Preview
FILED: QUEENS COUNTY CLERK 09/20/2023 10:09 AM INDEX NO. 719448/2023
NYSCEF DOC. NO. 10 RECEIVED NYSCEF: 09/20/2023
EXHIBIT 6
FILED: QUEENS COUNTY CLERK 09/20/2023 10:09 AM INDEX NO. 719448/2023
NYSCEF DOC. NO. 10 RECEIVED NYSCEF: 09/20/2023
Contract Date: 27, 2020
M&T Equipment Fundmg
July
2125 Center Avenue, Fort Lee, NJ 07024 Agreement No. 202007-25
EQUIPMENT FINANCING AGREEMENT
Debtor Name : BQB Auto Group, Inc. and Jaswinder Singh
Address : 100-01 97th Avenue Ozone Park, NY 11416
collateral: 2019 Cadillac XTS LUX FWD Black - 36K Miles VIN: 2G61M5S31K9121094
Payments: Initial Payment (to Equipment Cost /
Beginning September 1, 2020 and Monthly thereafter, 35 accompany Agreement) Advance:
additional installments of $925.00. $2,500.00 $27,497.50
Debtor and Creditor agree that Creditor will finance the above-described personal property (collectively and including replacements the
"Equipment"
and individually an '1tem") under the terms of this Equipment Financing Agreement ("agreement") which are set forth here and on
pages 2 and 3 of this agreement.
1. SECURITY INTEREST. Debtor hereby grants Creditor a security interest under the Uniform Commercial Code in the Equipment. The grant
as to an Item and Debtor's related obligations will be effective as of the later of execution hereof or when Debtor acquires an interest therein.
The security interest secures Debtor's performance of Debtor's obligations hereunder and under any other agreement under which Debtor now or
hereaner has obligations to Creditor. Debtor shall insure that such security interest is and remains a sole first lien security interest.
2. PAY MENTS. Debtor will repay the Equipment Cost/Advance shown above in the payments shown above. The payment amounts shown
above are based on the Equipment Cost/Advance. Actual payments will be calculated in the proportion that the actual advance bears to the
Equipment Cost/Advance. If this transaction is not consummated, any initial payment may be retained by
Creditor as partial compensation for Creditor's costs and expenses incurred. Any excess or deficiency between the first payment and the payment
amount as finally determined will be payable with or credited to the second payment. The initial payment is due upon execution ofthis agreement.
The second installment payment will be due on the Ist of the month, or other period set forth above, following Debtor's execution of the
Disbursement Authorization, if execution occurs on or before the 15th of the month and otherwise on the 15th of the following month, or other
period set forth above. Subsequent payments will be due on the same day of each period set forth above thereafter until paid, whether or not an
invoice is rendered. Other amounts due hereunder are payable upon Debtor's receipt of an invoice therefor. Debtor will pay Creditor amounts
duc under this agreement at Creditor's address shown above or as Creditor may otherwise notify Debtor. Amounts to be applied to the last
payment(s) will be applied in inverse order until exhausted provided there has been no default under the agreement. If there is a default, payments
may be applied to Debtor's obligations as Creditor chooses.
3. CREDITOR TERMINATION. If the Disbursement Authorization has not been executed and delivered to Creditor, Creditor may terminate its
obligations to finance the Equipment on notice to Debtor (a) subsequent to 90 days from the agreement date, (b) upon a material adverse change
in Debtor's financial condition, (c) if the actual advance would exceed the Equipment Cost/Advance by more than 10% or (d) if the agreement
is in default
4. LOCATION: INSPECTION; USE. Debtor will keep, or permanently garage and not remove from such location for more than 30 days or from
the United States for any period, each Item in Debtor's possession and control at the Equipment Location or such other location to which Creditor
may consent in writing. Upon request, Debtor will advise Creditor as to the exact location of an Item. Creditor may inspect an Item during normal
business hours, and Debtor will ensure Creditor's access for such purpose. Each Item will be operated carefully and properly in compliance with
all applicable governmental, insurance and manufacturer's warranty requirements and all manufacturer's instructions.
5. MAINTENANCE; ALTERATIONS. Debtor will maintain cach Item in good condition and repair and as specified in such requirements.
