EXHIBIT 10.22
 
SECOND AMENDMENT TO CREDIT AGREEMENT

THIS SECOND AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) dated as of August
3, 2007 is by and among AUTOZONE, INC., a Nevada corporation (the “Borrower”),
the Lenders party hereto, BANK OF AMERICA, N.A., as Administrative Agent, and
WACHOVIA BANK, NATIONAL ASSOCIATION, as Co-Syndication Agent.

WITNESSETH

WHEREAS, a $300,000,000 term loan has been established pursuant to the terms of
that certain Credit Agreement dated as of December 23, 2004 (as amended by that
certain First Amendment to Credit Agreement dated as of May 5, 2006 and as
otherwise amended, restated, modified or supplemented from time to time, the
“Credit Agreement”) among the Borrower, the Lenders from time to time party
thereto, the Administrative Agent and the Co-Syndication Agent;

WHEREAS, the Borrower has requested that the Lenders amend the Credit Agreement
to modify certain provisions contained therein; and

WHEREAS, the Lenders have agreed to amend the Credit Agreement on the terms and
subject to the conditions set forth herein.

NOW, THEREFORE, IN CONSIDERATION of the premises and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree as follows:

1. Defined Terms. Capitalized terms used herein but not otherwise defined herein
shall have the meanings provided to such terms in the Credit Agreement.

2. Amendments. Effective upon the satisfaction of the conditions precedent set
forth in Section 3 hereof, the Credit Agreement is hereby amended by deleting
Schedule 1.1(a) thereto in its entirety and replacing it with Schedule 1.1(a)
attached hereto as Exhibit A.

3. Condition Precedent. This Amendment shall become effective as of the date
hereof (the “Second Amendment Effective Date”) upon receipt by the
Administrative Agent of the following:

(a) Amendment. Counterparts of this Amendment duly executed by the Borrower and
the Lenders;

(b) Fees. Any fees required to be paid on or before the Second Amendment
Effective Date shall have been paid.

(c) Attorney Costs. Unless waived by the Administrative Agent, the Borrower
shall have paid all costs and expenses of Moore & Van Allen PLLC, outside
counsel to the Administrative Agent, incurred pursuant to Section 6 of this
Amendment to the extent invoiced prior to or on the Second Amendment Effective
Date, plus such additional amounts as shall constitute its reasonable estimate
of such costs and expenses incurred or to be incurred by it through the closing
proceedings (provided that such estimate shall not thereafter preclude a final
settling of accounts between the Borrower and the Administrative Agent).

(d) Accuracy of Representations and Warranties. The representations and
warranties of the Borrower and each other Loan Party contained in Section 4
hereof shall be true and correct on and as of the Second Amendment Effective
Date.
 

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(e) No Default. No Default shall exist and be continuing as of the Second
Amendment Effective Date.

4. Representations and Warranties. The Borrower hereby represents and warrants
that (a) it has the requisite organizational power and authority to execute,
deliver and perform this Amendment, (b) it is duly authorized to, and has been
authorized by all necessary organizational action to, execute, deliver and
perform this Amendment, (c) no consent, approval, authorization or order of, or
filing, registration or qualification with, any court or governmental authority
or third party is required in connection with the execution, delivery or
performance by it of this Amendment, (d) the execution, delivery and performance
by it of this Amendment do not and will not conflict with, result in a breach of
or constitute a default under the articles of incorporation, bylaws or other
organizational documents of the Borrower or any of its Subsidiaries or any
indenture or other material agreement or instrument to which any such Person is
a party or by which any of its properties may be bound or the approval of any
Governmental Authority relating to such Person except as could not reasonably be
expected to have a Material Adverse Effect, (e) the representations and
warranties contained in Article V of the Credit Agreement are true and correct
in all material respects on and as of the date hereof as though made on and as
of such date (except for those which expressly relate to an earlier date) and
(f) after giving effect to this Amendment, no Default or Event of Default exists
under the Credit Agreement on and as of the date hereof or will occur as a
result of the transactions contemplated hereby. 

5. No Other Changes; Ratification. Except as expressly modified hereby, all of
the terms and provisions of the Credit Agreement (including schedules,
amendments and exhibits thereto) and the other Credit Documents shall remain in
full force and effect. The term “this Agreement” or “Credit Agreement” and all
similar references as used in each of the Credit Documents shall hereafter mean
the Credit Agreement as amended by this Amendment. Except as herein specifically
agreed, the Credit Agreement is hereby ratified and confirmed and shall remain
in full force and effect according to its terms.

6. Costs and Expenses. The Borrower agrees to pay all reasonable costs and
expenses of the Administrative Agent in connection with the preparation,
execution and delivery of this Amendment, including without limitation the
reasonable fees and expenses of Moore & Van Allen, PLLC.

7. Counterparts; Facsimile. This Amendment may be executed in any number of
counterparts, each of which when so executed and delivered shall be deemed an
original and it shall not be necessary in making proof of this Amendment to
produce or account for more than one such counterpart. Delivery of an executed
counterpart of this Amendment by telecopy or electronic mail by any party hereto
shall be effective as such party’s original executed counterpart.

