Exhibit 10.1

EXECUTIVE VERSION

THIRD AMENDMENT TO CREDIT AGREEMENT

Dated as of November 11, 2010

This THIRD AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is entered into
between KAR AUCTION SERVICES, INC., formerly known as KAR Holdings, Inc., a
Delaware corporation (the “Borrower”), the Lenders party hereto, JPMORGAN CHASE
BANK, N.A. (the “Administrative Agent”) and each of the other parties signatory
hereto.

PRELIMINARY STATEMENTS

1. Reference is made to the Credit Agreement dated as of April 20, 2007 (as
amended from time to time prior to the date hereof, the “Credit Agreement”),
among the Borrower, the lenders and agents party thereto from time to time, the
Administrative Agent, and the other parties signatory thereto. Capitalized terms
used but not otherwise defined herein are used with the meanings given in the
Credit Agreement.

2. The Borrower has requested that the Required Lenders agree to amend the
Credit Agreement as provided for herein.

3. The Required Lenders are willing to agree to such amendments to the Credit
Agreement on the terms and subject to the conditions set forth herein.

Now, therefore, in consideration of the premises and the agreements, other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

AGREEMENT

SECTION 1. Amendments to Credit Agreement. On the terms and subject to the
conditions set forth herein:

(a) Section 1.1 of the Credit Agreement is amended by inserting in such
subsection the following definitions in the appropriate alphabetical order:

“Third Amendment”: means that certain Third Amendment, dated as of November 11,
2010, by and between the Borrower, and the Lenders and the other parties
signatory thereto.

“Third Amendment Effective Date”: means the date of satisfaction of the
conditions to effectiveness referred to in Section 2 of the Third Amendment.”

(b) Section 8.9 of the Credit Agreement is amended by inserting the following
words at the end of the proviso to clause (a) thereof: “(iv) on or after the
Third Amendment Effective Date, so long as no Default or Event of Default has
occurred and is continuing, the Borrower may redeem, repurchase, defease or
otherwise prepay Unsecured Notes in an aggregate principal amount, together with
all accrued and unpaid interest and all fees, premiums, disbursements or
expenses (including any dealer manager fees and expenses) incurred in connection
with or related to such redemption, repurchase, defeasement or other prepayment
of such Unsecured Notes, not to exceed $75,000,000,”

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SECTION 2. Conditions to Effectiveness. The amendments contained in Section 1
shall be effective upon satisfaction of each of the following conditions
precedent:

(a) The Administrative Agent shall have received original, electronic or
facsimile counterparts of this Amendment duly executed and delivered by Lenders
constituting the Required Lenders and shall have received counterparts of this
Amendment executed by the Borrower and counterparts of the Consent appended
hereto as Exhibit A (the “Consent”) executed by the Grantors, as defined in the
Guarantee and Collateral Agreement (the “Grantors”);

(b) The Administrative Agent shall have received a counterpart to that certain
Fee Letter (“Fee Letter”) dated as of even date herewith, by and between the
Administrative Agent and the Borrower, executed and delivered by the Borrower,
and all fees and expense reimbursements (including, without limitation, fees and
expenses of counsel to the Agents and any invoiced fees and expenses payable
under the Fee Letter) under the Fee Letter and the Loan Documents shall have
been paid;

(c) The Administrative Agent shall have received from the Borrower, for account
of each Lender which delivers its original, electronic or facsimile signature
page to this Amendment no later than 5:00 p.m. (New York City time) on
November 9, 2010 (the “Cutoff Date”), payment of an amendment fee (which shall
be fully earned, non-refundable, and payable on Third Amendment Effective Date
(under and as defined in the Credit Agreement, after giving effect to this
Amendment)) equal to 5 basis points (0.05%) of the aggregate outstanding amount
of Term Loans and Revolving Commitments of such Lender as of the Cutoff Date
(and, for the avoidance of doubt, prior to giving effect to any optional
prepayment made pursuant to Section 4.1(a) of the Credit Agreement as
contemplated by this Amendment); and

(d) On or after the date hereof, the Borrower shall have made an optional
prepayment of a portion of the Term Loans in an aggregate principal amount no
less than $75,000,000 pursuant to Section 4.1(a) of the Credit Agreement and the
Borrower shall have specified for purposes of Section 4.1(b) of the Credit
Agreement that such prepayment be credited to the scheduled installments of the
Term Loans in reverse order of maturity.

