Document:

EXECUTION VERSION

 

Exhibit 10.2

GUARANTY AND SURETYSHIP AGREEMENT

  

 

THIS GUARANTY AND SURETYSHIP
AGREEMENT (this "Guaranty"), dated as of the 18th day of May, 2018, made by TOWER
INTERNATIONAL, INC., a Delaware corporation ("Guarantor"), to MODULE (DE) LIMITED PARTNERSHIP, a Delaware
limited partnership ("Landlord").

 

W I T N E S S E T H :

 

WHEREAS, Landlord
and TOWER AUTOMOTIVE OPERATIONS USA I, LLC (successor in interest to Tower Automotive Products Company, Inc. and Tower Automotive
Tool LLC) entered into that certain Lease Agreement dated April 10, 2002, as amended by that certain First Amendment to Lease Agreement
dated April 30, 2003, as further amended by that certain Second Amendment to Lease Agreement dated July 31, 2007, and as further
amended by that Third Amendment to Lease Agreement dated May 22, 2014 (collectively the “Original Lease”) pursuant
to which Landlord leased to Tenant and Tenant leased from Landlord the Auburn Premises, the Bluffton Premises, and the Milan Premises,
as more specifically described in the Original Lease;

 

WHEREAS, as
of the date of the Third Amendment, the Original Lease was terminated as to the Milan Premises;

 

WHEREAS, Landlord
(successor-by-merger to CHASSIS (DE) LIMITED PARTNERSHIP, a Delaware limited partnership) and Tenant are parties to that certain
Lease Agreement dated as of April 10, 2002, as amended (the “Chassis Lease”) pursuant to which Landlord leased
to Tenant and Tenant leased from Landlord certain premises in Clinton Township, Michigan (the “Clinton Premises”)
as more particularly described in the Chassis Lease;

 

WHEREAS, Landlord and Tenant are
entering into that certain Fourth Amendment to Lease Agreement dated May 18, 2018 (the "Fourth Amendment"; and the Original
Lease as amended by the Fourth Amendment, and as amended hereafter from time to time, the “Lease”);

 

WHEREAS, Landlord
and Tenant desire to terminate the Chassis Lease by a separate Termination of Lease effective as of the date hereof, make the Clinton
Premises part of and subject to the Lease, as more particularly set forth in the Fourth Amendment, and make other amendments and
modifications to the Lease as described therein;

 

WHEREAS, all
of the issued and outstanding stock of Tenant is indirectly owned by Guarantor;

 

WHEREAS, the
execution and delivery by Guarantor of this Guaranty is a material inducement to Landlord to execute the Fourth Amendment, and
Guarantor expects to derive financial benefit from the Lease.

 

     

     

    

 

 

NOW, THEREFORE, in consideration
of the premises and other good and valuable consideration, the receipt of which is hereby acknowledged by Guarantor, and intending
to be legally bound, Guarantor hereby agrees as follows:

 

ARTICLE I.

GUARANTEE

 

1.01.       Guaranteed
Obligations. Guarantor hereby absolutely unconditionally and irrevocably, jointly and severally, guarantees to and becomes
surety for Landlord and its successors and assigns for the due, punctual and full payment, performance and observance of, the following
(collectively, the "Guaranteed Obligations"):

 

(a)       the
full and timely payment of all Rent and all other amounts due or to become due to Landlord from Tenant under the Lease or any other
agreement or instrument executed by Tenant in connection therewith whether now existing or hereafter arising, contracted or incurred
(collectively, the "Monetary Obligations"); and

 

(b)       all
covenants, agreements, terms, obligations and conditions, undertakings and duties contained in the Lease to be observed, performed
by or imposed upon Tenant under the Lease, whether now existing or hereafter arising, contracted or incurred (collectively, the
"Performance Obligations"),

 

as and when such payment, performance or
observance shall become due (whether by acceleration or otherwise) in accordance with the terms of the Lease. If for any reason
any Monetary Obligation shall not be paid promptly when due, Guarantor shall, promptly upon written demand, pay the same to Landlord.
If for any reason Tenant shall fail to perform or observe any Performance Obligation, Guarantor shall, promptly upon demand, perform
and observe the same or cause the same to be performed or observed. Guarantor acknowledges and agrees that the Monetary Obligations
include, without limitation, Rent and other sums accruing and/or becoming due under the Lease following the commencement by or
against Tenant of any action under the United States Bankruptcy Code or other similar statute. Guarantor shall pay all Monetary
Obligations to Landlord at the address and in the manner set forth in the Lease or at such other address as Landlord shall notify
Guarantor in writing.

