# EDGAR Filing Document

**Accession Number:** 0000799850
**File Stem:** 0001171843-23-001280
**Filing Date:** 2023-3
**Character Count:** 28969
**Document Hash:** 9e57e997365594420852596790402ce1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001171843-23-001280.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001171843-23-001280

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20230222

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICAS CARMART INC
- **CENTRAL INDEX KEY:** 0000799850
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-AUTO DEALERS & GASOLINE STATIONS [5500]
- **IRS NUMBER:** 630851141
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-14939
- **FILM NUMBER:** 23688289

**BUSINESS ADDRESS:**
- **STREET 1:** 1805 NORTH 2ND STREET
- **STREET 2:** SUITE 401
- **CITY:** ROGERS
- **STATE:** AR
- **ZIP:** 72756
- **BUSINESS PHONE:** (479) 464-9944

**MAIL ADDRESS:**
- **STREET 1:** 1805 NORTH 2ND STREET
- **STREET 2:** SUITE 401
- **CITY:** ROGERS
- **STATE:** AR
- **ZIP:** 72756

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CROWN GROUP INC /TX/
- **DATE OF NAME CHANGE:** 19971022

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CROWN CASINO CORP
- **DATE OF NAME CHANGE:** 19931104

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SKYLINK AMERICA INC
- **DATE OF NAME CHANGE:** 19920703

?xml version="1.0" encoding="utf-8"?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington D.C. 20549

**FORM 8-K**

**CURRENT REPORT** 

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): **February 22, 2023**

**AMERICA'S CAR-MART, INC.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Texas** | **0-14939** | **63-0851141** |
| (State or other jurisdiction of incorporation) | (Commission file number) | (I.R.S. Employer Identification No.) |

---

**1805 North 2<sup>nd</sup> Street, Suite 401, Rogers, Arkansas 72756**

(Address of principal executive offices, including zip code)

**(479) 464-9944**

(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, par value $0.01 per share | CRMT | NASDAQ Global Select Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

---

| | |
|:---|:---|
| **Item 1.01.** | **Entry into a Material Definitive Agreement.** |

---

On February 22, 2023, America's Car-Mart, Inc., a Texas corporation (the "Company"), and its subsidiaries, Colonial Auto Finance, Inc., an Arkansas corporation ("Colonial"), America's Car Mart Inc., an Arkansas corporation ("ACM"), and Texas Car-Mart, Inc., a Texas corporation ("TCM" and collectively with Colonial and ACM, the "Borrowers"), entered into Amendment No. 5 to the Third Amended and Restated Loan and Security Agreement ("Agreement"), dated as of September 30, 2019, by and among the Company, Colonial, ACM, TCM and a group of lenders, as previously amended on October 29, 2020, February 10, 2021, September 29, 2021, and April 22, 2022.

Amendment No. 5 to the Agreement (the "Amendment") expands the Company's borrowing base by adding vehicle contracts with original terms greater than 60 months but less than 72 months to the definition of long-term contracts. Under the Amendment, finance receivables from vehicle contracts not exceeding 72 months in duration that meet certain other conditions are eligible for inclusion in the borrowing base calculation. The aggregate of the contracts with original terms greater than 60 months but less than 72 months shall not exceed 15% of the eligible finance receivable balances for purposes of determining the Company's borrowing base.

The Amendment also includes a limited waiver under which the lenders agreed to waive a requirement in the Agreement to apply funds from certain dominion accounts established by the Borrowers and controlled by the lenders directly to the Company's outstanding borrowings for a specified period as a result of the Company's borrowing availability being less than 10% of the lenders' aggregate revolver commitments from November 30, 2022, to January 31, 2023. Notwithstanding this waiver, the triggering of the requirement to apply funds from such accounts to the outstanding borrowings did not increase or accelerate the Company's obligations under the Agreement.

On January 31, 2023, the Company had additional availability of approximately $148 million under the revolving credit facilities based on eligible finance receivables and inventory.

