Exhibit 10.2
FIRST AMENDMENT
to
SEVENTH AMENDED AND RESTATED
REVOLVING CREDIT AGREEMENT
          THIS FIRST AMENDMENT (the “First Amendment” or this “Amendment”) TO
SEVENTH AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT dated effective
March 19, 2007 (as amended, the “Credit Agreement”), which Amendment is dated
effective as of January 16, 2008 (the “Effective Date”), is entered into among
GROUP 1 AUTOMOTIVE, INC., a Delaware corporation (the “Company”), each of the
Subsidiaries of the Company listed on the signature pages hereof and such other
Subsidiaries of the Company which hereafter shall become parties to the Credit
Agreement (the Company and the Subsidiaries are sometimes referred to herein as,
individually, a “Borrower,” and collectively, the “Borrowers”), the lenders
listed on the signature pages hereof (the “Lenders”), JPMORGAN CHASE BANK, N.A.
(as successor by merger to The Chase Manhattan Bank and Chase Bank of Texas,
N.A. and formerly known as JPMorgan Chase Bank), as Administrative Agent for the
Lenders (in such capacity together with any successor, the “Agent”), COMERICA
BANK, as Floor Plan Agent for the Lenders (in such capacity together with any
successor, the “Floor Plan Agent”), and BANK OF AMERICA, N.A., as Syndication
Agent (in such capacity, together with any successor the “Syndication Agent” and
together with the Agent and the Floor Plan Agent, the “Agents”).
RECITALS:
          The Company, each of the other Borrowers, the Agents and the Lenders
are parties to the Credit Agreement, pursuant to which the Lenders agreed to
make loans to and extensions of credit on behalf of the Borrowers; and
          The Company, the Borrowers, the Agents and the Lenders desire to amend
the Credit Agreement as hereinafter provided;
          NOW, THEREFORE, in consideration of the premises and the mutual
covenants herein contained, the parties hereto agree as follows:
ARTICLE I. DEFINITIONS
          Section 1.1 Terms Defined Above. As used in this First Amendment, each
of the terms defined in the opening paragraph shall have the meaning assigned to
such terms therein.
          Section 1.2 Terms Defined in Credit Agreement. Each term defined in
the Credit Agreement and used herein without definition shall have the meaning
assigned to such term in the Credit Agreement, unless expressly provided to the
contrary.

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          Section 1.3 Other Definitional Provisions.
          (a) The words “hereby”, “herein”, “hereinafter”, “hereof”, “hereto”
and “hereunder” when used in this First Amendment shall refer to this First
Amendment as a whole and not to any particular Article, Section, subsection or
provision of this First Amendment.
          (b) Section, subsection and Exhibit references herein are to such
Sections, subsections and Exhibits to this First Amendment unless otherwise
specified.
ARTICLE II. AMENDMENT TO CREDIT AGREEMENT
          The Company, each of the Borrowers, the Agents and the Lenders agree
that the Credit Agreement is hereby amended, effective as of the Effective Date,
in the following particulars.
          Section 2.1 Amendment to Section 1.1. Section 1.1 of the Credit
Agreement is hereby amended as follows:
          (a) The definition of “Acquisition Loan Advance Limit” is hereby
amended and restated in its entirety as follows:
‘“Acquisition Loan Advance Limit” means, as of any Borrowing Date of an
Acquisition Loan, for the Company and its Subsidiaries on a consolidated basis,
calculated as of the last day of the most recently ended fiscal quarter for
which an Availability Analysis has been delivered, an amount equal to the lesser
of (i) the Total Acquisition Loan Commitment (not to exceed the percentage of
the Total Floor Plan Loan Commitment in effect as of the Closing Date) and
(ii) the Acquisition Loan Borrowing Base, less, in each case, any applicable
Reserve Commitment measured in Dollars.’
          (b) New definitions of “Account”, “Acquisition Loan Borrowing Base”,
“Availability Analysis” and “Eligible Accounts” are hereby added as follows:
‘“Account” means any “account” as such term is defined in the UCC, now or
hereafter owned by the Company or any of its Subsidiaries, including rights to
payment for goods and services sold or leased, whether now existing or hereafter
arising in the future.’
‘“Acquisition Loan Borrowing Base” means for the Company and its Subsidiaries,
on a consolidated basis, the positive difference between:
(i) the sum of the following items, without duplication, on which the Agent
holds a valid and perfected Lien:

  (a)   100% of the wholesale purchase price of New Motor Vehicles and
Demonstrators that are part of the Collateral