 

1.02.       Guarantee
Unconditional. The obligations of Guarantor hereunder are continuing, absolute and unconditional, irrespective of any circumstance
whatsoever which might otherwise constitute a legal or equitable discharge or defense of a guarantor or surety. Without limiting
the generality of the foregoing, the obligations of Guarantor hereunder shall remain in full force and effect without regard to,
and shall not be released, discharged, abated, impaired or in any way affected by:

 

(a)       any
amendment, modification, extension, renewal or supplement to the Lease (except that any written amendment, modification, extension
or supplement to the Lease shall be binding on Guarantor) or any termination of the Lease or any interest therein, except for termination
upon the occurrence of a Termination Event in accordance with Paragraph 18 of the Lease;

 

(b)       any
assumption by any party of Tenant's or any other party's obligations under, or Tenant's or any other party's assignment of any
of its interest in, the Lease;

 

    	 	-2-	 

     

    

 

(c)       any
exercise or non-exercise of or delay in exercising any right, remedy, power or privilege under or in respect of this Guaranty or
the Lease or pursuant to applicable law (even if any such right, remedy, power or privilege shall be lost thereby), including,
without limitation, any so-called self-help remedies, or any waiver, consent, compromise, settlement, indulgence or other action
or inaction in respect thereof;

 

(d)       any
change in the financial condition of Tenant, the voluntary or involuntary liquidation, dissolution, sale of all or substantially
all of the assets, marshalling of assets and liabilities, receivership, conservatorship, insolvency, bankruptcy, assignment for
the benefit of creditors, reorganization, arrangement, composition or readjustment of, or other similar proceeding affecting Landlord,
Tenant or Guarantor or any of their assets or any impairment, modification, release or limitation of liability of Landlord, Tenant
or Guarantor or their respective estates in bankruptcy or of any remedy for the enforcement of such liability resulting from the
operation of any present or future provision of the United States Bankruptcy Code or other similar statute or from the decision
of any court;

 

(e)       any
extension of time for payment or performance of the Guaranteed Obligations or any part thereof;

 

(f)       the
genuineness, invalidity or unenforceability of all or any portion or provision of the Lease;

 

(g)       any
defense that may arise by reason of the failure of Landlord to file or enforce a claim against the estate of Tenant in any bankruptcy
or other proceeding;

 

(h)       the
release or discharge of or accord and satisfaction with of Tenant or any other person or entity from performance or observance
of any of the agreements, covenants, terms or conditions contained in the Lease by operation of law or otherwise;

 

(i)       the
failure of Landlord to keep Guarantor advised of Tenant's financial condition, regardless of the existence of any duty to do so;

 

(j)       any
assignment by Landlord of all of Landlord's right, title and interest in, to and under the Lease and/or this Guaranty as collateral
security for any Loan except for an assignment to a Competitor;

 

(k)       any
present or future law or order of any government (de jure or de facto) or of any agency thereof purporting to reduce,
amend or otherwise affect the Guaranteed Obligations or any or all of the obligations, covenants or agreements of Tenant under
the Lease (except by payment in full of all Guaranteed Obligations) or Guarantor under this Guaranty (except by payment in full
of all Guaranteed Obligations);

 

(l)       the
default or failure of Guarantor fully to perform any of its obligations set forth in this Guaranty;

 

(m)       any
actual, purported or attempted sale, assignment or other transfer by Landlord of the Lease or the Leased Premises or any part thereof
or of any of its rights, interests or obligations thereunder;

 

(n)       any
merger or consolidation of Tenant into or with any other entity, or any sale, lease, transfer or other disposition of any or all
of Tenant’s assets or any sale, transfer or other disposition of any or all of the shares of capital stock or other securities
of Tenant or any affiliate of Tenant to any other person or entity;

 

    	 	-3-	 

     

    

 

(o)       Tenant’s
failure to obtain, protect, preserve or enforce any rights in or to the Lease or the Leased Premises or any interest therein against
any party or the invalidity or unenforceability of any such rights; or

 

(p)       any
other event, action, omission or circumstances which might in any manner or to any extent impose any risk to Guarantor or which
might otherwise constitute a legal or equitable release or discharge of a guarantor or surety (other than payment and performance
of the Guaranteed Obligations).