8. Governing Law. This Amendment shall be deemed to be a contract made under,
and for all purposes shall be construed in accordance with, the laws of the
State of New York.

9. Entirety. This Amendment and the other Credit Documents embody the entire
agreement between the parties and supersede all prior agreements and
understandings, if any, relating to the subject matter hereof. This Amendment
and the other Credit Documents represent the final agreement between the parties
and may not be contradicted by evidence of prior, contemporaneous or subsequent
oral agreements of the parties. There are no oral agreements between the
parties.

[SIGNATURE PAGES FOLLOW]
 

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IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this
Amendment to be duly executed and delivered as of the date first above written.

      BORROWER: AUTOZONE, INC.  
   
   
  By:   /s/ Brian L. Campbell  

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Name: Brian L. Campbell
Title: Vice President & Treasurer
 

      By:   /s/ William T. Giles  

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Name: William T. Giles
Title: Executive Vice President & CFO

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ADMINISTRATIVE AGENT:
BANK OF AMERICA, N.A.,  
as Administrative Agent
 
   
   
  By:   /s/ Thomas Kainamura  

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Name: Thomas Kainamura
Title: Vice President
 

      LENDERS:  BANK OF AMERICA, N.A.,   as a Lender  
   
   
  By:   /s/ Thomas Kainamura  

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Name: Thomas Kainamura
Title: Vice President
 

        Wachovia Bank, National Association  
   
   
  By:   /s/ Anthony D. Braxton  

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Name: Anthony D. Braxton
Title: Director
 

        BNP PARIBAS  
   
   
  By:   /s/ Simone Vinocour  

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Name: Simone Vinocour
Title :Director
 

        Regions Bank  
   
   
  By:   /s/ Bryan W. Ford  

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Name: Bryan W. Ford
Title: Senior Vice President
 

        Mizuho Corporate Bank, Ltd.  
   
   
  By:   /s/ Makoto Murata  

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Name: Makoto Murata
Title: Deputy General Manager
 

        [Calyon New York Branch]  
   
   
  By:   /s/ Samuel Hill  

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Name: Samuel Hill
Title: Managing Director / Region Head
 

      By:   /s/ Brian Myers  

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Name: Brian Myers
Title: Managing Director
 

       
Union Bank of California, N.A.
 
   
   
  By:   /s/ Tawny J. Palovchik  

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Name: Tawny J. Palovchik
Title: Investment Banking Officer

 

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        Fifth Third Bank, N.A.  
   
   
  By:   /s/ John K. Perez  

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Name: John K. Perez
Title: Vice President
 

        U.S. Bank N.A.  
   
   
  By:   /s/ Michael P. Dickman  

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Name: Michael P. Dickman
Title: Vice President
  U.S. Bank, N.A.
 

       
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
 
   
   
  By:   /s/ Doug Barnell  

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Name: Doug Barnell
Title: Manager, Southwest Corporate
 

       
National City Bank
 
   
   
  By:   /s/ Jennifer Obers  

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Name: Jennifer Obers
Title: Portfolio Manager
 

       
THE CHIBA BANK, LTD., NEW YORK BRANCH
as a Lender
 
   
   
  By:   /s/ Morio Tsumita  

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Name: Morio Tsumita
Title: General Manager
 

       
Comerica Bank
 
   
   
  By:   /s/ Heather A. Whiting  

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Name: Heather A. Whiting
Title: Vice President
 

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EXHIBIT A
 
Schedule 1.1(a)

APPLICABLE PERCENTAGE

Pricing
Level
 
S&P/Moody’s
Rating
 
Applicable Margin
for
Eurodollar Loans
 
Applicable Margin
for
Base Rate Loans
Level I
 
A-/A3 or above
 
30.0 bps
 
0
Level II
 
BBB+/Baa1
 
35.0 bps
 
0
Level III
 
BBB/Baa2
 
45.0 bps
 
0
Level IV
 
BBB-/Baa3
 
62.5 bps
 
0
Level V
 
Below BBB-/Baa3
 
90.0 bps
 
0

The Applicable Percentage shall be based on the applicable Pricing Level
corresponding to the Rating(s) then in effect. In the event of a Split Rating,
the applicable Pricing Level shall be based on the higher Rating. In the event
of a Double Split Rating, the applicable Pricing Level shall be based on the
Pricing Level which is one above that corresponding to the lower Rating. If no
Rating exists, the applicable Pricing Level shall be based on Pricing Level V
until the earlier of (A) such time as S&P and/or Moody’s provides another Rating
or (B) the Required Lenders have agreed to an alternative pricing grid or other
method for determining Pricing Levels pursuant to an effective amendment to this
Credit Agreement.
 
As used herein:

"Rating" means the senior unsecured (non-credit enhanced) long term debt rating
of the Borrower, as published by S&P and/or Moody’s.

"Split Rating" means the ratings of S&P and Moody’s would indicate different
Pricing Levels, but the Pricing Levels are not more than one Pricing Level
apart.

"Double Split Rating" means the ratings of S&P and Moody’s would indicate
different Pricing Levels, but the Pricing Levels are two or more Pricing Levels
apart.

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