Certain members of the lending group under the Agreement, or their respective affiliates, have or may have various relationships with the Company and its subsidiaries involving the provision of a variety of financial services, including treasury management, commercial banking, trust, financial advisory, investment banking or other financial and commercial services, for which they received, or will receive, customary fees and expenses.

The above description is a summary and is qualified in its entirety by Amendment No. 5, which is filed as an exhibit to this report and is incorporated herein by reference.

---

| | |
|:---|:---|
| **Item 2.03** | **Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.** |

---

The information set forth above under Item 1.01 is hereby incorporated by reference into this Item 2.03.

---

| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.** |

---

(d) Exhibits.

---

| | |
|:---|:---|
| [10.1](https://www.sec.gov/Archives/edgar/data/799850/000117184319006283/exh_101.htm) | Third Amended and Restated Loan and Security Agreement dated September 30, 2019, among America's Car-Mart, Inc., a Texas corporation, as Parent; Colonial Auto Finance, Inc., an Arkansas corporation, America's Car Mart, Inc., an Arkansas corporation, and Texas Car-Mart, Inc., a Texas corporation, as Borrowers; and certain financial institutions, as Lenders, with BMO Harris Bank, N.A., as Agent, Lead Arranger and Book Manager (Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the SEC on October 1, 2019). |
| [10.2](https://www.sec.gov/Archives/edgar/data/799850/000117184320007558/exh_42.htm) | Amendment No. 1 to Third Amended and Restated Loan and Security Agreement dated October 29, 2020, among America's Car-Mart, Inc., a Texas corporation, as Parent; Colonial Auto Finance, Inc., an Arkansas corporation, America's Car Mart, Inc., an Arkansas corporation, and Texas Car-Mart, Inc., a Texas corporation, as Borrowers; and certain financial institutions, as Lenders, with BMO Harris Bank, N.A., as Agent, Lead Arranger and Book Manager (Incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K filed with the SEC on November 4, 2020). |
| [10.3](https://www.sec.gov/Archives/edgar/data/799850/000117184321001054/exh_102.htm) | Amendment No. 2 to Third Amended and Restated Loan and Security Agreement dated February 10, 2021, among America's Car-Mart, Inc., a Texas corporation, as Parent; Colonial Auto Finance, Inc., an Arkansas corporation, America's Car Mart, Inc., an Arkansas corporation, and Texas Car-Mart, Inc., a Texas corporation, as Borrowers; and certain financial institutions, as Lenders, with BMO Harris Bank, N.A., as Agent, Lead Arranger and Book Manager (Incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed with the SEC on February 16, 2021). |
| [10.4](https://www.sec.gov/Archives/edgar/data/0000799850/000117184321006731/exh_104.htm) | Amendment No. 3 to Third Amended and Restated Loan and Security Agreement dated September 29, 2021, among America's Car-Mart, Inc., a Texas corporation, as Parent; Colonial Auto Finance, Inc., an Arkansas corporation, America's Car Mart, Inc., an Arkansas corporation, and Texas Car-Mart, Inc., a Texas corporation, as Borrowers; and certain financial institutions, as Lenders, with BMO Harris Bank, N.A., as Agent, Lead Arranger and Book Manager (Incorporated by reference to Exhibit 10.4 to the Company's Current Report on Form 8-K filed with the SEC on September 30, 2021). |