 

all of which may be given or done without
notice to, or consent of, Guarantor.

 

No setoff, claim, reduction or diminution
of any obligation, or any defense of any kind or nature which Tenant or Guarantor now has or hereafter may have against Landlord
shall be available hereunder to Guarantor against Landlord.

 

1.03.       Disaffirmance
of Lease. Guarantor agrees that, in the event of rejection or disaffirmance of the Lease by Tenant or Tenant's trustee in bankruptcy
pursuant to the United States Bankruptcy Code or any other law affecting creditors' rights, Guarantor will, if Landlord so requests,
assume all obligations and liabilities of Tenant under the Lease, to the same extent as if Guarantor had been originally named
instead of Tenant as a party to the Lease and there had been no rejection or disaffirmance; and Guarantor will confirm such assumption
in writing at the request of Landlord on or after such rejection or disaffirmance. Guarantor, upon such assumption, shall have
all rights of Tenant under the Lease (to the extent permitted by law).

 

1.04.       No
Notice or Duty to Exhaust Remedies. Guarantor hereby waives notice of any default in the payment or non-performance of any
of the Guaranteed Obligations (except as expressly required hereunder), diligence, presentment, demand and protest and all notices
of any kind except as otherwise specified herein. Guarantor agrees that liability under this Guaranty shall be primary and hereby
waives any requirement that Landlord exhaust any right or remedy, or proceed first or at any time, against Tenant or any other
guarantor of, or any security for, any of the Guaranteed Obligations. Guarantor hereby waives notice of any acceptance of this
Guaranty and all matters and rights which may be raised in avoidance of, or in defense against, any action to enforce the obligations
of Guarantor hereunder. Guarantor hereby waives any and all suretyship defenses or defenses in the nature thereof without in any
manner limiting any other provision of this Guaranty. This Guaranty constitutes an agreement of suretyship as well as of guaranty,
and Landlord may pursue its rights and remedies under this Guaranty and under the Lease in whatever order, or collectively, and
shall be entitled to payment and performance hereunder notwithstanding any action taken by Landlord or inaction by Landlord to
enforce any of its rights or remedies against any other guarantor, person, entity or property whatsoever. This Guaranty is a guaranty
of payment and performance and not merely of collection.

 

Landlord may pursue its
rights and remedies under this Guaranty notwithstanding any other guarantor of or security for the Guaranteed Obligations or any
part thereof. Guarantor authorizes Landlord, at its sole option, without notice or demand and without affecting the liability of
Guarantor under this Guaranty, to terminate the Lease, either in whole or in part, in accordance with its terms.

 

Each default on any of
the Guaranteed Obligations shall give rise to a separate cause of action and separate suits may be brought hereunder as each cause
of action arises or, at the option of Landlord any and all causes of action which arise prior to or after any suit is commenced
hereunder may be included in such suit.

 

    	 	-4-	 

     

    

 

1.05.       Subrogation.
Notwithstanding any payments made or obligations performed by Guarantor by reason of this Guaranty (including but not limited to
application of funds on account of such payments or obligations), Guarantor hereby irrevocably agrees that any and all rights it
may have, at any time, whether arising directly or indirectly, by operation of law, contract or otherwise, to assert any claim
against Tenant or any other person or entity or against any direct or indirect security on account of payments made or obligations
performed under or pursuant to this Guaranty, including without limitation any and all rights of subrogation, reimbursement, exoneration,
contribution or indemnity, and any and all rights that would result in Guarantor being deemed a "creditor" under the
United States Bankruptcy Code of Tenant or any other person or entity, may not be enforced until one (1) year following the
date on which all amounts due from Tenant under the Lease shall have been paid in full. If any payment shall be paid to Guarantor
on account of any subrogation rights prior to one (1) year following the date on which the payment in full of all amounts
due from Tenant under the Lease have been paid in full, each and every amount so paid shall be held in trust by Guarantor for Landlord.
Every claim or demand which Guarantor may have against Tenant shall be fully subordinate to all Guaranteed Obligations.

  

ARTICLE II.

REPRESENTATIONS, WARRANTIES AND COVENANTS

 

2.01.       Representations
and Warranties. The representations and warranties made by Guarantor in that certain Guarantor's Certificate of even date herewith
made by Guarantor in favor of Landlord are hereby incorporated by reference herein (with all related definitions). Guarantor hereby
represents and warrants to Landlord as provided therein.