SECTION 3. Representations and Warranties. The Borrower represents and warrants
that:

(a) Authority. The Borrower has the requisite power and authority to execute,
deliver and perform its obligations under this Amendment and the Credit
Agreement as amended hereby. Each Grantor has the requisite power and authority
to execute, deliver and perform its obligations under the Consent and the Loan
Documents, as amended hereby. The execution, delivery and performance by the
Borrower of this Amendment and by the Grantors of the Consent, and the
performance by each Loan Party of each Loan Document (as amended hereby) to
which it is a party have been duly approved by all necessary organizational
action of such Loan Party.

(b) Enforceability. This Amendment has been duly executed and delivered by the
Borrower and the Consent has been duly executed and delivered by each Grantor.
When the conditions to effectiveness in Section 2 of this Amendment have been
satisfied, each of this Amendment, the Consent and each Loan Document (as
amended hereby) is the legal, valid and binding obligation of each Loan Party
party thereto, enforceable against such Loan Party in accordance with its terms
except as enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting the enforcement of
creditors’ rights generally and by general equitable principles (whether
enforcement is sought in proceedings in equity or at law).

 

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(c) Representations and Warranties. The representations and warranties made by
any Loan Party in or pursuant to the Loan Documents are true and correct in all
material respects on and as of the date hereof as if made on and as of such
date, except to the extent that such representations and warranties refer to an
earlier date (in which case they are true and correct in all material respects
as of such earlier date).

(d) No Default. No Default or Event of Default shall have occurred and be
continuing on the date hereof or after giving effect to this Amendment.

SECTION 4. Reference to and Effect on the Loan Documents.

(a) If and when this Amendment becomes effective, each reference in the Credit
Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import
referring to the Credit Agreement, and each reference in the other Loan
Documents to “the Credit Agreement”, “thereunder”, “thereof” or words of like
import referring to the Credit Agreement, shall mean and be a reference to the
Credit Agreement as amended hereby.

(b) The Credit Agreement, as amended hereby, and the other Loan Documents are
and shall continue to be in full force and effect and are hereby in all respects
ratified and confirmed. Without limiting the generality of the foregoing, the
Security Documents and all of the Collateral described therein do and shall
continue to secure the payment of all Obligations under and as defined in the
Credit Agreement, as amended hereby.

(c) The execution, delivery and effectiveness of this Amendment shall not
operate as a waiver of any right, power or remedy of any Lender or Agent under
any of the Loan Documents or constitute, except as expressly set forth herein, a
waiver or amendment of any provision of any of the Loan Documents.

(d) This Amendment is a Loan Document. The provisions of Sections 11.12 and
11.16 of the Credit Agreement shall apply with like effect to this Amendment.

SECTION 5. Counterparts. This Amendment (including all consents and
authorizations relating hereto) and the Consent may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of
which when so executed and delivered shall be deemed to be an original and all
of which taken together shall constitute but one and the same agreement.
Delivery of an executed counterpart of a signature page to this Amendment (or
any consent or authorization relating hereto) or the Consent by electronic
transmission or facsimile shall be effective and enforceable as delivery of a
manually executed counterpart thereof. The Administrative Agent will not have
any responsibility for determining whether (and makes no representation as to
whether) any such counterpart has been duly authorized, executed or delivered or
is enforceable against any party hereto.

SECTION 6. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

[signature pages follow]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed
by their respective officers thereunto duly authorized, as of the date first
written above.

 

KAR AUCTION SERVICES, INC. (FORMERLY KNOWN AS KAR HOLDINGS, INC.) By:  

    /s/ Eric M. Loughmiller

  Name: Eric M. Loughmiller   Title: Executive Vice President and CFO

 

THIRD AMENDMENT TO CREDIT AGREEMENT

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JPMORGAN CHASE BANK, N.A. as Administrative Agent By:  

        /s/ Randall K. Stephens

  Name: Randall K. Stephens   Title: Vice President

 

THIRD AMENDMENT TO CREDIT AGREEMENT

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Required Lenders:

 

[NAME OF LENDER] By:  

*

  Name:                             *   Title:                               *

 

* This Amendment was executed by authorized signatories of 84 lenders.