Debtor will cause each Item of a type generally covered by a service contract to be covered under a contract providing sufficient coverage issued
by a competent servicing entity. Debtor will not make any alterations or additions to an Item which detract from its economic value or functional
utility except as stated in the second preceding sentence. Alterations or additions not readily removable or made to comply with governmental
requirements will be deemed accessions to the Item.
6. LOSS AND DA MAGE; STIPULA TED VALUE. Debtor will bear all risk of loss, theft, destruction or requisition of or damage to an Item
("Casualty Occurrence"). Debtor will give Creditor prompt notice of a Casualty Occurrence and will then repair the Item; provided, if Creditor
decides the Item is lost, stolen, destroyed or damaged beyond repair or is requisitioned or suffers a constructive loss under an insurance policy
carried hercunder, Debtor will pay Creditor the "Stipulated Value" equal to (a) any amounts due Creditor from Debtor at the time of the payment
and (b) the remaining payments as to the Item with each discounted to
FILED: QUEENS COUNTY CLERK 09/20/2023 10:09 AM INDEX NO. 719448/2023
NYSCEF DOC. NO. 10 RECEIVED NYSCEF: 09/20/2023
EQUIPMENT FINANCING AGREEMENT - PAGE 2
present value at 5% per annum from the date due to the date of payment. Upon such payment Creditor's
security interest will terrninate as to the
Item; provided this agreement is not then in default.
I
7. TITLING; REGISTRATION. Each Item subject to title registration laws will at all times be titled and/or registered
by Debtor in such a manner
and jurisdictions as Creditor directs. Debtor will promptly
notify Creditor of any necessary or advisable retitling and/or re-registration of an Item
in a different jurisdiction.
8. TAXES. Debtor will make all filings and pay all taxes and other governmental assessments relative to the Equipment
as required by law.
Debtor will pay or reimburse Creditor for any other taxes and other governmental assessments other than Creditor's net incorne
taxes related to
the payments due under or otherwise related to this agreement. Returns in connection with these latter matters will be filed
by Creditor or Debtor
as Creditor specifies.
9. INSURANCE. Debtor will maintain all risk insurance on the Equipment for not less than its full replacement value
naming Creditor as Loss
Payee. Creditor may require Debtor to maintain combined public liability and
property damage insurance with a single limit of not less than
$500,000 per occurrence, or such other amount as Creditor may require on notice to Debtor,
naming Creditor as an Additional Insured. All
required insurance must be in a form and with companies approved by Creditor, must name Debtor as a Named
Insured, must provide at least
ten (10) days advance written notice to Creditor of change or cancellation, roust provide breach of where relevant, and must
warranty protection,
provide that the coverage is "primary." Insurance proceeds, at Creditor's option, will be applied to
(a) the repair of applicable Items, (b) payment
of the Stipulated Value and/or (c) payment of other obligations to Creditor.
Any excess will belong to Debtor, Debtor appoints Creditor as
Debtor's attorney-in-fact to do all things necessary or advisable to secure payments under
any policy contemplated hereby on account of a
Casualty Occurrence. Debtor will cause Creditor to receive evidence reasonably requested by Creditor of the coverage required above.
10. CREDITOR'S PAYMENT. If Debtor fails to perform any obligation hereunder, Creditor
may perform the obligation, and Debtor will
reimburse Creditor's related costs. However, before Creditor purchases insurance because Debtor has failed to
comply with paragraph 9, Creditor
will give Debtor notice and an opportunity to obtain the required coverage. if Debtor does not do so and Creditor places
coverage, the charge for
the replacement insurance Creditor obtains, which will be billed and be payable with the installment
payments, will include a fee plus interest on
the premium as well as the allocable premium. Also, any insurance Creditor obtains will not provide
any liability coverage whatsoever, will
insure Creditor only and will not relieve Debtor from Debtor's
liability for the difference between the insurance proceeds and Debtor's
responsibility for the Stipulated Value if the agreement must be paid off as to any Equipment after a Casualty Occurrence or cover any
equity
Debtor may have. No fmther insurance charges will be imposed once and for so
long as Debtor complies with paragraph 9.
I 1. INDEMNITY. Debtor will indemnify, defend and hold harmless Creditor against
any liabilities, losses, claims, actions and expenses,
including court costs and legal expenses, incurred by Creditor relating to this agreement or the Equipment, including claims of latent or other
defects, strict liability clairns (whether in either case relating to an event while Creditor has a security interest therein) and claims for patent,
trademark or copyright infringement. Each party will give the other notice of any covered event promptly after learning thereof.