 

2.02.       Financial
Statements; Books and Records.

 

(a)       Guarantor
shall keep adequate records and books of account with respect to the finances and business of Guarantor generally and with respect
to the Leased Premises, in accordance with generally accepted accounting principles ("GAAP") consistently applied,
and shall, after the occurrence and continuation of an Event of Default, permit Landlord and Lender by their respective agents,
accountants and attorneys (so long as no such person is a Competitor), upon reasonable notice to Guarantor, to visit the principal
officers of Guarantor and examine (and make copies of) the records and books of account and to discuss the finances and business
with the officers of Guarantor, at such reasonable times as may be requested by Landlord or Lender. After the occurrence and continuation
of an Event of Default, Upon the request of Lender or Landlord (either telephonically or in writing), Guarantor shall provide the
requesting party with copies of any information to which such party would be entitled in the course of a personal visit.

 

(b)       Guarantor
shall deliver to Landlord and Lender:

 

(i)as soon
as available but not later than one hundred twenty (120) days after the end of each fiscal year, a copy of the audited consolidated
balance sheet of Guarantor and its consolidated subsidiaries as at the end of such year and the related consolidated statements
of income and operations, stockholders' equity and cash flows for such year, such consolidated statements reported on by a nationally
recognized independent public accounting firm ("Independent Auditor"), (without a “going concern”
or like qualification or exception and without any qualification or exception as to the scope of such audit), to the effect that
such consolidated financial statements present fairly in all material respects the financial condition and the results of operations
of Guarantor and its consolidated subsidiaries for the periods indicated in conformity with GAAP applied on a basis consistent
with prior years;

 

    	 	-5-	 

     

    

 

(ii)       as
soon as available but not later than sixty (60) days after the end of each of the first three fiscal quarters of each fiscal year,
a copy of the unaudited consolidated balance sheet of Guarantor and its consolidated subsidiaries as of the end of such quarter
and the related consolidated statements of income, members’ equity and cash flows for the period commencing on the first
day of such year and ending on the last day of such quarter, and certified by a duly authorized officer of Guarantor having knowledge
of the finances of Tenant and Guarantor as fairly presenting in all material respects and in accordance with GAAP (subject to ordinary,
good faith year end audit adjustments and the absence of required footnotes), the financial position and the results of operations
of Guarantor and its consolidated subsidiaries.

 

(c)       All
quarterly and annual financial statements to be accompanied by a certification ("Covenant Certification") of a
duly authorized officer of Guarantor (in such officer’s capacity as an officer of Guarantor and not in a personal capacity)
having knowledge of the finances of Tenant and Guarantor that Guarantor and its consolidated subsidiaries have a Total Net Leverage
Ratio (as defined in the Credit Agreement) not in excess of 3.75 to 1.00, together with a calculation of the Total Net Leverage
Ratio;

 

(d)       Landlord,
Lender and their respective agents, accountants and attorneys, shall consider and treat on a strictly confidential basis (i) any
information disclosed to any of the Persons described in subparagraph (a) of this Section 2.02 during the course of a visit
or contained in the books and records of Guarantor for which such Person has confirmed in writing that it is bound by the terms
of this Section 2.02(d) (and Guarantor shall be entitled to require such confirmation as a condition to such visit or an examination
of such books and records), and (ii) any copies of any books and records of Guarantor, and any financial statements of Guarantor
pursuant to Section 2.02(b) which are delivered to or received by them and which are conspicuously stamped "CONFIDENTIAL".

 

The restrictions contained in Section 2.02(d)
shall not prevent disclosure by Landlord or Lender of any information in any of the following circumstances:

 

(i)       Upon
the order of any court or administrative agency to the extent required by such order and not effectively stayed or by appeal or
otherwise;

 

(ii)       Upon
the request, demand or requirement of any regulatory agency or authority having jurisdiction over such party, including the Securities
and Exchange Commission (whether or not such request or demand has the force of law);

 

(iii)       That
has been publicly disclosed other than by breach of Section 2.02(d) by Lender or Landlord;

 

(iv)       To
counsel, accountants or consultants for Lender or Landlord; or

 

(v)       While
an Event of Default exists, in connection with the exercise of any right or remedy under this Guaranty or any other related document;

 

