Exhibit 4.1





Exhibit 4.1




FIRST AMENDMENT




THIS FIRST AMENDMENT, dated as of October 30, 2009 (this “Amendment”), is to the Third
Amended and Restated Credit Agreement (as heretofore amended, the “Credit Agreement”) dated
as of October 30, 2008 among PENSKE AUTOMOTIVE GROUP, INC. (the “Company”), various
financial institutions (the “Lenders”) and DCFS USA LLC, as successor agent for the Lenders
(the “Agent”). Unless otherwise defined herein, terms defined in the Credit Agreement are
used herein as defined in the Credit Agreement.




WHEREAS, the parties hereto desire to amend the Credit Agreement in certain respects;



NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration
(the receipt and sufficiency of which are hereby acknowledged), the parties hereto agree as
follows:



SECTION 1 AMENDMENT. Effective on the Effective Date (defined below), the definition
of “Interest Rate” in Section 1.1 of the Credit Agreement shall be amended by deleting the current
definition and replacing the same in its entirety as follows:




Interest Rate means, for each day, a rate per annum equal to the sum of (a) (i) in
the case of any day from and including the first day of each calendar month through and
including the 15th day of such calendar month, the LIBO Rate for the first day of such
calendar month and (ii) in the case of any day from and including the 16th day of each
calendar month through and including the last day of such calendar month, the LIBO Rate for
the 16th day of such calendar month (the rate set forth in this clause (a) being the
“Base LIBO Rate”) plus (b) (i) in the case of Revolving Loans, (x) if the Total
Outstandings is less than or equal to the Borrowing Base, a margin of two and one-half
percent (2.50%) per annum, and (y) if the Total Outstandings exceed the Borrowing Base, then
(A) a margin of three percent (3.00%) per annum shall apply to the portion of the Revolving
Loans equal to the amount by which the Total Outstandings exceed the Borrowing Base and (B)
a margin of two and one-half percent (2.50%) per annum shall apply to the portion of
Revolving Loans not described in the foregoing clause (A) (with each determination
of the Borrowing Base in this clause (i) to be effective as of the first day of the
calendar month during which the applicable Borrowing Base Certificate is delivered) and (ii)
in the case of the Term Loans, a margin of two and one-half percent (2.50%) per annum.
Notwithstanding the foregoing, at any time an Event of Default exists, the applicable margin
shall be increased by two percent (2.00%) per annum. For purposes of this definition,
“LIBO Rate” means, for each date of calculation, (1) the rate of interest (rounded
upwards, if necessary, to the next 1/16th of 1%) published in The Wall Street
Journal on such day (or the immediately preceding Business Day, if such date is not a
Business Day) in its “Money Rates” column as the one-month London Interbank Offered Rate for
Dollar-denominated deposits (if The Wall Street Journal ceases to publish such a
rate or substantially changes the methodology used to determine such rate, then the rate
shall be the rate of interest (rounded upwards, if necessary, to the next 1/16th of 1%)
published by Reuters Monitor Rates Service on such day (or the immediately preceding
Business Day, if such date is not a Business Day) as the one-month London Interbank Offered
Rate for Dollar-denominated deposits or (2) if such rate is not published or available, such rate as shall be otherwise independently determined by the Agent on a basis
substantially similar to the methodology used by The Wall Street Journal on the date
of this Agreement.


  


 









 