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      less 100% of the wholesale purchase price of New Motor Vehicles and
Demonstrators where the Agent’s Lien is subordinated;      
    (b)   85% of the Book Value of Used Motor Vehicles and Rental Motor Vehicles
that are part of the Collateral where the Agent holds a valid and perfected
first priority Lien, excluding any Used Vehicles that were purchased by the
applicable Floor Plan Borrower more than 90 days prior to the date of
determination;     (c)   100% of the amount of contracts in transit, including,
without limitation, all accounts, chattel paper and agreements of third parties
to pay the purchase price of vehicles sold to customers, which agreements are
not yet funded;     (d)   80% of Eligible Accounts where the Agent holds a valid
and perfected first priority Lien, excluding all described in (c) above;     (e)
  60% of the Book Value of parts inventory where the Agent holds a valid and
perfected first priority Lien;     (f)   50% of the cash deposits in all deposit
accounts; provided that after                     , 2008 [60 days after
effective date of amendment], such cash deposits will be included only for
deposit accounts in which the Agent has a perfected first priority Lien
evidenced by a control agreement with the depository bank for each such account;
and     (g)   50% of the market value of the securities held in securities
accounts in which the Agent has a perfected first priority Lien evidenced by a
control agreement with the securities intermediary for each such account.      
  and

(ii) 100% of all Floor Plan Loans and Swing Line Loans plus the excess, if any,
of the amount of floor plan loans attributable to New Motor Vehicles and
Demonstrators where the Agent’s Lien is subordinated over 100% of the wholesale
purchase price of New Motor Vehicles and Demonstrators where the Lenders’ Lien
is subordinated.
‘“Availability Analysis” means the calculations required by Exhibit 9.5(h),
which calculations shall include a calculation of the Acquisition Loan Advance
Limit.’

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‘“Eligible Accounts” means the consolidated net value of all of the Accounts of
the Company and its Subsidiaries on which the Agent holds a perfected, first
priority Lien, each of which Accounts meet the following criteria on the date of
determination:
(a) such Account arises from: (i) the sale or lease of inventory and such
inventory has been shipped or delivered in conformity with any contract therefor
to the Person obligated on such Account or (ii) the performance of services and
such services have been fully rendered, in each case, subject to non-material
contests;
(b) such Account is owned by the Company or such Subsidiary free and clear of
all Liens or rights of others other than the Liens and rights of the Agent under
the Security Documents;
(c) except for amounts due from Manufacturers, the payment due date of such
Account (or portion of such Account to be included in Eligible Accounts) is not
more than ninety (90) days from the date of the original invoice;
(d) such Account is evidenced by an invoice or other statement rendered to the
responsible Account debtor or by chattel paper in favor of the Company or one of
its Subsidiaries that is a Floor Plan Borrower;
(e) such Account is the valid obligation of the Account debtor, enforceable in
accordance with its terms and neither the Company nor any of its Subsidiaries
has received notice that such Account is subject to any set-off, counterclaim,
defense, allowance or adjustment or that there is a dispute, objection or
complaint by the Account debtor concerning its liability for the Account, and
the vehicle or other goods, the sale of which gave rise to the Account, have not
been returned, rejected, lost or damaged;
(f) no notice of an Insolvency Proceeding with respect to the Account debtor has
been received by the Company or the applicable Subsidiary;
(g) such Account is denominated in Dollars and the relevant Account debtor is
domiciled in the United States;
(h) such Account together with all other Accounts due from any one Account
debtor, other than any Manufacturer, do not comprise more than twenty percent
(20%) of the aggregate Eligible Accounts, unless otherwise approved in writing
by the Required Lenders; and

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(i) the Account is not due from an Affiliate, a Subsidiary of the Company or any
Subsidiary thereof or employee of any of the foregoing.’
          (c) The definition of “Applicable Margin” is hereby amended to be
restated in its entirety as follows:
     ‘“Applicable Margin” means, on any date, with respect to Eurodollar,
Eurocurrency, Pounds Sterling Loans or Alternate Base Rate Loans, the applicable
percentages set forth below based upon the Total Leverage Ratio determined as of
such date.

                                      Eurodollar                 Eurocurrency  
          Total Leverage   Pounds Sterling   Alternate Base   Commitment    
Ratio   Margin   Rate Margin   Fee Rate
Category 1
  x > 4.0     2.50 %     1.00 %     .375 %
Category 2
  3.25 £ x £ 4.0     2.25 %     .75 %     .375 %
Category 3
  2.00 £ x < 3.25     2.00 %     .50 %     .35 %
Category 4
  1.50 £ x < 2.00     1.75 %     .25 %     .30 %
Category 5
  x < 1.50     1.50 %     .00 %     .25 %