(vi)       Independently
developed by Landlord or Lender to the extent that confidential information provided by Guarantor is not used to develop such information;

 

(vii)       With
respect to financial information and information that Landlord or its attorneys deem to be material in any reporting to the shareholders
of Landlord or the shareholders or prospective shareholders (whether through a registered public offering or otherwise) of Landlord's
parent company;

 

    	 	-6-	 

     

    

 

(viii)       In
connection with any sale or financing of the Leased Premises, provided that any recipient of such information who is a prospective
purchaser of the Leased Premises (except for a purchaser that purchases all or substantially all of the assets of Landlord's parent
company) shall agree to be bound by the terms of this Section 2.02(d);

 

(ix)       As
otherwise required by Law.

 

Notwithstanding any of the foregoing
to the contrary, so long as Guarantor is a public company and the consolidated quarterly and annual financials of Guarantor
which Guarantor would be otherwise required to cause to be delivered hereinabove are available to Landlord via EDGAR or other online
service at no material cost to Landlord, then Landlord agrees that it shall obtain such quarterly and annual financials through
such service and neither Tenant nor Guarantor shall be required to make the physical deliveries required hereinabove.

 

2.03.       INTENTIONALLY
OMITTED.

 

2.04.       Estoppel
Certificates. Guarantor shall, at any time upon not less than fifteen (15) days' prior written request by Landlord or Lender,
deliver to the party requesting the same a statement in writing, executed by the president or a vice president of Guarantor (in
such officer’s capacity as an officer of Guarantor and not in a personal capacity), certifying (i) that, except as otherwise
specified, this Guaranty is unmodified and in full force in effect, (ii) that Guarantor is not in default hereunder and that
no event has occurred or condition exists which with the giving of notice or the passage of time or both would constitute a default
hereunder, (iii) that Guarantor has no defense, setoff or counterclaim against Landlord arising out of or in any way related
to this Guaranty, (iv) that, except as otherwise specified, there are not proceedings pending or, to the knowledge of Guarantor,
threatened against Guarantor before any court, arbiter or administrative agency which, if adversely decided, could have a material
adverse effect on the business, operations or conditions, financial or otherwise, of Guarantor or on its ability to perform its
obligations hereunder and (v) such other matters as Landlord or Lender may reasonably request.

 

2.05.       Security
Deposit. Guarantor acknowledges and agrees that (a) Tenant is required to increase the Initial Security Deposit if, at
any time during the Term, Guarantor does not meet the Financial Ratio Test set forth in Section 2.02(c) and (b) that Guarantor
shall be bound by the terms of Paragraph 36(a)(i) of the Lease with respect to the Credit Agreement or any Replacement Credit
Agreement.

 

 

 

ARTICLE III.

EVENTS OF DEFAULT

 

3.01.       Events
of Default. The occurrence of any one or more of the following shall constitute an "Event of Default" under this
Guaranty:

 

(a)       a
failure by Guarantor to make any payment of any Monetary Obligation (regardless of the reason for such failure) which continues
for five (5) days from the date on which notice is given, but Landlord shall not be obligated to give notice of, or allow
any cure period for, any such failure more than one (1) time within any Lease Year;

 

    	 	-7-	 

     

    

 

(b)       a
failure by Guarantor duly to perform and observe, or a violation or breach of, any other provision hereof not otherwise specifically
mentioned in this Section 3.01; provided, however, that such failure shall not be an Event of Default under this Guaranty until
the expiration of the notice and cure period, if any, provided to Tenant for a default under Paragraph 22(a)(ii) of the Lease
(subject in all events to the limitations set forth in Paragraph 22(b));

 

(c)       any
representation or warranty made by Guarantor herein or in any certificate, demand or request made pursuant hereto proves to be
untrue or incorrect when made, in any material respect;

 

(d)       any
material default beyond the applicable cure period by Guarantor in any payment obligations pursuant to the Credit Agreement. The
term Credit Agreement as used in this Paragraph 3.01(d) shall include any replacement credit agreement to the Credit Agreement;

 

(e)       Intentionally
Omitted;

 

(f)       Guarantor
shall (A) voluntarily be adjudicated a bankrupt or insolvent, (B) seek or consent to the appointment of a receiver for
itself or its assets, (C) file a petition seeking relief under the bankruptcy or other similar laws of the United States,
any state or any jurisdiction, (D) make a general assignment for the benefit of creditors, or (E) be unable to pay its
debts as they mature;

 

(g)       a
court shall enter an order, judgment or decree appointing, without the consent of Guarantor, a receiver or trustee for it or approving
a petition filed against Guarantor which seeks relief under the bankruptcy or other similar laws of the United States, any state
or any jurisdiction, and such order, judgment or decree shall remain undischarged or unstayed sixty (60) days after it is entered;

 

(h)       Guarantor
shall be liquidated or dissolved or shall begin proceedings towards its liquidation or dissolution; or

 

(i)       Guarantor
shall sell or transfer or enter into an agreement to sell or transfer all or substantially all of its assets.