12. DEFAULT. This agreement will be in default if (a) Debtor fails to
pay any amount hereunder when due; (b) Debtor fails to perform any other
obligation hereunder or under any other agreement between Creditor and Debtor; (c) Debtor dies or is declared
legally incompetent, if an
individual; (d) a petition is filed by or against Debtor under the Bankruptcy Act or under any other law
providing relief for debtors; (e) Debtor
makes an assignment for the benefit of creditors, a receiver or trustee is appointed for
Debtor, a proceeding contemplating winding up of Debtor's
affairs is instituted, Debtor ceases business affairs or Debtor makes an abnormal transfer of a material portion of Debtor's
assets; (f) an event
described in (c), (d) or (e) occurs as to a guarantor of Debtor's obligations hereunder; or
(g) there is a material misrepresentation to Creditor by
Debtor or a guarantor in connection with this agreement or a default occurs under a real estate lease or mortgage
covering property where an
Item is
located allowing exercise of default remedies thereunder.
13. REMEDIES. If the agreement is in default, Creditor may, at its option, do
any one or more of the following: (a) accelerate the remaining
payments and declare due the Stipulated Value; (b) use self-help and other lawful remedies to take possession of
any Items; (c) sell or otherwise
dispose of any Items in a manner which is commercially reasonable; (d) recover from Debtor all amounts then due and
owing hereunder less the
net sales price (net of all Creditor's costs and expenses of sale) of
any Items Creditor has repossessed and sold; or (e) utilize any other remedy
available to Creditor under the Uniform Commercial Code or otherwise at law or in equity. All remedies are cumulative and
may be exercised
concurrently or separately from time to time. Debtor will also pay Creditor all costs and expenses not offset against the proceeds of sale of
any
Equipment incurred by Creditor in enforcing this agreement,
including those incurred by using Creditor's salaried employees and those prior to
Oling of an action or in connection with a dismissed action. Any waiver by Creditor of a provision of this agreement must be in writing, and
forbearance by Creditor will not constitute a waiver. Post-default amounts will bear interest at 18% per annum or at such lesser default
rate as
set by law until paid.
I4. ASSlGNMENT. Without the prior written consent of Creditor, Debtor will not lease, transfer an interest in or allow a lien against any Item
or transfer any obligation under this agreement except a lien in an Item created
by Creditor. Debtor's obligations are not assignable by operation
of law. All Creditor's rights under this agreement and interest in the Equipment
may be disposed of without notice to Debtor. Debtor will
acknowledge receipt of any notice of assignment in writing and will pay
any assigned amounts as directed in the notice. If Creditor assigns this
agreement or any interest herein, Debtor will not assert against
FILED: QUEENS COUNTY CLERK 09/20/2023 10:09 AM INDEX NO. 719448/2023
NYSCEF DOC. NO. 10 RECEIVED NYSCEF: 09/20/2023
EQUIPMENT FINANCING AGREEMENT - PAGE 3
the assignee any claim or defense it
may have against Creditor, and Debtor will pursue
personally, No assignee will be obligated to perform any rights on account thereof solely against Creditor
any obligation of Creditor under this agreement unless assumed
the foregoing, this agreement is for the
benefit of, and binds, the heirs, legatees, personal by the assignec. Subject to
representatives, successors and assigns of the parties.
15, PERSONAL PROPERTV, Debtor will
rnark the Equipment or Equipment Location at
interest in the Equipment. Each Item will Creditor's request to indicate Creditor's
remain personally despite attachment to realty. security
Creditor's request, real Debtor will obtain and deliver to
property waivers in form satisfactory to Creditor from all persons Creditor, upon
Item is or is to be located. I6. claiming an interest in the real property on which an
ADDITIONAL DOCUMENTS. Debtor will obtain and deliver to Creditor such
protect its interest in this agreement and the documents as Creditor requests to
Equipment, including financing statements and fixture filings, both of
alternatively authorizes Creditor to sign on Debtor's behalf, Debtor wiH which Debtor hereby
reimburse Creditor for all Creditor s
other costs paid third parties in search, filing and appraisal fees and
connection with this agreement. Debtor will furnish
agreement or the Equipment as Creditor Creditor such fmancial data or information relative
to this
may from time to time reasonably request.
