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ASSUMPTION AND INDEMNIFICATION AGREEMENT
This Agreement (this “Agreement”) is made and entered into as of October 27, 2011 by and among DAM Holding, Inc. (“DAMH”) and Delaware American Motors, Inc. (“DAMINC”) together with its wholly-owned subsidiary, Delaware American Motors, LLC (“DAMLLC”) (DAMINC and DAMLLC collectively referred to as the “Subsidiary”).
WHEREAS, on or about October 27, 2011, Subsidiary was purchased from DAMH by the former sole officer of DAMH (the “Subsidiary Sale”);
WHEREAS, as a condition to the Subsidiary Sale, the Subsidiary is required to assume any debt or obligation of D