 

 

 

ARTICLE IV.

MISCELLANEOUS

 

4.01.       Effect
Of Bankruptcy Proceedings. This Guaranty shall continue to be effective, or be automatically reinstated, as the case may be,
if at any time payment, in whole or in part, of any of the Guaranteed Obligations is rescinded or must otherwise be restored or
returned by Landlord as a preference, fraudulent conveyance or otherwise under any bankruptcy, insolvency or similar law, all as
though such payment had not been made. Guarantor hereby agrees to indemnify Landlord against, and to save and hold Landlord harmless
from any required return by Landlord, or recovery from Landlord, of any such payment because of its being deemed preferential under
applicable bankruptcy, receivership or insolvency laws, or for any other reason. If an Event of Default at any time shall have
occurred and be continuing or exist and declaration of default or acceleration under or with respect to the Lease shall at such
time be prevented by reason of the pendency against Tenant of a case or proceeding under any bankruptcy or insolvency law, Guarantor
agrees that, for purposes of this Guaranty and its obligations hereunder, the Lease shall be deemed to have been declared in default
or accelerated with the same effect as if the Lease had been declared in default and accelerated in accordance with the terms thereof,
and Guarantor shall forthwith pay and perform the Guaranteed Obligations in full without further notice or demand.

 

    	 	-8-	 

     

    

 

4.02.       INTENTIONALLY
OMITTTED.

 

4.03.       Amendments,
Waivers, Etc. This Guaranty cannot be amended, modified, waived, changed, discharged or terminated except by an instrument
in writing signed by the party against whom enforcement of such amendment, modification, waiver, change, discharge or termination
is sought.

 

4.04.       No
Implied Waiver; Cumulative Remedies. No course of dealing and no delay or failure of Landlord in exercising any right, power
or privilege under this Guaranty or the Lease shall affect any other or future exercise thereof or exercise of any other right,
power or privilege; nor shall any single or partial exercise of any such right, power or privilege or any abandonment or discontinuance
of steps to enforce such a right, power or privilege preclude any further exercise thereof or of any other right, power or privilege.
The rights and remedies of Landlord under this Guaranty are cumulative and not exclusive of any rights or remedies which Landlord
would otherwise have under the Lease, at law or in equity.

 

4.05.       Notices.
All notices, requests, demands, directions and other communications (collectively "notices") under the provisions of
this Guaranty shall be in writing unless otherwise expressly permitted hereunder and shall be sent by first-class or first-class
express mail, and any such properly given notice shall be effective when received. All notices shall be sent to the applicable
party addressed, if to Landlord, at the address set forth in the Lease, and, if to Guarantor, at its headquarters located at 17672
Laurel Park Drive North, Suite 400E, Livonia, Michigan 48152, Attention: Legal Department, or in accordance with the last unrevoked
written direction from such party to the other party.

 

4.06.       Expenses.
Guarantor agrees to pay or cause to be paid and to save Landlord harmless against liability for the payment of all reasonable out-of-pocket
expenses, including fees and expenses of counsel for Landlord, incurred by Landlord from time to time arising in connection with
Landlord's enforcement or preservation of rights under this Guaranty or the Lease, including but not limited to such expenses as
may be incurred by Landlord in connection with any default by Guarantor of any of its obligations hereunder or by Tenant of any
of its obligations under the Lease.

 

4.07.       Survival.
All obligations of Guarantor to make payments to or indemnify Landlord shall survive the payment and performance in full of the
Guaranteed Obligations.

 

4.08.       Severability.
If any term or provision of this Guaranty or the application thereof to any person or circumstance shall to any extent be invalid
or unenforceable, the remainder of this Guaranty, or the application of such term or provision to persons or circumstances other
than those as to which it is invalid or unenforceable, shall not be affected thereby, and each term and provision of this Guaranty
shall be valid and enforceable to the fullest extent permitted by law.