 

THIRD AMENDMENT TO CREDIT AGREEMENT

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EXHIBIT A

CONSENT

Dated as of November 11, 2010

The undersigned, as Grantors under the Guarantee and Collateral Agreement and,
as applicable, as parties to the other Security Documents, hereby consent and
agree to the foregoing Third Amendment dated as of November 11, 2010 (the “Third
Amendment”), by and between the Borrower and the Lenders party thereto, and
hereby confirm and agree that (i) each of the Guarantee and Collateral Agreement
and the other Security Documents is, and shall continue to be, in full force and
effect and is hereby ratified and confirmed in all respects except that, upon
the effectiveness of, and on and after the date of, said Third Amendment, each
reference therein to the “Credit Agreement”, “thereunder”, “thereof” and words
of like import referring to the Credit Agreement, shall mean and be a reference
to the Credit Agreement as amended by said Third Amendment and (ii) the
Guarantee and Collateral Agreement, the other Security Documents and all of the
Collateral described in the foregoing do, and shall continue to, secure the
payment and performance of all of the Obligations as defined in the Guarantee
and Collateral Agreement, after giving effect to said Third Amendment.

[Signature pages follow]

 

THIRD AMENDMENT TO CREDIT AGREEMENT

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KAR AUCTION SERVICES, INC. (FORMERLY KNOWN AS KAR HOLDINGS, INC. ) By:  

        /s/ Eric M. Loughmiller

  Name: Eric M. Loughmiller   Title: Executive Vice President and CFO ADESA,
INC. By:  

        /s/ Eric M. Loughmiller

  Name: Eric M. Loughmiller   Title: Executive Vice President and CFO INSURANCE
AUTO AUCTIONS, INC. By:  

        /s/ Eric M. Loughmiller

  Name: Eric M. Loughmiller   Title: Authorized Signatory Officer ADESA
CORPORATION, LLC By:  

        /s/ Eric M. Loughmiller

  Name: Eric M. Loughmiller   Title: Executive Vice President and CFO

 

THIRD AMENDMENT TO CREDIT AGREEMENT

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A.D.E. OF ARK-LA-TEX, INC. By:  

        /s/ Eric M. Loughmiller

  Name: Eric M. Loughmiller   Title: Executive Vice President and CFO A.D.E. OF
KNOXVILLE, LLC By:  

        /s/ Eric M. Loughmiller

  Name: Eric M. Loughmiller   Title: Executive Vice President and CFO ADESA
ARK-LA-TEX, LLC By:  

        /s/ Eric M. Loughmiller

  Name: Eric M. Loughmiller   Title: Executive Vice President and CFO ADESA
ARKANSAS, LLC By:  

        /s/ Eric M. Loughmiller

  Name: Eric M. Loughmiller   Title: Executive Vice President and CFO ADESA
ATLANTA, LLC By:  

        /s/ Eric M. Loughmiller

  Name: Eric M. Loughmiller   Title: Executive Vice President and CFO ADESA
BIRMINGHAM, LLC By:  

        /s/ Eric M. Loughmiller

  Name: Eric M. Loughmiller   Title: Executive Vice President and CFO

 

THIRD AMENDMENT TO CREDIT AGREEMENT

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ADESA CALIFORNIA, LLC By:  

        /s/ Eric M. Loughmiller

  Name: Eric M. Loughmiller   Title: Executive Vice President and CFO ADESA
CHARLOTTE, LLC By:  

        /s/ Eric M. Loughmiller

  Name: Eric M. Loughmiller   Title: Executive Vice President and CFO ADESA
COLORADO, LLC By:  

        /s/ Eric M. Loughmiller

  Name: Eric M. Loughmiller   Title: Executive Vice President and CFO ADESA DES
MOINES, LLC By:  

        /s/ Eric M. Loughmiller

  Name: Eric M. Loughmiller   Title: Executive Vice President and CFO ADESA
FLORIDA, LLC By:  