17. LATE PAYMENT. If Debtor fails to
pay an amount hereunder within 10 days of when
(b) amounts Creditor pays others in connection with due, Debtor will pay Creditor (a) a 5% late
collection of the amount; and (c) Creditor's charge;
standard returned check charge, if relevant,
18. DEPOSIT. Any deposit Debtor
furnishes in connection with this agreement will not
obligations of Debtor to Creditor which are in bear interest and may be applied
default. When Debtor has satisfied all Debtor a by Creditor to any
balance of the obligations hereunder, Creditor will return
remaining deposit to Debtor. any
I9. GENERAL. This agreement contains the
entire agreement between Creditor and Debtor
be arnended only by a written concerning the financing of the Equipment and may
agreement signed by the party to be charged, Notices
U.S. First Class Mail postage prepaid to the hereunder must be in writing and mailed with
appropriate
party involved at its respective address set forth above or at such other
provide the other on notice. Notices to Debtor address as such party may
will be effective upon deposit and to Creditor
other of any change in address. The singular upon receipt. Each party will
includes the plural and the word "Creditor" includes promptly notify the
all assignees of Creditor. The
debtors is joint and several. Paragraph titles
are not an aid in interpretation, liability of co-
20.GOVERNINGLAW; VENUE.THIS
AGREEMENTWILL BE GOVERNEDBY THE INTERNALLAWSOF
WILL BE IN AN APPROPRIATECOURTIN NEW YORK.VENUEFORANY RELATEDACTiON
QUEENSCOUNTY,NEW YORK SELECTEDBY
COURTCREDITORSELECTSHAVING CREDITORWHICH DEBTORCONSENTSOR IN ANOTHER
JURISDICTION.
21 NO OFFSET;PREPAYMENT.DESTOR'S
AND wtLL NOT BE SUBJECTTO ANY OBL[GATIONTO MAKE ALL PAYMENTSUNDERTHIS AGREEMENTIS ABSOLUTEAND UNCONDITIONAL
ABATl3MENT, COUNTERCLAIM,RECOUPMENT,OFFSETOR DEFENSE,
PREPAYITS OBLIGATIONSHEREUNDER. DEBTOR MAY NOT VOLUNTARILY
22.NOAGENCY.DEBTORACKNOWLEDGESTHAT NO
OF CREDITOR,THAT NONEOF SUCH PARTIES SUPPLIERNORANY FINANCIAL INTERMEDIARYNOR ANY AGENTOR
IS AUTHORIZEDTO WAlVE OR ALTER ANY TERMOR EITHERIS AN AGENT
NO REPRIESENTATION AS TO THE EQUIPMENTOR ANY OTHERMATTER BY CONDITIONOF THIS AGREEMENTAND THAT
23. FINANCING,THIS AGREEMENT IS SOLELY ANY SUCHPARTYIS BINDING UPONCREDITOR.
A FINANCINO AGREEMENT. CREDITORHAS
PURCHASEOFAND HASMA DENO HAD NO INVOLVEMENT IN THE SELECTIONOR
AGREEMENT,REPRESENTATION OR WARRANTYAS ŒANY ITEM.
DEBTOR'S INITIALS HERE:
By exceutionhereofDebtorrequestsCreditorto OnancetheEquipment
DebtorwammisthatDebtorwiHusethe Equipment hercunder.Executionhereofby a dutyauthorizedofficerof
Creditor
solely for commercialor businespurposes.DebtorrecognizesthatCreditorwH1 indicatcaCreditor'sacceptance
adviseothersasto Creditofsexperiencewith Debtorand
ofsuchoffer.