 

4.09.       Counterparts.
INTENTIONALLY OMITTED

 

    	 	-9-	 

     

    

 

4.10.       Governing
Law. (a) This Guaranty was negotiated in New York, and accepted by Landlord in the State of New York, which State the parties
agree has a substantial relationship to the parties and to the underlying transaction embodied hereby, and in all respects, including,
without limiting the generality of the foregoing, matters of construction, validity and performance, this Guaranty and the obligations
arising hereunder shall be governed by, and construed in accordance with, the laws of the State of New York applicable to contract
made and performed in such State and any applicable law of the United States of America. To the fullest extent permitted by law,
Guarantor hereby unconditionally and irrevocably waives any claim to assert that the law of any other jurisdiction governs this
Guaranty, and the Guaranty shall be governed by and construed in accordance with the laws of the State of New York pursuant to
§ 5-1401 of the New York General Obligations Law.

 

(b)       Any
legal suit, action or proceeding against Guarantor or Landlord arising out of or relating to this Guaranty shall be instituted
in any federal or state court in New York, New York, pursuant to § 5-1402 of the New York General Obligations Law, and Guarantor
waives any objection which it may now or hereafter have to the laying of venue of any such suit, action or proceeding and hereby
irrevocably submits to the jurisdiction of any such court in any suit, action or proceeding.

 

4.11.       Successors
and Assigns. This Guaranty shall bind Guarantor and its permitted successors and assigns, and shall inure to the benefit of
Landlord and its successors and assigns.

 

4.12.       Incorporation
of Recitals; Definitions. The recitals set forth on page 1 of this Guaranty are hereby specifically incorporated into the operative
terms of this Guaranty as if fully set forth. Terms not otherwise specifically defined herein shall have the meanings set forth
in the Lease.

 

4.13.       Rights
of Lender. Guarantor acknowledges that the rights of Landlord under this Guaranty may be assigned to Lender as assignee of
the Lease, in accordance with a valid assignment of the Lease as permitted by and pursuant to the terms of the Lease.

 

 

 

[THE REMAINDER OF THIS PAGE HAS BEEN LEFT
BLANK INTENTIONALLY]

 

 

    	 	-10-	 

     

    

IN WITNESS WHEREOF, Guarantor has duly executed and delivered this Guaranty as of the date first above written.

 

	WITNESS:	 	TOWER INTERNATIONAL, INC.
	 	 	 	 	 
	 	 	 	By:	/s/ Dennis C. Pike
	 	 	 	Name:	Dennis C. Pike
	 	 	 	Title:	Treasurer
	 	 	 	 	 
	By:	/s/ Amy C. Olschanski	 	 	 
	Title:	Senior Corporate Paralegal	 	 	 

 

  

    	 	-11-	 

     

    

 

 

	STATE OF MICHIGAN	)
	 	)  ss.:
	COUNTY OF WAYNE	)

 

On
the 18th day of May in the year 2018 before me, the undersigned, personally appeared Dennis C. Pike personally known
to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument
and acknowledged to me that he executed the same in his capacity as Treasurer of Tower International, Inc., and that by his signature
on the instrument, the individual, or the entity upon behalf of which the individual acted, executed the instrument.

 

 

 

/s/ Sarah M. Younglove

Notary Public

 

Sarah M. Younglove

Notary Public, State
of Michigan

County of Monroe

My Commission Expires
03-01-2025

Acting in the County
of Wayne

 

 

    	 	-12-EXECUTION VERSION

Exhibit
10.3

 

termination
OF LEASE

 

THIS TERMINATION
OF LEASE ("Agreement") is made as of the 18th day of May, 2018 (the “Effective Date”)
by and between MODULE (DE) LIMITED PARTNERSHIP, a Delaware limited partnership, successor by merger to Chassis (DE) Limited
Partnership, a Delaware limited partnership ("Landlord"), and TOWER AUTOMOTIVE OPERATIONS USA I, LLC (successor
in interest to Tower Automotive Products Company, Inc. and Tower Automotive Tool LLC), a Delaware limited liability company ("Tenant").