        /s/ Eric M. Loughmiller

  Name: Eric M. Loughmiller   Title: Executive Vice President and CFO ADESA
IMPACT TEXAS, LLC By:  

        /s/ Eric M. Loughmiller

  Name: Eric M. Loughmiller   Title: Executive Vice President and CFO

 

THIRD AMENDMENT TO CREDIT AGREEMENT

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ADESA INDIANAPOLIS, LLC By:  

        /s/ Eric M. Loughmiller

  Name: Eric M. Loughmiller   Title: Executive Vice President and CFO ADESA
LANSING, LLC By:  

        /s/ Eric M. Loughmiller

  Name: Eric M. Loughmiller   Title: Executive Vice President and CFO ADESA
LEXINGTON, LLC By:  

        /s/ Eric M. Loughmiller

  Name: Eric M. Loughmiller   Title: Executive Vice President and CFO ADESA
MISSOURI, LLC By:  

        /s/ Eric M. Loughmiller

  Name: Eric M. Loughmiller   Title: Executive Vice President and CFO ADESA NEW
JERSEY, LLC By:  

        /s/ Eric M. Loughmiller

  Name: Eric M. Loughmiller   Title: Executive Vice President and CFO ADESA NEW
YORK, LLC By:  

        /s/ Eric M. Loughmiller

  Name: Eric M. Loughmiller   Title: Executive Vice President and CFO

 

THIRD AMENDMENT TO CREDIT AGREEMENT

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ADESA OHIO, LLC By:  

        /s/ Eric M. Loughmiller

  Name: Eric M. Loughmiller   Title: Executive Vice President and CFO ADESA
OKLAHOMA, LLC By:  

        /s/ Eric M. Loughmiller

  Name: Eric M. Loughmiller   Title: Executive Vice President and CFO ADESA
PENNSYLVANIA, LLC By:  

        /s/ Eric M. Loughmiller

  Name: Eric M. Loughmiller   Title: Executive Vice President and CFO ADESA
PHOENIX, LLC By:  

        /s/ Eric M. Loughmiller

  Name: Eric M. Loughmiller   Title: Executive Vice President and CFO ADESA SAN
DIEGO, LLC By:  

        /s/ Eric M. Loughmiller

  Name: Eric M. Loughmiller   Title: Executive Vice President and CFO
ADESA-SOUTH FLORIDA, LLC By:  

        /s/ Eric M. Loughmiller

  Name: Eric M. Loughmiller   Title: Executive Vice President and CFO

 

THIRD AMENDMENT TO CREDIT AGREEMENT

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ADESA SOUTHERN INDIANA, LLC By:  

        /s/ Eric M. Loughmiller

  Name: Eric M. Loughmiller   Title: Executive Vice President and CFO ADESA
TEXAS, INC. By:  

        /s/ Eric M. Loughmiller

  Name: Eric M. Loughmiller   Title: Executive Vice President and CFO ADESA
VIRGINIA, LLC By:  

        /s/ Eric M. Loughmiller

  Name: Eric M. Loughmiller   Title: Executive Vice President and CFO ADESA
WISCONSIN, LLC By:  

        /s/ Eric M. Loughmiller

  Name: Eric M. Loughmiller   Title: Executive Vice President and CFO ASSET
HOLDINGS III, L.P. By:  

        /s/ Eric M. Loughmiller

  Name: Eric M. Loughmiller   Title: Executive Vice President and CFO AUTO
DEALERS EXCHANGE OF CONCORD, LLC By:  

        /s/ Eric M. Loughmiller

  Name: Eric M. Loughmiller   Title: Executive Vice President and CFO

 

THIRD AMENDMENT TO CREDIT AGREEMENT

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AUTO DEALERS EXCHANGE OF MEMPHIS, LLC By:  

        /s/ Eric M. Loughmiller

  Name: Eric M. Loughmiller   Title: Executive Vice President and CFO AUTOMOTIVE
FINANCE CORPORATION By:  

        /s/ Eric M. Loughmiller

  Name: Eric M. Loughmiller   Title: Executive Vice President AUTOMOTIVE
RECOVERY SERVICES, INC. By:  

        /s/ Eric M. Loughmiller

  Name: Eric M. Loughmiller   Title: Executive Vice President and CFO AUTOVIN,
INC. By:  