     Each change in the Applicable Margin shall apply to all Eurodollar Loans
that are outstanding at any time during the period commencing on the effective
date of such change and ending on the date immediately preceding the effective
date of the next such change, even if such effective date occurs in the middle
of an Interest Period; provided that the Total Adjusted Leverage Ratio shall be
deemed to be in Category 1 under the above table at the option of the Agent or
at the request of the Required Lenders if the Company fails to deliver the
financial statements or the related compliance certificate required to be
delivered by it pursuant to Section 9.5(a), (b) or (c) during the period from
the expiration of the time for delivery thereof until such financial statements
and related compliance certificate are delivered. In the event that any
financial statement or certificate delivered pursuant to Section 9.5(a), (b) or
(c), as applicable, is shown to be inaccurate when delivered (regardless of
whether this Agreement or the Commitments are in effect when such inaccuracy is
discovered) and such inaccuracy, if corrected, would have led to the application
of a higher Applicable Margin for any period (an “Applicable Period”) than the
Applicable Margin applied for such Applicable Period, and only in such case,
then the Company shall immediately (i) deliver to the Agent corrected financial
statements for such Applicable Period, (ii) determine the Applicable Margin for
such Applicable Period based upon the corrected financial statements, and
(iii) immediately pay to the Administrative Agent the accrued additional
interest owing as a result of such increased Applicable Margin for such
Applicable Period. This provision is in addition to rights of the Administrative
Agents and Lenders with respect to Section 5.3 and their other respective rights
under this Agreement and shall not limit the rights of the Agent to declare an
Event of Default.’
          Section 2.2 Amendment to Section 9.5. Section 9.5 of the Credit
Agreement is hereby amended to re-letter the subsection that is currently letter
(h) to be subsection (i) and to add the following new subsection (h):

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“(h) Within thirty (30) days after the end of each fiscal quarter, a completed
Availability Analysis in the form of Exhibit 9.5(h), and such other information
as the Agent may have reasonably requested to determine the accuracy of such
calculation, calculated as of the end of the preceding month; and”
          Section 2.3 Addition of Exhibit 9.5(h). A new Exhibit 9.5(h) is hereby
added in the form of Exhibit 9.5(h) attached to this Amendment.
          Section 2.4 Amendment to Section 10.14. Section 10.14 of the Credit
Agreement is hereby amended to be restated in its entirety as follows:
          “Section 10.14. Senior Secured Leverage Ratio and Total Leverage
Ratio. The Company shall not, at any time permit (a) its Senior Secured Leverage
Ratio to be greater than 2.75 to 1.0 and (b) its Total Leverage Ratio to be
greater than 4.5 to 1.0.”
ARTICLE III. CONDITIONS
          The effectiveness of this First Amendment is subject to the
satisfaction of the following conditions precedent:
          Section 3.1 Loan Documents. The Agent shall have received counterparts
of this First Amendment executed and delivered by a duly authorized officer of
the Company and each of the Borrowers and the Required Lenders.
          Section 3.2 Representations and Warranties. Except as affected by the
transactions contemplated in the Credit Agreement and this First Amendment, each
of the representations and warranties made by the Company and the other
Borrowers in or pursuant to the Loan Documents shall be true and correct in all
material respects as of the Effective Date, as if made on and as of such date,
except to the extent that such representations and warranties are limited to an
earlier date or period in which case they shall be limited to such earlier date
or period.
          Section 3.3 Other Instruments or Documents. The Agent shall receive
such other instruments or documents as it may reasonably request.
          Section 3.4 Payment of Fees and Expenses. The Agent shall have
received payment of all its fees and expenses in connection with this Amendment,
including, without limitation, amendment fees.
          Section 3.5 Bank of America Facility. The Agent shall have received an
amendment modifying the Senior Secured Leverage Ratio covenant in that certain
Credit Agreement dated March 29, 2007 among Group 1 Realty, Inc., as borrower,
the Company, as parent guarantor, Bank of America, N.A., as administrative
agent, and the other lenders party thereto, as the same has been or will be
amended, modified or supplemented from time to time.