 

r e c
i t a l s:

 

A.               
Landlord and Tenant are parties to that certain Lease Agreement dated April 10, 2002, which was amended by that certain
First Amendment to Lease Agreement dated April 9, 2002, that certain Second Amendment to Lease Agreement dated July 31, 2007, that
Third Amendment to Lease Agreement dated January 24, 2011, that Fourth Amendment to Lease Agreement dated October 3, 2011 and that
Fifth Amendment to Lease Agreement dated August 1, 2013 (collectively the “Classis Lease”), pursuant to which Landlord
leased to Tenant and Tenant leased from Landlord certain real property described in the Chassis Lease, including certain premises
located in Clinton, Michigan (the “Clinton Premises”), all as more particularly described in the Chassis Lease.

 

B.                
Landlord and Tenant entered into a certain Lease Agreement dated April 10, 2002, as amended (the “Auburn Lease”),
for certain premises located in Auburn, Indiana and Bluffton, Ohio, as more particularly described in the Auburn Lease.

 

C.                
Landlord and Tenant intend to enter into a Fourth Amendment to the Auburn Lease which will include, among other things,
the addition of the Clinton Premises to the Auburn Lease, as more particularly set forth in the Fourth Amendment.

 

D.               
Therefore, the parties desire to terminate the Chassis Lease on the terms and condition set forth herein as of the Effective
Date.

 

NOW, THEREFORE,
in consideration of the mutual promises contained in this Agreement, and other good and valuable consideration, the adequacy and
sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties agree as follows:

 

1.                 
Termination of Lease. As of the Effective Date (a) the Chassis Lease shall terminate, and Landlord and Tenant shall
have no further obligations or liabilities under the Chassis Lease from and after the Effective Date, and (b) any guaranty given
by or on behalf of Tenant for the Chassis Lease (the “Chassis Guaranty”) shall terminate without further agreement,
and Tenant (and Chassis Guarantor) shall have no further obligations or liabilities under such guaranty from and after the Effective
Date. Notwithstanding anything to the contrary set forth in this Section 1, from and after the Effective Date, Tenant and Chassis
Guarantor shall continue to be liable for all Surviving Obligations (as defined in the Chassis Lease) and it is expressly agreed
that nothing herein shall relieve Tenant of its responsibilities under the terms of the Chassis Lease with respect to any and all
Surviving Obligations, including, but not limited to, any third-party claims arising from events occurring in, on or about the
Clinton Premises, or in connection therewith, and arising or accruing prior to the Effective Date (including any indemnification
obligations and/or insurable claims) all as and to the extent specifically provided for in the Chassis Lease.

 

     

     

    

  

2.                 
Further Assurances. Following the execution of this Agreement, each party will execute and deliver, or cause others
to do so, all such powers of attorney, consents, certificates, affidavits, agreements, instruments and other documents, and will
do or cause to be done all such other acts and things as may be necessary to carry out the provisions of this Agreement, or as
another party reasonably requests and at the requesting party's expense, to effectuate the provisions of this Agreement. The parties
agree to cooperate with each other to ensure the consummation of the transactions contemplated by this Agreement.

 

3.                 
Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of each of the parties
hereto and their respective successors, heirs, personal representatives and permitted assigns.

 

4.                 
Entire Agreement. This Agreement constitutes the entire understanding between Landlord and Tenant with respect to
the subject matter hereof, and supersedes all other agreements, written or oral, between Landlord and Tenant with respect to such
subject matter. This Agreement may be modified only by a written agreement signed by all of the parties hereto and no right hereunder
may be waived except by written instrument signed by the party waiving any such right.

 

5.                 
Counterparts. This Agreement may be executed in counterparts, including counterparts transmitted by facsimile, each
of which shall be deemed an original, and all of which together shall constitute one and the same instrument.

 

 

 

[Signature Pages Follow]

 

    	 	2	 

     

    

 

 

IN WITNESS WHEREOF,
the parties have executed this Agreement as of the date first written above to be effective as of the Effective Date.

 

LANDLORD:

 

MODULE (DE) LIMITED

PARTNERSHIP,

a Delaware limited liability partnership

 

by: Suspension (DE) QRS 15-1, Inc.

its: General Partner

 

 

By: /s/ Nicolas Isham

Nicolas Isham

Its: Director

 

 

TENANT:

 

TOWER AUTOMOTIVE OPERATIONS USA I, LLC, 

a Delaware
limited liability company

 

By: Dennis C. Pike

Name: Dennis C. Pike

Title: Treasurer

 

    	 	3

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