        /s/ Eric M. Loughmiller

  Name: Eric M. Loughmiller   Title: Executive Vice President and CFO PAR, INC.
By:  

        /s/ Eric M. Loughmiller

  Name: Eric M. Loughmiller   Title: Executive Vice President and CFO AFC CAL,
LLC By:  

        /s/ Eric M. Loughmiller

  Name: Eric M. Loughmiller   Title: Executive Vice President

 

THIRD AMENDMENT TO CREDIT AGREEMENT

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AXLE HOLDINGS, INC. By:  

        /s/ Eric M. Loughmiller

  Name: Eric M. Loughmiller   Title: Executive Vice President and CFO INSURANCE
AUTO AUCTIONS CORP. By:  

        /s/ Eric M. Loughmiller

  Name: Eric M. Loughmiller   Title: Authorized Signatory Officer IAA SERVICES,
INC. By:  

        /s/ Eric M. Loughmiller

  Name: Eric M. Loughmiller   Title: Authorized Signatory Officer IAA
ACQUISITION CORP. By:  

        /s/ Eric M. Loughmiller

  Name: Eric M. Loughmiller   Title: Authorized Signatory Officer AUTO DISPOSAL
SYSTEMS, INC. By:  

        /s/ Eric M. Loughmiller

  Name: Eric M. Loughmiller   Title: Authorized Signatory Officer ADS PRIORITY
TRANSPORTS, LTD. By:  

        /s/ Eric M. Loughmiller

  Name: Eric M. Loughmiller   Title: Authorized Signatory Officer

 

THIRD AMENDMENT TO CREDIT AGREEMENT

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ADS ASHLAND, LLC By:  

        /s/ Eric M. Loughmiller

  Name: Eric M. Loughmiller   Title: Authorized Signatory Officer ZABEL &
ASSOCIATES, INC. By:  

        /s/ Eric M. Loughmiller

  Name: Eric M. Loughmiller   Title: Executive Vice President and CFO SIOUX
FALLS AUTO AUCTIONS, INC. By:  

        /s/ Eric M. Loughmiller

  Name: Eric M. Loughmiller   Title: Executive Vice President and CFO TRI-STATE
AUCTION CO., INC. By:  

        /s/ Eric M. Loughmiller

  Name: Eric M. Loughmiller   Title: Executive Vice President and CFO SALVAGE
DISPOSAL COMPANY OF GEORGIA By:  

        /s/ Sidney L. Kerley

  Name: Sidney L. Kerley   Title: Secretary LIVEBLOCK AUCTIONS INTERNATIONAL,
INC. By:  

        /s/ Eric M. Loughmiller

  Name: Eric M. Loughmiller   Title: Executive Vice President and CFO

 

THIRD AMENDMENT TO CREDIT AGREEMENT

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AUTOMOTIVE FINANCE CONSUMER DIVISION, LLC By:  

        /s/ Eric M. Loughmiller

  Name: Eric M. Loughmiller   Title: Executive Vice President ADESA DEALER
SERVICES, LLC By:  

        /s/ Eric M. Loughmiller

  Name: Eric M. Loughmiller   Title: Executive Vice President DENT DEMON, LLC
By:  

        /s/ Eric M. Loughmiller

  Name: Eric M. Loughmiller   Title: Executive Vice President and CFO ADESA
MINNESOTA, LLC By:  

        /s/ Eric M. Loughmiller

  Name: Eric M. Loughmiller   Title: Executive Vice President and CFO CARBUYCO,
LLC By:  

        /s/ Eric M. Loughmiller

  Name: Eric M. Loughmiller   Title: Executive Vice President and CFO AUTO
PORTFOLIO SERVICES, LLC By:  

        /s/ James E. Money, II

  Name: James E. Money, II   Title: Chief Financial Officer and Treasurer

 

THIRD AMENDMENT TO CREDIT AGREEMENT

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INSURANCE AUTO AUCTIONS TENNESSEE LLC By:  

        /s/ Sidney L. Kerley

  Name: Sidney L. Kerley   Title: Secretary

 

THIRD AMENDMENT TO CREDIT AGREEMENT