---

---

| | |
|:---|:---|
| [10.5](https://www.sec.gov/Archives/edgar/data/799850/000117184322002864/exh_105.htm) | Amendment No. 4 to Third Amended and Restated Loan and Security Agreement dated April 22, 2022, among America's Car-Mart, Inc., a Texas corporation, as Parent; Colonial Auto Finance, Inc., an Arkansas corporation, America's Car Mart, Inc., an Arkansas corporation, and Texas Car-Mart, Inc., a Texas corporation, as Borrowers; and certain financial institutions, as Lenders, with BMO Harris Bank, N.A., as Agent, Lead Arranger and Book Manager (Incorporated by reference to Exhibit 10.5 to the Company's Current Report on Form 8-K filed with the SEC on April 27, 2022). |
| [10.6](exh_106.htm) | Amendment No. 5 to Third Amended and Restated Loan and Security Agreement and Limited Waiver dated February 22, 2023, among America's Car-Mart, Inc., a Texas corporation, as Parent; Colonial Auto Finance, Inc., an Arkansas corporation, America's Car Mart, Inc., an Arkansas corporation, and Texas Car-Mart, Inc., a Texas corporation, as Borrowers; and certain financial institutions, as Lenders, with BMO Harris Bank, N.A., as Agent, Lead Arranger, and Book Manager. |

---

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
|  | America's Car-Mart, Inc. |
| Date: February 28, 2023 | /s/ Vickie D. Judy |
|  | Vickie D. Judy |
|  | Chief Financial Officer |
|  | (Principal Financial Officer) |

---

## Exhibit 10.6

**Exhibit 10.6**

**Amendment No. 5 to<br> Third Amended and Restated Loan and Security Agreement<br> and Limited Waiver**

This Amendment No. 5 to Third Amended and Restated Loan and Security Agreement and Limited Waiver (*"Amendment"*) is dated as of February 22, 2023, and is entered into by and among America's Car-Mart, Inc., a Texas corporation (*"Parent"*), Colonial Auto Finance, Inc., an Arkansas corporation (*"Colonial"*), America's Car Mart, Inc., an Arkansas corporation (*"ACM"*), Texas Car-Mart, Inc., a Texas corporation (*"TCM"*) (each of Colonial, ACM and TCM, a *"Borrower"*, and collectively, *"Borrowers"*), the financial institutions party to the Loan Agreement (as hereinafter defined) as lenders (collectively, *"Lenders"*), BMO Harris Bank N.A., as agent for the Lenders (in such capacity, *"Agent"*), lead arranger and book manager for the Lenders. All capitalized terms used herein but not otherwise defined shall have the meanings ascribed to them in the Loan Agreement (as hereinafter defined).

**Witnesseth**

Whereas, Parent, Borrowers, Lenders and Agent have entered into that certain Third Amended and Restated Loan and Security Agreement dated as of September 30, 2019 (as amended, amended and restated, supplemented or otherwise modified from time to time prior to the date hereof, the *"Loan Agreement"*; the Loan Agreement, as amended by this Amendment, the "*Amended Loan Agreement*");

Whereas, Parent, Borrowers, the Lenders and Agent have agreed to amend the Loan Agreement and waive certain provisions thereof subject to the terms and conditions stated herein; and

Now, Therefore, in consideration of the premises herein contained and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, Lenders, Agent, Parent and Borrowers hereby agree as follows:

Section 1. Amendments to the Loan Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. The defined terms *"Colonial Contracts Formula Amount"* and *"Long Term Contracts"* appearing in Section 1.1 of the Loan Agreement shall be amended and restated to read in their entirety as follows:

*"Colonial Contracts Formula Amount"* means, as of any date of determination, an amount equal to (a) Colonial Contracts Advance Rate multiplied by the Colonial Net Eligible Contract Payments, *minus* (b) the Colonial Availability Reserve; *provided,* that (i) the aggregate amount of Colonial Net Eligible Contract Payments attributable to Modified Contracts shall at no time exceed 8.0% of the Colonial Contracts Formula Amount, (ii) the aggregate amount of Colonial Net Eligible Contract Payments attributable to Acquired Contracts shall at no time exceed 10.0% of the Colonial Contracts Formula Amount, and (iii) the aggregate amount of Colonial Net Eligible Contract Payments attributable to Long Term Contracts with an original term greater than 60 months but less than 72 months shall at no time exceed 15.0% of the Colonial Net Balance of all Eligible Vehicle Contracts.