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ARTICLE IV. MISCELLANEOUS
          Section 4.1 Adoption, Ratification and Confirmation of Credit
Agreement. The Company, each of the Borrowers, the Agents and the Lenders do
hereby adopt, ratify and confirm the Credit Agreement, as amended hereby, and
the Security Documents, and acknowledges and agrees that the Credit Agreement,
as amended hereby, and each of the Security Documents, are and remain in full
force and effect.
          Section 4.2 Successors and Assigns. This First Amendment shall be
binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns permitted pursuant to the Credit Agreement.
          Section 4.3 Counterparts. This First Amendment may be executed by one
or more of the parties hereto in any number of separate counterparts, and may be
delivered in original or facsimile form, and all of such counterparts taken
together shall be deemed to constitute one and the same instrument and shall be
enforceable as of the Effective Date upon the execution of one or more
counterparts hereof by the Company, the other Borrowers, the Agents and the
Required Lenders. In this regard, each of the parties hereto acknowledges that a
counterpart of this First Amendment containing a set of counterpart execution
pages reflecting the execution of each party hereto shall be sufficient to
reflect the execution of this First Amendment by each necessary party hereto and
shall constitute one instrument.
          Section 4.4 Number and Gender. Whenever the context requires,
reference herein made to the single number shall be understood to include the
plural; and likewise, the plural shall be understood to include the singular.
Words denoting sex shall be construed to include the masculine, feminine and
neuter, when such construction is appropriate; and specific enumeration shall
not exclude the general but shall be construed as cumulative. Definitions of
terms defined in the singular or plural shall be equally applicable to the
plural or singular, as the case may be, unless otherwise indicated.
          Section 4.5 Invalidity. In the event that any one or more of the
provisions contained in this First Amendment shall for any reason be held
invalid, illegal or unenforceable in any respect, such invalidity, illegality or
unenforceability shall not affect any other provision of this First Amendment.
          Section 4.6 Titles of Articles, Sections and Subsections. All titles
or headings to Articles, Sections, subsections or other divisions of this First
Amendment or the exhibits hereto, if any, are only for the convenience of the
parties and shall not be construed to have any effect or meaning with respect to
the other content of such Articles, Sections, subsections, other divisions or
exhibits, such other content being controlling as the agreement among the
parties hereto.
          Section 4.7 Release and Indemnity.
          (a) The Company and each of the other Borrowers do hereby release and
indemnify the Agents and each Lender and each Affiliate thereof and their
respective directors, officers, employees and agents from, and release and hold
each of them harmless from any and all losses, liabilities, claims or damages
(including reasonable legal fees and expenses) to which any of them may become
subject, insofar as such losses, liabilities, claims or damages arise out of or

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result from the Loan Documents or the transactions contemplated thereby
(including any threatened investigation or proceeding), or the actions or
inactions of any Person in regard thereto, including any Person hereby released,
and the Company and each of the other Borrowers shall reimburse each Lender and
each Affiliate thereof and their respective directors, officers, employees and
agents, upon demand, for any expenses (including legal fees) reasonably incurred
in connection with any investigation or proceeding involving such matters (the
“Indemnified Obligations”). Without prejudice to the survival of any other
obligations of the Company and the other Borrowers hereunder and under the other
Loan Documents, such release and indemnity shall survive the termination of the
Credit Agreement or this Amendment and the other Loan Documents, the payment of
the Obligations, or the assignment of the Notes.
          (b) Without limiting any provision of this Amendment, it is the
express intention of the parties hereto that each Person to be indemnified
hereunder shall be indemnified and held harmless against any and all Indemnified
Obligations arising out of or resulting from the ordinary sole or contributory
negligence of such Person or imposed upon said party under any theory of strict
liability. Without prejudice to the survival of any other obligations of the
Borrowers hereunder and under the other Loan Documents, the obligations of the
Borrowers under this Section shall survive the termination of this Amendment,
the Credit Agreement and the other Loan Documents and the payment of the
Obligations and the Notes.
          Section 4.8 Governing Law. This First Amendment shall be deemed to be
a contract made under and shall be governed by and construed in accordance with
the internal laws of the State of Texas.
          Section 4.9 Entire Agreement. The Credit Agreement, as amended by this
First Amendment and the other Loan Documents, constitute the entire agreement
among the parties hereto with respect to the subject thereof. All prior
understandings, statements and agreements, whether written or oral, relating to
the subject thereof are superseded by the Credit Agreement, as amended by this
First Amendment, and the other Loan Documents.
[SIGNATURES BEGIN ON NEXT PAGE]

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     IN WITNESS HEREOF, the parties hereto have caused this First Amendment to
be duly executed and delivered by their proper and duly authorized officers as
of the Effective Date.

            GROUP 1 AUTOMOTIVE, INC.,
a Delaware corporation
      By:   /s/ John C. Rickel         John C. Rickel        Senior Vice
President and CFO        GROUP 1 FUNDING, INC.,
a Delaware corporation;
GROUP 1 REALTY, INC.,
a Delaware corporation;
      By:   /s/ John C. Rickel         John C. Rickel        President       
BARON DEVELOPMENT COMPANY, LLC,
a Kansas limited liability company
G1R FLORIDA, LLC,
a Delaware limited liability company
IVORY AUTO PROPERTIES OF SOUTH CAROLINA, LLC,
A South Carolina limited liability company

By:  Group 1 Realty, Inc.,
        its Sole Member
      By:   /s/ John C. Rickel         John C. Rickel        President       
BOHN HOLDINGS, LLC,
a Delaware limited liability company;
By:  Bohn Holdings, Inc.,
        its Sole Member
BOHN-FII, LLC,
a Delaware limited liability company;
By:  Bohn Holdings-F, Inc.,
        its Sole Member
GPI KS-SV, LLC,
a Delaware limited liability company
By:  GPI KS-SB, Inc.,
        its Sole Member
   