consentsthereto.Debtorcettiftesandwarrantsthatthe checkDebtor'screditreferences and hiMoryand
mbmit to Creditor,isor will bea inte andcompletestatementof fmancialdataandotherinformationwhich Debtorhassubmitted
thematterscovered.DebtorautitorizesCreditorto or will
patentcrrors,includingornissions,in this agreement insetEquipmentidentificationinformationaboveandgo
andany relateddocument. correctany
Creditor and Debtor have executed this agreement as of:
J_uly_1772020
(Date)
M&T Equipment
Funding BOB Auto Group,
2125 Center Avenue, Suite 600 Fort Inc. and Jaswinder Singh
Lee, NJ 07024 PRINT LEGAL NAMEiOF DEBTOR ABOVE
Creditor
By:
esident
Title
Preview
FILED: QUEENS COUNTY CLERK 09/20/2023 10:09 AM INDEX NO. 719448/2023 NYSCEF DOC. NO. 10 RECEIVED NYSCEF: 09/20/2023 EXHIBIT 6 FILED: QUEENS COUNTY CLERK 09/20/2023 10:09 AM INDEX NO. 719448/2023 NYSCEF DOC. NO. 10 RECEIVED NYSCEF: 09/20/2023 Contract Date: 27, 2020 M&T Equipment Fundmg July 2125 Center Avenue, Fort Lee, NJ 07024 Agreement No. 202007-25 EQUIPMENT FINANCING AGREEMENT Debtor Name : BQB Auto Group, Inc. and Jaswinder Singh Address : 100-01 97th Avenue Ozone Park, NY 11416 collateral: 2019 Cadillac XTS LUX FWD Black - 36K Miles VIN: 2G61M5S31K9121094 Payments: Initial Payment (to Equipment Cost / Beginning September 1, 2020 and Monthly thereafter, 35 accompany Agreement) Advance: additional installments of $925.00. $2,500.00 $27,497.50 Debtor and Creditor agree that Creditor will finance the above-described personal property (collectively and including replacements the "Equipment" and individually an '1tem") under the terms of this Equipment Financing Agreement ("agreement") which are set forth here and on pages 2 and 3 of this agreement. 1. SECURITY INTEREST. Debtor hereby grants Creditor a security interest under the Uniform Commercial Code in the Equipment. The grant as to an Item and Debtor's related obligations will be effective as of the later of execution hereof or when Debtor acquires an interest therein. The security interest secures Debtor's performance of Debtor's obligations hereunder and under any other agreement under which Debtor now or hereaner has obligations to Creditor. Debtor shall insure that such security interest is and remains a sole first lien security interest. 2. PAY MENTS. Debtor will repay the Equipment Cost/Advance shown above in the payments shown above. The payment amounts shown above are based on the Equipment Cost/Advance. Actual payments will be calculated in the proportion that the actual advance bears to the Equipment Cost/Advance. If this transaction is not consummated, any initial payment may be retained by Creditor as partial compensation for Creditor's costs and expenses incurred. Any excess or deficiency between the first payment and the payment amount as finally determined will be payable with or credited to the second payment. The initial payment is due upon execution ofthis agreement. The second installment payment will be due on the Ist of the month, or other period set forth above, following Debtor's execution of the Disbursement Authorization, if execution occurs on or before the 15th of the month and otherwise on the 15th of the following month, or other period set forth above. Subsequent payments will be due on the same day of each period set forth above thereafter until paid, whether or not an invoice is rendered. Other amounts due hereunder are payable upon Debtor's receipt of an invoice therefor. Debtor will pay Creditor amounts duc under this agreement at Creditor's address shown above or as Creditor may otherwise notify Debtor. Amounts to be applied to the last payment(s) will be applied in inverse order until exhausted provided there has been no default under the agreement. If there is a default, payments may be applied to Debtor's obligations as Creditor chooses. 3. CREDITOR TERMINATION. If the Disbursement Authorization has not been executed and delivered to Creditor, Creditor may terminate its obligations to finance the Equipment on notice to Debtor (a) subsequent to 90 days from the agreement date, (b) upon a material adverse change in Debtor's financial condition, (c) if the actual advance would exceed the Equipment Cost/Advance by more than 10% or (d) if the agreement is in default 4. LOCATION: INSPECTION; USE. Debtor will keep, or permanently garage and not remove from such location for more than 30 days or from the United States for any period, each Item in Debtor's possession and control at the Equipment Location or such other location to which Creditor may consent in writing. Upon request, Debtor will advise Creditor as to the exact location of an Item. Creditor may inspect an Item during normal business hours, and Debtor will ensure Creditor's access for such purpose. Each Item will be operated carefully and properly in compliance with all applicable governmental, insurance and manufacturer's warranty requirements and all manufacturer's instructions. 