*"Long Term Contracts"* means any Vehicle Contract with an original term that is greater than 42 months but less than or equal to 72 months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. Clause (l) of the defined term *"Eligible Vehicle Contracts"* appearing in Section 1.1 of the Loan Agreement shall be amended and restated to read in its entirety as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the original term of the Vehicle Contract is not more than 72 months;

Section 2. Limited Waiver.

The Borrowers have advised the Lenders that a Trigger Event occurred a result of the Colonial Availability plus the ACM-TCM Availability being less than 10% of the aggregate Revolver Commitments for the period commencing on November 30, 2022 through and including January 31, 2023 (the *"2022 Trigger Event"*). The Trigger Period resulting from the 2022 Trigger Event commenced on November 30, 2022 and is scheduled to terminate on May 1, 2023 (such period being referred to herein as the *"2022 Trigger Period"*). The Lenders agreed to waive the requirement to apply the ledger balance in the main Colonial Dominion Account and ACM-TCM Dominion Account as required by Section 5.6 of the Loan Agreement during the 2022 Trigger Period; *provided,* that nothing contained herein shall prevent the Agent and the Lenders from requiring compliance by the Borrowers of Section 5.6 upon the occurrence of a Trigger Event (other than the 2022 Trigger Event).

Section 3. Conditions.

The effectiveness of this Amendment is subject to the satisfaction of the following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. Parent, Borrowers, the Agent and the Lenders shall have executed and delivered this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. The Agent shall have received, for the ratable account of the Lenders in accordance with their respective Percentages, an amendment fee in an aggregate amount equal to $250,000. Such amendment fee shall be non-refundable and fully earned when paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. The Agent shall have received copies (executed or certified, as may be appropriate) of all legal documents or proceedings taken in connection with the execution and delivery of this Amendment to the extent the Agent or its counsel may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. Legal matters incident to the execution and delivery of this Amendment shall be satisfactory to the Agent and its counsel.

Section 4. Representations.

In order to induce the Agent and the Lenders to enter into this Amendment, each Obligor hereby represent and warrant to the Bank that as of the date hereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. *Authorization, Etc.* (a) The Obligors have the power and authority to execute, deliver and perform this Amendment and the other Loan Documents (if any) called for hereby. The Obligors have taken all necessary action (including, without limitation, obtaining approval of its equity holders, if necessary) to authorize its execution, delivery and performance of this Amendment and the other Loan Documents (if any) called for hereby. No consent, approval or authorization of, or declaration or filing with, any Governmental Authority, and no consent of any other Person, is required in connection with such Obligor's execution, delivery and performance of this Amendment or such other Loan Documents, except for those already duly obtained. This Amendment and the other Loan Documents (if any) called for hereby have been duly executed and delivered by the Obligors and constitute the legal, valid and binding obligation of the Obligors, enforceable against them in accordance with their terms, except as enforceability may be limited by applicable bankruptcy, insolvency, or similar laws affecting the enforcement of creditor rights generally or by equitable principles relating to enforceability. The execution, delivery and performance of this Amendment and the other Loan Documents (if any) called for hereby by the relevant Obligors does not (i) contravene with the terms of any Obligor's Organic Documents; (ii) conflict with or constitute a violation or breach of, or constitutes a default under, or results in the creation or imposition of any Lien (other than pursuant to the Security Documents) upon the Property of any Obligor by reason of the terms of any material contractual obligation (including without limitation contractual obligations arising from any material agreements to which any Obligor is a party or which is binding upon it); or (iii) violate any requirement of law in any material respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Obligor hereby certifies that: (i) the copies of such Obligor's organizational documents (*i.e.,* articles of incorporation or organization and by-laws or operating agreement, etc.) and resolutions previously delivered to the Agent under the Loan Documents continue to be true, correct and complete, have not been amended or otherwise modified since the date of such delivery, and are in full force and effect on the date hereof; and (ii) each Person previously identified by such Obligor to sign any Loan Document on behalf of such Obligor continues to be so authorized on the date hereof and is authorized to sign this Amendment. The Agent and the Lenders may conclusively rely on this certification until it is otherwise notified by the applicable Obligor in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. *Representations and Warranties.* After giving effect to this Amendment, the representations and warranties set forth in Section 9 of the Loan Agreement and in the other Loan Documents are and shall be and remain true and correct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. *No Default.* Other than the Existing Default, no Default or Event of Default exists under the Loan Agreement or shall result after giving effect to this Amendment. No Regulatory Event shall have occurred and be continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4. *No Material Adverse Effect.* Since December 31, 2022, no Material Adverse Effect has occurred.