 

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            GPI SC-SV, LLC,
a Delaware limited liability company
By:  GPI SC-SB, Inc.,
        its Sole Member
GROUP 1 ASSOCIATES HOLDINGS, LLC,
a Delaware limited liability company
By:  Group 1 Associates, Inc.,
        its Sole Member
HARVEY-FLM, LLC,
a Delaware limited liability company;
By:  Bohn Holdings-F, Inc.,
        its Sole Member
HARVEY FORD, LLC,
a Delaware limited liability company;
By:  Bohn-FII, LLC,
        its Sole Member
By:  Bohn Holdings-F, Inc.,
        its Sole Member
HARVEY GM, LLC,
a Delaware limited liability company;
By:  Bohn Holdings, LLC,
        its Sole Member
By:  Bohn Holdings, Inc.,
        its Sole Member
HARVEY OPERATIONS-T, LLC,
a Delaware limited liability company
By:  Bohn Holdings, LLC,
        its Sole Member
By:  Bohn Holdings, Inc.,
        its Sole Member
IRA AUTOMOTIVE GROUP, LLC,
a Delaware limited liability company
By:  Danvers-T, Inc.,
        its Sole Member
      By:   /s/ John C. Rickel         John C. Rickel        Vice President   

 

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            DANVERS-SU, LLC,
a Delaware limited liability company
By:  Group 1 Holdings-S, L.L.C.,
        its Sole Member
      GROUP 1 HOLDINGS-DC, L.L.C.,
a Delaware limited liability company;
GROUP 1 HOLDINGS-F, L.L.C.,
a Delaware limited liability company;
GROUP 1 HOLDINGS-GM, L.L.C.,
a Delaware limited liability company;
GROUP 1 HOLDINGS-H, L.L.C.,
a Delaware limited liability company;
GROUP 1 HOLDINGS-N, L.L.C.,
a Delaware limited liability company;
GROUP 1 HOLDINGS-S, L.L.C.,
a Delaware limited liability company;
GROUP 1 HOLDINGS-T, L.L.C.,
a Delaware limited liability company;
HOWARD-DCIII, LLC,
a Delaware limited liability company;
      By:  Group 1 Automotive, Inc.,
        its Sole Member
      By:   /s/ John C. Rickel         John C. Rickel        Senior Vice
President & CFO        COURTESY FORD, LLC,
a Delaware limited liability company;
GULF BREEZE FORD, LLC,
a Delaware limited liability company;
KEY FORD, LLC,
a Delaware limited liability company;
KOONS FORD, LLC,
a Delaware limited liability company;
      By:  Group 1 FL Holdings, Inc.,
        its Sole Member
      By:   /s/ John C. Rickel         John C. Rickel        Vice President   

 

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            GROUP 1 LP INTERESTS-DC, INC.,
a Delaware corporation;
GROUP 1 LP INTERESTS-GM, INC.,
a Delaware corporation;
GROUP 1 LP INTERESTS-S, INC.,
a Delaware corporation;
      By:   /s/ John C. Rickel         John C. Rickel        President       
AMARILLO MOTORS-C, LTD.,
a Texas limited partnership;
AMARILLO MOTORS-J, LTD.,
a Texas limited partnership;
AMARILLO MOTORS-SM, LTD.,
a Texas limited partnership;
GPI, LTD.,
a Texas limited partnership;
MAXWELL-G, LTD.,
a Texas limited partnership;
MCCALL-SL, LTD.,
a Texas limited partnership;
PRESTIGE CHRYSLER SOUTH, LTD.,
a Texas limited partnership;
ROCKWALL AUTOMOTIVE-DCD, LTD.,
a Texas limited partnership;
      By:  Group 1 Associates, Inc.,
         its General Partner
      By:   /s/ John C. Rickel         John C. Rickel        Vice President   

 

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            ADVANTAGECARS.COM, INC.,
a Delaware corporation;
AMARILLO MOTORS-F, INC.,
a Delaware corporation;
BOB HOWARD AUTOMOTIVE-EAST, INC.,
an Oklahoma corporation;
BOB HOWARD CHEVROLET, INC.,
an Oklahoma corporation;
BOB HOWARD DODGE, INC.,
an Oklahoma corporation;
BOB HOWARD MOTORS, INC.,
an Oklahoma corporation;
BOB HOWARD NISSAN, INC.,
an Oklahoma corporation;
BOHN HOLDINGS, INC.,
a Delaware corporation;
BOHN HOLDINGS-F, INC.,
a Delaware corporation;
CASA CHEVROLET, INC.,
a New Mexico corporation;
CASA CHRYSLER PLYMOUTH JEEP, INC.,
a New Mexico corporation;
CHAPERRAL DODGE, INC.,
a Delaware corporation;
DANVERS-DCII, INC.,
a Delaware corporation;
DANVERS-DCIII, INC.,
a Delaware corporation;
DANVERS-N, INC.,
a Delaware corporation;
DANVERS-NII, INC.,
a Delaware corporation;
DANVERS-S, INC.,
a Delaware corporation;
DANVERS-SB, INC.,
a Delaware corporation;
DANVERS-T, INC.,
a Delaware corporation;
DANVERS-TII, INC.,
a Delaware corporation;
DANVERS-TIII, INC.,
a Delaware corporation;
DANVERS-TL, INC.,
a Delaware corporation;
   

