Company’s obligations under the Notes and the
          Guarantors’ obligations under the Guarantee; and

        

        

        WHEREAS, in connection with the Security Agreement, the Company and the Guarantors have agreed to execute and deliver this Trademark Security Agreement in order to record the
          security interest granted to the Secured Parties with the United States Patent and Trademark Office;

        

        

        NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which are
          hereby acknowledged, the Company hereby agrees as follows:

         

        

        
          
            

        

        
        SECTION 1. Defined Terms. Unless otherwise defined herein, capitalized terms defined in the Security Agreement and
            used herein have the meaning given to them in the Security Agreement.  The term “Trademarks” means, collectively, (a) all of the trademarks and trademark applications, whether United States or
            foreign, that are owned by the Company, or in which the Company has any right, title or interest, now or in the future, including but not limited to (i) the trademarks and trademark applications listed on Schedule I hereto (as the same may be
            amended pursuant hereto from time to time), (ii) all trademarks, trade names, corporate names, company names, business names, fictitious business names, trade dress, service marks, logos, domain names and other source or business identifiers,
            and all goodwill associated therewith, now existing or hereafter adopted or acquired, all registrations and recordings thereof, and all applications in connection therewith, whether in the United States Patent and Trademark Office or in any
            similar office or agency of the United States, any State thereof or any other country or any political subdivision thereof, or otherwise, and all common law rights related thereto; (iii) all trade secrets arising under the laws of the United
            States, any other country or any political subdivision thereof; (iv) all re-issues, continuations, divisions, continuations-in-part, renewals or extensions thereof; (iv) the inventions disclosed or claimed therein, including the right to make,
            use, practice and/or sell (or license or otherwise transfer or dispose of) the inventions disclosed or claimed therein; and (v) the right (but not the obligation) to make and prosecute applications for such trademarks, (b) all past, present or
            future rights in, to and associated with the foregoing throughout the world, whether arising under federal law, state law, common law, foreign law or otherwise, including the following:  all such rights arising out of or associated with the
            registrations of the foregoing items set forth in clause (a), the right (but not the obligation) to register claims under any state, federal or foreign trademark law or regulation; the right (but not the obligation) to sue or bring opposition
            or cancellation proceedings in the name of the Company or the Secured Parties for any and all past, present and future infringements or dilution of or any other damages or injury to the foregoing or any associated goodwill, and the rights to
            damages or profits due or accrued arising out of or in connection with any such past, present or future infringement, dilution, damage or injury; and (c) any license rights related to the foregoing.

         

        SECTION 2. Grant of Security Interest in Trademark Collateral. The Company hereby pledges, collaterally assigns and grants to the Secured Parties to secure the prompt
          and complete payment and performance of the Obligations, a security interest (referred to in this Trademark Security Agreement as the “Security Interest”) in all of the Company’s right, title and interest in, to and under the following,
          whether now owned or hereafter acquired or arising (collectively, the “Trademark Collateral”):

         

        (a)  all of its Trademarks and licenses with respect to Trademarks to which it is a party including those referred to on Schedule I;

         

        (b)  each license with respect to Trademarks; and

         

        (c)  all products and proceeds (as that term is defined in the UCC) of the foregoing, including any claim by the Company against third parties for past,
          present or future (i) infringement or dilution of any Trademarks or any Trademarks exclusively licensed under any license, including right to receive any damages, or (ii) right to receive license fees, royalties, and other compensation under any
          license with respect to Trademarks.

         

        SECTION 3. Security for Obligations. This Trademark
            Security Agreement and the Security Interest created hereby secures the payment and performance of the Obligations, whether now existing or arising hereafter.  Without limiting the generality of the foregoing, this Trademark Security Agreement
            secures the payment of all amounts which constitute part of the Obligations and would be owed by the Company to the Secured Parties, whether or not they are unenforceable or not allowable due to the existence of an insolvency proceeding
            involving the Company.