Section 5. Reaffirmations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. *Collateral*. The Obligors heretofore executed and delivered to the Agent the Security Documents. The Obligors hereby acknowledge and agree that the Liens created and provided for by the Security Documents continue to secure, among other things, the Obligations arising under the Amended Loan Agreement; and the Security Documents and the rights and remedies of the Agent thereunder, the obligations of the Obligors thereunder, and the Liens created and provided for thereunder remain in full force and effect and shall not be affected, impaired or discharged hereby. Nothing herein contained shall in any manner affect or impair the priority of the Liens created and provided for by the Security Documents as to the indebtedness which would be secured thereby prior to giving effect to this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. *Guaranties*. Each Guarantor hereby acknowledges that it has reviewed the terms and provisions of this Amendment and consents to any modification of the Loan Agreement and the other Loan Documents effected pursuant to this Amendment. Each Guarantor hereby confirms to the Agent and the Lenders that, after giving effect to this Amendment, the Guaranty of such Guarantor and each other Loan Document to which such Guarantor is a party continues in full force and effect and is the legal, valid and binding obligation of such Guarantor, enforceable against such Guarantor in accordance with their 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. Each Guarantor acknowledges and agrees that (a) notwithstanding the conditions to effectiveness set forth in this Amendment, such Guarantor is not required by the terms of the Loan Agreement or any other Loan Document to consent to the waivers or modifications to the Loan Agreement effected pursuant to this Amendment and (b) nothing in the Amended Loan Agreement, this Amendment or any other Loan Document shall be deemed to require the consent of such Guarantor to any future waivers or modifications to the Amended Loan Agreement.

Section 6. Miscellaneous.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. Except as specifically amended herein, the Loan Agreement shall continue in full force and effect in accordance with its original terms. Reference to this specific Amendment need not be made in the Loan Agreement, or any other instrument or document executed in connection therewith, or in any certificate, letter or communication issued or made pursuant to or with respect to the Loan Agreement, any reference in any of such items to the Loan Agreement being sufficient to refer to the Amended Loan Agreement. This Amendment is not a novation nor is it to be construed as a release, waiver or modification of any of the terms, conditions, representations, warranties, covenants, rights or remedies set forth in the Loan Agreement or the other Loan Documents, except as specifically set forth herein. Without limiting the foregoing, the Obligors agree to comply with all of the terms, conditions, and provisions of the Amended Loan Agreement and the other Loan Documents except to the extent such compliance is irreconcilably inconsistent with the express provisions of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. The Borrowers agree to pay on demand all reasonable out-of-pocket costs and expenses of or incurred by the Agent in connection with the negotiation, preparation, execution and delivery of this Amendment and the other instruments and documents being executed and delivered in connection herewith and the transactions contemplated hereby, including the reasonable fees, charges and disbursements of counsel for the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. This Amendment may be executed in any number of counterparts, and by the different parties on different counterpart signature pages, all of which taken together shall constitute one and the same agreement. Any of the parties hereto may execute this Amendment by signing any such counterpart and each of such counterparts shall for all purposes be deemed to be an original. Delivery of an executed counterpart of a signature page of this Amendment by facsimile or in electronic (e.g., "pdf" or "tif") format shall be effective as delivery of a manually executed counterpart of Amendment. This Amendment shall be governed by, and construed in accordance with, the internal laws of the State of Illinois.

[Remainder Left Intentionally Blank]

In Witness Whereof, the parties have executed this Amendment under seal on the date first written above.