5. MAINTENANCE; ALTERATIONS. Debtor will maintain cach Item in good condition and repair and as specified in such requirements. Debtor will cause each Item of a type generally covered by a service contract to be covered under a contract providing sufficient coverage issued by a competent servicing entity. Debtor will not make any alterations or additions to an Item which detract from its economic value or functional utility except as stated in the second preceding sentence. Alterations or additions not readily removable or made to comply with governmental requirements will be deemed accessions to the Item. 6. LOSS AND DA MAGE; STIPULA TED VALUE. Debtor will bear all risk of loss, theft, destruction or requisition of or damage to an Item ("Casualty Occurrence"). Debtor will give Creditor prompt notice of a Casualty Occurrence and will then repair the Item; provided, if Creditor decides the Item is lost, stolen, destroyed or damaged beyond repair or is requisitioned or suffers a constructive loss under an insurance policy carried hercunder, Debtor will pay Creditor the "Stipulated Value" equal to (a) any amounts due Creditor from Debtor at the time of the payment and (b) the remaining payments as to the Item with each discounted to FILED: QUEENS COUNTY CLERK 09/20/2023 10:09 AM INDEX NO. 719448/2023 NYSCEF DOC. NO. 10 RECEIVED NYSCEF: 09/20/2023 EQUIPMENT FINANCING AGREEMENT - PAGE 2 present value at 5% per annum from the date due to the date of payment. Upon such payment Creditor's security interest will terrninate as to the Item; provided this agreement is not then in default. I 7. TITLING; REGISTRATION. Each Item subject to title registration laws will at all times be titled and/or registered by Debtor in such a manner and jurisdictions as Creditor directs. Debtor will promptly notify Creditor of any necessary or advisable retitling and/or re-registration of an Item in a different jurisdiction. 8. TAXES. Debtor will make all filings and pay all taxes and other governmental assessments relative to the Equipment as required by law. Debtor will pay or reimburse Creditor for any other taxes and other governmental assessments other than Creditor's net incorne taxes related to the payments due under or otherwise related to this agreement. Returns in connection with these latter matters will be filed by Creditor or Debtor as Creditor specifies. 9. INSURANCE. Debtor will maintain all risk insurance on the Equipment for not less than its full replacement value naming Creditor as Loss Payee. Creditor may require Debtor to maintain combined public liability and property damage insurance with a single limit of not less than $500,000 per occurrence, or such other amount as Creditor may require on notice to Debtor, naming Creditor as an Additional Insured. All required insurance must be in a form and with companies approved by Creditor, must name Debtor as a Named Insured, must provide at least ten (10) days advance written notice to Creditor of change or cancellation, roust provide breach of where relevant, and must warranty protection, provide that the coverage is "primary." Insurance proceeds, at Creditor's option, will be applied to (a) the repair of applicable Items, (b) payment of the Stipulated Value and/or (c) payment of other obligations to Creditor. Any excess will belong to Debtor, Debtor appoints Creditor as Debtor's attorney-in-fact to do all things necessary or advisable to secure payments under any policy contemplated hereby on account of a Casualty Occurrence. Debtor will cause Creditor to receive evidence reasonably requested by Creditor of the coverage required above. 