         

        SECTION 4. Security Agreement. The Security Interest
            granted pursuant to this Trademark Security Agreement is granted in conjunction with the security interests granted to the Secured Parties pursuant to the Security Agreement.  The Company hereby acknowledges and affirms that the rights and
            remedies of the Secured Parties with respect to the Security Interest in the Trademark Collateral made and granted hereby are more fully set forth in the Security Agreement, the terms and provisions of which are incorporated by reference herein
            as if fully set forth herein.  To the extent there is any inconsistency between this Trademark Security Agreement and the Security Agreement, the Security Agreement shall control.

         

        
          -2-

          
            

        

        SECTION 5. Authorization to Supplement. If the Company
            shall obtain rights to any new Trademarks, the provisions of this Trademark Security Agreement shall automatically apply thereto.  The Company hereby authorizes the Secured Parties unilaterally to modify this Trademark Security Agreement by
            amending Schedule I to include any such new trademark rights of the Company.  Notwithstanding the foregoing, no failure to so modify this Trademark Security Agreement or amend Schedule I shall in any way affect, invalidate or
            detract from the Secured Parties’ continuing security interest in all Collateral (including the Trademark Collateral), whether or not listed on Schedule I.

         

        SECTION 6. Counterparts. This Trademark Security Agreement may be executed in any number of counterparts, all of which shall constitute one and the same instrument,
          and any party here-to may execute this Trademark Security Agreement by signing and delivering one or more counterparts.

         

        SECTION 7. Governing Law. This Trademark Security Agreement and any claims, controversy, dispute or cause of action (whether in contract or tort or otherwise) based
          upon, arising out of or relating to this Trademark Security Agreement and the transactions contemplated hereby shall be governed by, and construed in accordance with, the law of the State of Nevada.

         

        [Signature pages to follow]

         

        
          -3-

          
            

        

        IN WITNESS WHEREOF, the Company has caused this Trademark Security Agreement to be execut-ed and delivered by its duly authorized offer as of the date first set forth above.

        

        

        	CENTRO ELECTRIC GROUP LIMITED	 	 
	 	 	 
	
                Executed by Cenntro Electric Group Limited ACN 619 054 938 in accordance with Section 127 of the Corporations Act 2001

              	 	 
	 	 	 
	
                /s/ Peter Wang

              	 	
                /s/ Tony Tsai

              
	
                Signature of director

              	 	
                Signature of director/company secretary

                (Please delete as applicable)

              
	 	 	 
	
                Peter Wang

              	 	
                Tony Tsai

              
	
                Name of director (print)

              	 	
                Name of director/company secretary (print)

              

        

        

        

        

        	
                CENNTRO ELECTRIC GROUP, INC.

              	 
	 	 
	
                By:

              	
                /s/ Peter Wang

              	 
	 	
                Name: Peter Wang

              	 
	 	
                Title: Chief Executive Officer

              	 

        

        

        

        

        	
                CENNTRO AUTOMOTIVE CORPORATION

              	 
	 	 
	
                By:

              	
                /s/ Peter Wang

              	 
	 	
                Name: Peter Wang

              	 
	 	
                Title: Chief Executive Officer

              	 

         

        [SIGNATURE PAGE OF AGENT FOLLOWS]

         

        

        
          -4-

          
            

        

        [SIGNATURE PAGE OF AGENT TO SECURITY AGREEMENT]

         

        	
                UNIVEST SECURITIES, LLC

              	 
	 	 
	 	 	 
	
                By:

              	
                /s/ Edric Guo

              	 
	 	
                Name: Edric Guo

              	 
	 	
                Title: Chief Executive Officer

              	 

        

        

        
          -5-

          
            

        

        SCHEDULE I

        to

        TRADEMARK SECURITY AGREEMENT

        TRADEMARK REGISTRATIONS AND TRADEMARK APPLICATIONS

         

         

        

        -6-

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