 

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            FMM, INC.,
a California corporation;
GPI AL-N, INC.,
a Delaware corporation;
GPI ATLANTA-F, INC.,
a Georgia corporation;
GPI ATLANTA-FLM, INC.,
a Delaware corporation;
GPI ATLANTA-FLMII, INC.,
a Delaware corporation;
GPI ATLANTA-T, INC.,
a Delaware corporation;
GPI CA-DMII, INC.
a Delaware corporation;
GPI CA-NIII, INC.,
a Delaware corporation;
GPI CA-TII, INC.,
a Delaware corporation;
GPI GA-DM, INC.,
a Delaware corporation;
GPI KS-SB, INC.,
a Delaware corporation;
GPI MS-H, INC.,
a Delaware corporation;
GPI MS-N, INC.,
a Delaware corporation;
GPI MS-SK, INC.,
a Delaware corporation;
GPI NH-T, INC.,
a Delaware corporation;
GPI NH-TL, INC.,
a Delaware corporation;
GPI SAC-SK, INC.,
a Delaware corporation;
GPI SAC-T, INC.,
a Delaware corporation;
GPI SD-DC, INC.,
a Delaware corporation;
GPI SC-SB, INC.,
a Delaware corporation;
GPI SD-IMPORTS, INC.,
a Delaware corporation;
GROUP 1 ASSOCIATES, INC.,
a Delaware corporation;
   

 

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            GROUP 1 FL HOLDINGS, INC.,
a Delaware corporation;
HOWARD FORD, INC.,
a Delaware corporation;
HOWARD PONTIAC-GMC, INC.,
an Oklahoma corporation;
HOWARD-GM, INC.,
a Delaware corporation;
HOWARD-GMII, INC.,
a Delaware corporation;
HOWARD-GMIII, INC.,
a Delaware corporation;
HOWARD-H, INC.,
a Delaware corporation;
HOWARD-HA, INC.,
a Delaware corporation;
HOWARD-SB, INC.,
a Delaware corporation;
JIM TIDWELL FORD, INC.,
a Delaware corporation;
KUTZ-N, INC.,
a Delaware corporation;
LUBBOCK MOTORS, INC.,
a Delaware corporation;
LUBBOCK MOTORS-F, INC.,
a Delaware corporation;
LUBBOCK MOTORS-GM, INC.,
a Delaware corporation;
LUBBOCK MOTORS-S, INC.,
a Delaware corporation;
LUBBOCK MOTORS-SH, INC.,
a Delaware corporation;
LUBBOCK MOTORS-T, INC.,
a Delaware corporation;
LUBY CHEVROLET CO.,
a Delaware corporation;
MAXWELL CHRYSLER DODGE JEEP, INC.,
a Delaware corporation;
MAXWELL FORD, INC.,
a Delaware corporation;
MAXWELL-GMII, INC.,
a Delaware corporation;
MAXWELL-N, INC.,
a Delaware corporation;
   

 

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            MAXWELL-NII, INC.,
a Delaware corporation;
MCCALL-H, INC.,
a Delaware corporation;
MCCALL-HA, INC.,
a Delaware corporation;
MCCALL-N, INC.,
a Delaware corporation;
MCCALL-SB, INC.,
a Delaware corporation;
MCCALL-T, INC.,
a Delaware corporation;
MCCALL-TII, INC.,
a Delaware corporation;
MCCALL-TL, INC.,
a Delaware corporation;
MIKE SMITH AUTOMOTIVE-H, INC.,
a Delaware corporation;
MIKE SMITH AUTOMOTIVE-N, INC.,
a Texas corporation;
MIKE SMITH AUTOPLAZA, INC.,
a Texas corporation;
MIKE SMITH AUTOPLEX BUICK, INC.,
a Texas corporation;
MIKE SMITH AUTOPLEX DODGE, INC.,
a Texas corporation;
MIKE SMITH AUTOPLEX, INC.,
a Texas corporation;
MIKE SMITH AUTOPLEX-GERMAN IMPORTS, INC.,
a Texas corporation;
MIKE SMITH GM, INC.,
a Delaware corporation;
MIKE SMITH IMPORTS, INC.,
a Texas corporation;
MIKE SMITH MOTORS, INC.,
a Texas corporation;
MILLBRO, INC.,
a California corporation;
MILLER AUTOMOTIVE GROUP, INC.,
a California corporation;
MILLER FAMILY COMPANY, INC.,
a California corporation;
MILLER IMPORTS, INC.,
a California corporation;
   