10. CREDITOR'S PAYMENT. If Debtor fails to perform any obligation hereunder, Creditor may perform the obligation, and Debtor will reimburse Creditor's related costs. However, before Creditor purchases insurance because Debtor has failed to comply with paragraph 9, Creditor will give Debtor notice and an opportunity to obtain the required coverage. if Debtor does not do so and Creditor places coverage, the charge for the replacement insurance Creditor obtains, which will be billed and be payable with the installment payments, will include a fee plus interest on the premium as well as the allocable premium. Also, any insurance Creditor obtains will not provide any liability coverage whatsoever, will insure Creditor only and will not relieve Debtor from Debtor's liability for the difference between the insurance proceeds and Debtor's responsibility for the Stipulated Value if the agreement must be paid off as to any Equipment after a Casualty Occurrence or cover any equity Debtor may have. No fmther insurance charges will be imposed once and for so long as Debtor complies with paragraph 9. I 1. INDEMNITY. Debtor will indemnify, defend and hold harmless Creditor against any liabilities, losses, claims, actions and expenses, including court costs and legal expenses, incurred by Creditor relating to this agreement or the Equipment, including claims of latent or other defects, strict liability clairns (whether in either case relating to an event while Creditor has a security interest therein) and claims for patent, trademark or copyright infringement. Each party will give the other notice of any covered event promptly after learning thereof. 12. DEFAULT. This agreement will be in default if (a) Debtor fails to pay any amount hereunder when due; (b) Debtor fails to perform any other obligation hereunder or under any other agreement between Creditor and Debtor; (c) Debtor dies or is declared legally incompetent, if an individual; (d) a petition is filed by or against Debtor under the Bankruptcy Act or under any other law providing relief for debtors; (e) Debtor makes an assignment for the benefit of creditors, a receiver or trustee is appointed for Debtor, a proceeding contemplating winding up of Debtor's affairs is instituted, Debtor ceases business affairs or Debtor makes an abnormal transfer of a material portion of Debtor's assets; (f) an event described in (c), (d) or (e) occurs as to a guarantor of Debtor's obligations hereunder; or (g) there is a material misrepresentation to Creditor by Debtor or a guarantor in connection with this agreement or a default occurs under a real estate lease or mortgage covering property where an Item is located allowing exercise of default remedies thereunder. 13. REMEDIES. If the agreement is in default, Creditor may, at its option, do any one or more of the following: (a) accelerate the remaining payments and declare due the Stipulated Value; (b) use self-help and other lawful remedies to take possession of any Items; (c) sell or otherwise dispose of any Items in a manner which is commercially reasonable; (d) recover from Debtor all amounts then due and owing hereunder less the net sales price (net of all Creditor's costs and expenses of sale) of any Items Creditor has repossessed and sold; or (e) utilize any other remedy available to Creditor under the Uniform Commercial Code or otherwise at law or in equity. All remedies are cumulative and may be exercised concurrently or separately from time to time. Debtor will also pay Creditor all costs and expenses not offset against the proceeds of sale of any Equipment incurred by Creditor in enforcing this agreement, including those incurred by using Creditor's salaried employees and those prior to Oling of an action or in connection with a dismissed action. Any waiver by Creditor of a provision of this agreement must be in writing, and forbearance by Creditor will not constitute a waiver. Post-default amounts will bear interest at 18% per annum or at such lesser default rate as set by law until paid. I4. ASSlGNMENT. Without the prior written consent of Creditor, Debtor will not lease, transfer an interest in or allow a lien against any Item or transfer any obligation under this agreement except a lien in an Item created by Creditor. Debtor's obligations are not assignable by operation of law. All Creditor's rights under this agreement and interest in the Equipment may be disposed of without notice to Debtor. Debtor will acknowledge receipt of any notice of assignment in writing and will pay any assigned amounts as directed in the notice. If Creditor assigns this agreement or any interest herein, Debtor will not assert against FILED: QUEENS COUNTY CLERK 09/20/2023 10:09 AM INDEX NO. 719448/2023 NYSCEF DOC. NO. 10 RECEIVED NYSCEF: 09/20/2023 EQUIPMENT FINANCING AGREEMENT - PAGE 3 the assignee any claim or defense it may have against Creditor, and Debtor will pursue personally, No assignee will be obligated to perform any rights on account thereof solely against Creditor any obligation of Creditor under this agreement unless assumed the foregoing, this agreement is for the benefit of, and binds, the heirs, legatees, personal by the assignec. Subject to representatives, successors and assigns of the parties. 