---

| | |
|:---|:---|
| Borrowers: | Borrowers: |
| Colonial Auto Finance, Inc., an Arkansas corporation | Colonial Auto Finance, Inc., an Arkansas corporation |
| By: | /s/ Vickie D. Judy |
|  | Name: Vickie D. Judy |
|  | Title: Secretary |
| America's Car Mart, Inc., an Arkansas corporation | America's Car Mart, Inc., an Arkansas corporation |
| By: | /s/ Vickie D. Judy |
|  | Name: Vickie D. Judy |
|  | Title: Vice President |
| Texas Car-Mart, Inc., a Texas corporation | Texas Car-Mart, Inc., a Texas corporation |
| By: | /s/ Vickie D. Judy |
|  | Name: Vickie D. Judy |
|  | Title: Vice President |
| Parent: | Parent: |
| America's Car-Mart, Inc., a Texas corporation | America's Car-Mart, Inc., a Texas corporation |
| By: | /s/ Vickie D. Judy |
|  | Name: Vickie D. Judy |
|  | Title: Chief Financial Officer |

---

[Signature Page to Amendment No. 5]<br>

---

| | |
|:---|:---|
| Agent and Lenders: | Agent and Lenders: |
| BMO Harris Bank N.A., as Agent and a Lender | BMO Harris Bank N.A., as Agent and a Lender |
| By: | /s/ Guadalupe Marquez |
|  | Name: Guadalupe Marquez |
|  | Title: Managing Director |

---

[Signature Page to Amendment No. 5]<br>

---

| | |
|:---|:---|
| BOKF, NA D/B/A BOK Financial, as a Lender | BOKF, NA D/B/A BOK Financial, as a Lender |
| By: | /s/ Christopher Schaechtel |
|  | Name: Christopher Schaechtel |
|  | Title: SVP, Arkansas Market President |

---

[Signature Page to Amendment No. 5]<br>

---

| | |
|:---|:---|
| Commerce Bank, as a Lender | Commerce Bank, as a Lender |
| By: | /s/ R. David Emley, Jr. |
|  | Name: R. David Emley, Jr. |
|  | Title: Senior Vice President |

---

[Signature Page to Amendment No. 5]<br>

---

| | |
|:---|:---|
| Arvest Bank, as a Lender | Arvest Bank, as a Lender |
| By: | /s/ Andrew Coffey |
|  | Name: Andrew Coffey |
|  | Title: Senior Vice President |

---

[Signature Page to Amendment No. 5]<br>

---

| | |
|:---|:---|
| First Horizon Bank, as a Lender | First Horizon Bank, as a Lender |
| By: | /s/ Stephen R. Brimm |
|  | Name: Stephen R. Brimm |
|  | Title: Senior Vice President |

---

[Signature Page to Amendment No. 5]<br>

---

| | |
|:---|:---|
| Wells Fargo Bank, N.A., as a Lender | Wells Fargo Bank, N.A., as a Lender |
| By: | /s/ Michael Bohn |
|  | Name: Michael Bohn |
|  | Title: Vice President |

---

[Signature Page to Amendment No. 5]<br>

---

| | |
|:---|:---|
| MUFG Bank, Ltd., as a Lender | MUFG Bank, Ltd., as a Lender |
| By: | /s/ Erick Moore |
|  | Name: Erick Moore |
|  | Title: Vice President |

---

[Signature Page to Amendment No. 5]<br>

---

| | |
|:---|:---|
| CIBC Bank USA, as a Lender | CIBC Bank USA, as a Lender |
| By: | /s/ Patrick Alexander |
|  | Name: Patrick Alexander |
|  | Title: Managing Director |

---

[Signature Page to Amendment No. 5]<br>

---

| | |
|:---|:---|
| Axos Bank, as a Lender | Axos Bank, as a Lender |
| By: | /s/ David Park |
|  | Name: David Park |
|  | Title: Executive Vice President |

---

[Signature Page to Amendment No. 5]