SECTION 2 REPRESENTATIONS AND WARRANTIES. The Company represents and warrants to the
Agent and the Lenders that: (a) the representations and warranties made in Section 8 of
the Credit Agreement are true and correct on and as of the date hereof with the same effect as if
made on and as of the date hereof (except to the extent relating solely to an earlier date, in
which case they were true and correct as of such earlier date); (b) no Event of Default or
Unmatured Event of Default exists or will result from the execution of this Amendment; (c) no event
or circumstance has occurred since the Effective Date that has resulted, or would reasonably be
expected to result, in a Material Adverse Effect; (d) the execution and delivery by the Company of
this Amendment and the performance by the Company of its obligations under the Credit Agreement as
amended hereby (as so amended, the “Amended Credit Agreement”) (i) are within the corporate
powers of the Company, (ii) have been duly authorized by all necessary corporate action, (iii) have
received all necessary approval from any governmental authority and (iv) do not and will not
contravene or conflict with any provision of any law, rule or regulation or any order, decree,
judgment or award which is binding on the Company or any of its Subsidiaries or of any provision of
the certificate of incorporation or bylaws or other organizational documents of the Company or of
any agreement, indenture, instrument or other document which is binding on the Company or any of
its Subsidiaries; and (e) the Amended Credit Agreement is the legal, valid and binding obligation
of the Company, enforceable against the Company in accordance with its terms, except as
enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the
enforcement of creditors’ rights generally or by equitable principles relating to enforceability;



SECTION 3 CONDITIONS TO EFFECTIVENESS. The amendment set forth in Section 1
above shall become effective as of October 1, 2009 (the “Effective Date”) upon the
satisfaction of the following conditions precedent, each in form and substance satisfactory to the
Agent:



3.1 Amendment. The Agent shall have received a counterpart of this Amendment executed
by the Company and each Lender (or, in the case of any party other than the Company from which the
Agent has not received a counterpart hereof, facsimile confirmation of the execution of a
counterpart hereof by such party).



3.2 Reaffirmation. The Agent shall have received a counterpart of the Reaffirmation
of Loan Documents, in form and substance satisfactory to the Agent, executed by each Loan Party
other than the Company.



3.3 Other Documents. Such other documents as the Agent or any Lender may reasonably
request.


 


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SECTION 4 MISCELLANEOUS.



4.1 Continuing Effectiveness, etc. As hereby amended, the Credit Agreement shall
remain in full force and effect and is hereby ratified and confirmed in all respects. All
references in the Credit Agreement, the Notes, each other Loan Document and any similar document to
the “Credit Agreement” or similar terms shall refer to the Amended Credit Agreement.



4.2 Counterparts. This Amendment may be executed in any number of counterparts and by
the different parties on separate counterparts, and each such counterpart shall be deemed to be an
original but all such counterparts shall together constitute one and the same Amendment.



4.3 Expenses. The Company agrees to pay the reasonable costs and expenses of the
Agent (including reasonable fees and disbursements of counsel, including, without duplication, the
allocable costs of internal legal services and all disbursements of internal legal counsel) in
connection with the preparation, execution and delivery of this Amendment.



4.4 Severability of Provisions. In the event that any provision in or obligation
under this Amendment shall be invalid, illegal or unenforceable in any jurisdiction, the validity,
legality and enforceability of the remaining provisions or obligations, or of such provision or
obligation in any other jurisdiction, shall not in any way be affected or impaired thereby.



4.5 Section Headings. The various headings of this Amendment are inserted for
convenience only and shall not affect the meaning or interpretation of this Amendment or the
Agreement or any provision hereof or thereof.



4.6 Governing Law. This Amendment shall be a contract made under and governed by the
laws of the State of New York applicable to contracts made and to be wholly performed within the
State of New York.



4.7 Successors and Assigns. This Amendment shall be binding upon the Company, the
Lenders and the Agent and their respective successors and assigns, and shall inure to the benefit
of the Company, the Lenders and the Agent and the successors and assigns of the Lenders and the
Agent.



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Delivered as of the day and year first above written.



	 	 	 	 	 
	 	 	PENSKE AUTOMOTIVE GROUP, INC.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Robert T. O’Shaughnessy
	 

	 	 	 	 
	 

	 	Title:
	 	EVP Finance and CFO
	 

	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 	 	DCFS USA LLC, as Agent, as Issuing Lender and as a Lender
	 
	 	 	 	 
	 

	 	By:
	 	Michele Nowak
	 

	 	 	 	 
	 

	 	Title:
	 	Credit Director National Accounts
	 

	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 	 	TOYOTA MOTOR CREDIT CORPORATION, as a Lender
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Mark Doi
	 

	 	 	 	 
	 

	 	Title:
	 	National Dealer Credit Manager