15, PERSONAL PROPERTV, Debtor will rnark the Equipment or Equipment Location at interest in the Equipment. Each Item will Creditor's request to indicate Creditor's remain personally despite attachment to realty. security Creditor's request, real Debtor will obtain and deliver to property waivers in form satisfactory to Creditor from all persons Creditor, upon Item is or is to be located. I6. claiming an interest in the real property on which an ADDITIONAL DOCUMENTS. Debtor will obtain and deliver to Creditor such protect its interest in this agreement and the documents as Creditor requests to Equipment, including financing statements and fixture filings, both of alternatively authorizes Creditor to sign on Debtor's behalf, Debtor wiH which Debtor hereby reimburse Creditor for all Creditor s other costs paid third parties in search, filing and appraisal fees and connection with this agreement. Debtor will furnish agreement or the Equipment as Creditor Creditor such fmancial data or information relative to this may from time to time reasonably request. 17. LATE PAYMENT. If Debtor fails to pay an amount hereunder within 10 days of when (b) amounts Creditor pays others in connection with due, Debtor will pay Creditor (a) a 5% late collection of the amount; and (c) Creditor's charge; standard returned check charge, if relevant, 18. DEPOSIT. Any deposit Debtor furnishes in connection with this agreement will not obligations of Debtor to Creditor which are in bear interest and may be applied default. When Debtor has satisfied all Debtor a by Creditor to any balance of the obligations hereunder, Creditor will return remaining deposit to Debtor. any I9. GENERAL. This agreement contains the entire agreement between Creditor and Debtor be arnended only by a written concerning the financing of the Equipment and may agreement signed by the party to be charged, Notices U.S. First Class Mail postage prepaid to the hereunder must be in writing and mailed with appropriate party involved at its respective address set forth above or at such other provide the other on notice. Notices to Debtor address as such party may will be effective upon deposit and to Creditor other of any change in address. The singular upon receipt. Each party will includes the plural and the word "Creditor" includes promptly notify the all assignees of Creditor. The debtors is joint and several. Paragraph titles are not an aid in interpretation, liability of co- 20.GOVERNINGLAW; VENUE.THIS AGREEMENTWILL BE GOVERNEDBY THE INTERNALLAWSOF WILL BE IN AN APPROPRIATECOURTIN NEW YORK.VENUEFORANY RELATEDACTiON QUEENSCOUNTY,NEW YORK SELECTEDBY COURTCREDITORSELECTSHAVING CREDITORWHICH DEBTORCONSENTSOR IN ANOTHER JURISDICTION. 21 NO OFFSET;PREPAYMENT.DESTOR'S AND wtLL NOT BE SUBJECTTO ANY OBL[GATIONTO MAKE ALL PAYMENTSUNDERTHIS AGREEMENTIS ABSOLUTEAND UNCONDITIONAL ABATl3MENT, COUNTERCLAIM,RECOUPMENT,OFFSETOR DEFENSE, PREPAYITS OBLIGATIONSHEREUNDER. DEBTOR MAY NOT VOLUNTARILY 22.NOAGENCY.DEBTORACKNOWLEDGESTHAT NO OF CREDITOR,THAT NONEOF SUCH PARTIES SUPPLIERNORANY FINANCIAL INTERMEDIARYNOR ANY AGENTOR IS AUTHORIZEDTO WAlVE OR ALTER ANY TERMOR EITHERIS AN AGENT NO REPRIESENTATION AS TO THE EQUIPMENTOR ANY OTHERMATTER BY CONDITIONOF THIS AGREEMENTAND THAT 23. FINANCING,THIS AGREEMENT IS SOLELY ANY SUCHPARTYIS BINDING UPONCREDITOR. A FINANCINO AGREEMENT. CREDITORHAS PURCHASEOFAND HASMA DENO HAD NO INVOLVEMENT IN THE SELECTIONOR AGREEMENT,REPRESENTATION OR WARRANTYAS ŒANY ITEM. DEBTOR'S INITIALS HERE: By exceutionhereofDebtorrequestsCreditorto OnancetheEquipment DebtorwammisthatDebtorwiHusethe Equipment hercunder.Executionhereofby a dutyauthorizedofficerof Creditor solely for commercialor businespurposes.DebtorrecognizesthatCreditorwH1 indicatcaCreditor'sacceptance adviseothersasto Creditofsexperiencewith Debtorand ofsuchoffer. consentsthereto.Debtorcettiftesandwarrantsthatthe checkDebtor'screditreferences and hiMoryand mbmit to Creditor,isor will bea inte andcompletestatementof fmancialdataandotherinformationwhich Debtorhassubmitted thematterscovered.DebtorautitorizesCreditorto or will patentcrrors,includingornissions,in this agreement insetEquipmentidentificationinformationaboveandgo andany relateddocument. correctany Creditor and Debtor have executed this agreement as of: J_uly_1772020 (Date) M&T Equipment Funding BOB Auto Group, 2125 Center Avenue, Suite 600 Fort Inc. and Jaswinder Singh Lee, NJ 07024 PRINT LEGAL NAMEiOF DEBTOR ABOVE Creditor By: esident Title