 

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            MILLER INFINITI, INC.,
a California corporation;
MILLER NISSAN, INC.,
a California corporation;
MILLER-DM, INC.,
a Delaware corporation;
MILLER-SH, INC.,
a Delaware corporation;
NJ-DM, INC.,
a Delaware corporation;
NJ-H, INC.,
a Delaware corporation;
NJ-HA, INC.,
a Delaware corporation;
NJ-HAII, INC.,
a Delaware corporation;
NJ-HII, INC.,
a Delaware corporation;
NJ-SB, INC.,
a Delaware corporation;
NJ-SV, INC.,
a Delaware corporation;
NY-FV, INC.,
a Delaware corporation;
NY-FVII, INC.,
a Delaware corporation;
NY-SB, INC.,
a Delaware corporation;
NY-SBII, INC.,
a Delaware corporation
PERIMETER FORD, INC.,
a Delaware corporation;
PRESTIGE CHRYSLER NORTHWEST, INC.,
a Delaware corporation;
ROCKWALL AUTOMOTIVE-F, INC.,
a Delaware corporation;
SUNSHINE BUICK PONTIAC GMC TRUCK, INC.,
a New Mexico corporation
WEST CENTRAL MANAGEMENT CO., INC.,
a Delaware corporation;
      By:   /s/ John C. Rickel         John C. Rickel        Vice President     

 

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          AGENT, ISSUING BANK AND LENDER: JPMORGAN CHASE BANK, N.A.
      By:   /s/ H. David Jones         Name:   H. David Jones        Title:  
Senior Vice President   

 

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          FLOOR PLAN AGENT, SWING LINE BANK AND LENDER: COMERICA BANK
      By:   /s/ Jonathan S. Heine         Name:   Jonathan S. Heine       
Title:   Vice President   

 

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          SYNDICATION AGENT AND LENDER: BANK OF AMERICA, N.A.
      By:   /s/ M. Patricia Kay         Name:   M. Patricia Kay        Title:  
Senior Vice President   

 

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          LENDER: TOYOTA MOTOR CREDIT CORPORATION
      By:   /s/ Mark Doi         Name:   Mark Doi        Title:   National
Accounts Dealer Credit Manager   

 

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          LENDER: NISSAN MOTOR ACCEPTANCE CORPORATION,
a California corporation
      By:   /s/ Kevin Cullum         Name:   Kevin Cullum        Title:  
Director, Commercial Credit   

 

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          LENDER: SOVEREIGN BANK
      By:   /s/ Kyle S. Bourque         Name:   Kyle S. Bourque        Title:  
Vice President   

 

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          LENDER: BMW FINANCIAL SERVICES NA. LLC
      By:   /s/ Jeff Burnside         Name:   Jeff Burnside        Title:  
Credit Manager, Retailer Finance   

            By:   /s/ John B. Nore         Name:   John B. Nore        Title:  
GM, Retailer Finance   

 

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          LENDER: WACHOVIA BANK, NATIONAL ASSOCIATION
      By:   /s/ Michael R. Burkitt         Name:   Michael R. Burkitt       
Title:   Senior Vice President   

 

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          LENDER: BNP PARIBAS
      By:   /s/ Richard Broeren         Name:   Richard Broeren        Title:  
Managing Director   

            By:   /s/ Michael Pearce         Name:   Michael Pearce       
Title:   Director   

 

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          LENDER: U.S. BANK, N.A.
      By:   /s/ Jonathan A. Horton         Name:   Jonathan A. Horton       
Title:   Senior Vice President   

 

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          LENDER: CITIBANK, N.A.
      By:   /s/ Christopher M. Murphy         Name:   Christopher M. Murphy     
  Title:   Vice President   

 

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          LENDER: BARCLAYS BANK PLC
      By:   /s/ Douglas Bernegger         Name:   Douglas Bernegger       
Title:   Director   

 

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          LENDER: RBS CITIZENS, N.A., SUCCESSOR BY MERGER TO CITIZENS BANK NEW
HAMPSHIRE
      By:   /s/ Mark C. Mazmanian         Name:   Mark C. Mazmanian       
Title:   Vice President   

 

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          LENDER: KEY BANK
      By:   /s/ Jim Webber         Name:   Jim Webber        Title:   Commercial
RM, VP   

 

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          LENDER: SUNTRUST BANK
      By:   /s/ Baerbel Freudenthaler         Name:   Baerbel Freudenthaler     
  Title:   Vice President   

 

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          LENDER: WELLS FARGO BANK, NATIONAL ASSOCIATION
      By:   /s/ Byron Slaughter         Name:   Byron Slaughter        Title:  
Credit Manager   

 

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          LENDER: FIFTH THIRD BANK
      By:   /s/ Mark Olson         Name:   Mark Olson        Title:   Vice
President   

 

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          LENDER: NATIONAL CITY BANK
      By:   /s/ John R. Schufield         Name:   John R. Schufield       
Title:   Vice President   

 

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          LENDER: DEUTSCHE BANK AG NEW YORK BRANCH
      By:   /s/ Scottye Lindsey         Name:   Scottye Lindsey        Title:  
Director            By:   /s/ Carin Keegan         Name:   Carin Keegan       
Title; Vice President   

 

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          LENDER: WORLD OMNI FINANCIAL CORP.
      By:   /s/ Rebecca Hewitt         Name:   Rebecca Hewitt        Title:  
AVP Commercial Operations   

 

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          LENDER: AMARILLO NATIONAL BANK
      By:   /s/ Cory Ramsey         Name:   Cory Ramsey        Title:   Senior
Vice President   

 

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          LENDER: BANK OF OKLAHOMA, N.A.
      By:   /s/ Kenneth R. Owens         Name:   Kenneth R. Owens       
Title:   Vice President     

 

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EXHIBIT 9.5(h)
FORM OF AVAILABILITY ANALYSIS

                  (I)   Acquisition Loan Advance Limit Calculation:    
 
                    (a)   The lesser of (i) and (ii):    
 
               
 
      (i)   The Acquisition Loan Commitment   $___________
 
               
 
      (ii)   The Acquisition Loan Borrowing Base (as calculated in (II) below)  
$___________
 
                    (b)   Minus the amount of the Reserve Commitment  
$___________
 
                (II)   Revolving Credit Borrowing Base Calculation:    
 
                    For the Company and its Subsidiaries on a consolidated
basis, the difference between (a) and (b):
 
                    (a)   The sum of the following items, without duplication,
on which the Administrative Agent holds a valid and perfected Lien:    
 
               
 
      (i)   100% of the wholesale purchase price of New Motor Vehicles and
Demonstrators that are part of the Collateral;   $___________
 
               
 
         
(less 100 % of the wholesale purchase price of New Motor Vehicles and
Demonstrators where Agent’s Lien is subordinate, which includes Ford New Motor
Vehicles & Demos, which includes Ford, Lincoln/Mercury, Mazda, Volvo, Range
Rover, and Jaguar)
  ($__________)

 

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      (ii)   85% of the Book Value of Used Motor Vehicles and Rental Motor
Vehicles that are part of the Collateral and where the Agent holds a valid and
perfected first priority Lien;   $___________
 
               
 
         
(less 85% of the Book Value of Used Vehicles that were purchased by the
applicable Floor Plan Borrower more than 90 days prior to the date of
determination)
  ($__________)
 
               
 
      (iii)   100% of the amount of contracts in transit, including, without
limitation, all accounts, chattel paper and agreements of third parties to pay
the purchase price of vehicles sold to customers, which agreements are not yet
funded;   $___________
 
               
 
      (iv)   80% of Eligible Accounts where the Agent holds a valid and
perfected first priority Lien, excluding all described in (iii) above;  
$___________
 
               
 
      (v)   60% of the Book Value of parts inventory where the Agent holds a
valid and perfected first priority Lien;   $___________
 
               
 
      (vi)   50% of the cash deposits in all deposit accounts; provided that
after ______, 2008, such cash deposits will be included only for deposit
accounts in which the Agent has a perfected first priority Lien evidenced by a
control agreement with the depository bank for each such account; and  
$___________
 
               
 
      (vii)   50% of the market value of the securities held in securities
accounts in which the Agent has a perfected first priority Lien evidenced by a
control agreement with the securities intermediary for such account.  
$___________
 
                        Sum of (i) through (vii)   $___________

Exhibit 9.5(h)

 

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                      (b)   100% of all Floor Plan Loans and Swing Line Loans
plus the excess, if any, of the amount of floor plan loans attributable to New
Motor Vehicles and Demonstrators where the Agent’s Lien is subordinated over
100% of the wholesale purchase price of New Motor Vehicles and Demonstrators
where Agent’s Lien is subordinated.   $___________
 
                    Difference between (a) and (b)   $___________
 
                (III)   Used Car Book Value; Floor Plan Advance Limit:    
 
                    (a)   The Book Value of all Used Motor Vehicles owned by the
Floor Plan Borrowers.   $___________
 
                    (b)   Floor Plan Advance Limit for Used Motor Vehicles (70%
of (a)).   $___________

Exhibit 9.5(h)