Document:

<PAGE>
                                                                  EXECUTION COPY

                                                                    EXHIBIT 4.02

      THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE
      SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR UNDER THE SECURITIES
      LAWS OF ANY STATES. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON
      TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS
      PERMITTED UNDER THE ACT AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT
      TO REGISTRATION OR EXEMPTION THEREFROM. INVESTORS SHOULD BE AWARE THAT
      THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN
      INDEFINITE PERIOD OF TIME. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN
      OPINION OF COUNSEL IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE
      ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE
      WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS.

                        7% Convertible Subordinated Note

$30,000,000.00                                                   August 14, 2001

      CSK AUTO CORPORATION, a Delaware corporation (herein called the "Issuer,"
which term includes any successor Person or entity), for value received, hereby
promises to pay to Oppenheimer Capital Income Fund, a registered open-end
investment company organized as a Massachusetts business trust (or its
successors and registered assigns, "Holder"), the principal sum of THIRTY
MILLION DOLLARS ($30,000,000.00) on or before September 1, 2006 as specified
herein (the "Maturity Date") and to accrue interest on the outstanding unpaid
balance thereof (calculated on the basis of a 360-day year of twelve 30-day
months) at a rate of 7% per annum, accruing daily from the date of issuance
("Issue Date") of this 7% Convertible Subordinated Note (this "Note"), payable
semi-annually in arrears beginning on March 1, 2002 and continuing each 1st day
of September and 1st day of March or the first business day thereafter if such
day is not a business day (each a "Payment Date") until the Maturity Date.
Principal shall be payable in full on the Maturity Date upon presentation of
this Note. Neither this Note nor any accrued and unpaid interest hereon may be
redeemed or otherwise prepaid except as specifically provided for in Section 4.
Capitalized terms used herein and not otherwise defined have the meanings
ascribed to them in Section 11 hereof.

         1. Person to Whom Interest and Principal is Paid. The interest and
principal payable on any Payment Date or the Maturity Date (as the case may be),
will be paid to the Person in whose name this Note is registered at the close of
business on the last business day immediately prior to the date for such payment
of interest or principal.

         2. Place and Form of Payment. Payment of principal and of interest on
this Note will be made at the office or agency of the Issuer maintained for that
purpose in the City of
<PAGE>
Phoenix, Arizona, or at such other office or agency of the Issuer as may be
maintained for such purpose, and such payments shall be made in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts; provided, however, that such
payment may be made at the option of the issuer by check mailed to Holder at Two
World Center, New York, New York 10048 Attention: Michael S. Levine, or such
other address as shall be designated from time to time by Holder.

         3. Conversion Right.

                  3.1 Mandatory Conversion by the Issuer.

                  3.1.1 If CSK Auto, Inc. consummates a "Refinancing," as such
term is defined below, the Issuer shall have the right, but not the obligation,
to convert all of the unpaid principal amount of this Note into fully paid and
non-assessable shares of the Issuer's common stock, par value $0.01 per share
("Common Stock"), at a conversion price per share of Common Stock of $6.63 (the
"Conversion Price") (such right being referred to herein as the "Issuer
Conversion Right"). Upon exercise of the Issuer Conversion Right, accrued
interest will neither be paid in cash nor be converted into Common Stock.

                  3.1.2 The Issuer may exercise the Issuer Conversion Right in
connection with the consummation of a Refinancing by delivering to Holder a duly
executed "Issuer Conversion Notice", a form of which is attached hereto. Upon
delivery of such Issuer Conversion Notice, Holder shall thereupon deliver the
Note to the Issuer for cancellation, and the Issuer shall cause to be issued
certificated shares of Common Stock.

         3.2 Optional Conversion by Holder.

                  3.2.1 At any time and from time to time during the period
beginning on the Issue Date and thereafter while any principal hereunder remains
outstanding, Holder shall have the right, but not the obligation, to convert all
or any portion of the unpaid principal amount of this Note (in integral
multiples of $1,000) into fully paid and non-assessable shares of Common Stock
at the Conversion Price (such right being referred to herein as the "Holder
Conversion Right"). Upon exercise of the Holder Conversion Right, accrued
interest on the converted principal amount will neither be paid in cash nor be
converted into Common Stock.

                  3.2.2 The Holder Conversion Right shall be exercised, in whole
or in part, by delivery to the Issuer of a duly executed "Holder Conversion
Notice", a form of which is attached hereto. Upon receipt of such Holder
Conversion Notice, the Issuer shall cause to be issued certificated shares of
Common Stock with respect to which the Holder Conversion Right is being
exercised, and Holder shall thereupon deliver the surrendered Note to the Issuer
for cancellation. The principal amount of this Note shall be reduced to reflect
any and all conversions into Common Stock. In the event of a conversion of this
Note in part only, this Note shall be modified and amended to reflect the
remaining outstanding principal balance hereof not converted.

         3.3 Adjustments Upon Changes in Capitalization.

                                       2
<PAGE>
                  3.3.1 Common Stock Splits. If the Issuer at any time or from
time to time after the Issue Date effects a subdivision of the outstanding
shares of Common Stock, the Conversion Price then in effect immediately before
that subdivision shall be proportionately decreased, and conversely, if the
Issuer at any time or from time to time after the Issue Date combines the
outstanding shares of Common Stock, the Conversion Price then in effect
immediately before the combination shall be proportionately increased. Any
adjustment under this subsection 3.3.1 shall become effective at the close of
business on the date the subdivision or combination becomes effective.

                  3.3.2 Dividends and Distributions. In the event the Issuer, at
any time or from time to time after the Issue Date, makes, or fixes a record
date for the determination of holders of Common Stock entitled to receive, a
dividend or other distribution payable in additional Common Stock, then in each
such event the Conversion Price then in effect shall be decreased as of the time
of such issuance or, in the event such a record date is fixed, as of the close
of business on such record date, by multiplying the Conversion Price then in
effect by a fraction (i) the numerator of which shall be the total number of
Common Stock issued and outstanding immediately prior to the time of such
issuance or the close of business on such record date, and (ii) the denominator
of which shall be the total number of Common Stock issued and outstanding
immediately prior to the time of such issuance or the close of business on such
record date plus the number of Common Stock issuable in payment of such dividend
or distribution; provided, however, that if such record date is fixed and such
dividend is not fully paid or such distribution is not fully made on the date
fixed therefor, the Conversion Price shall be recomputed accordingly as of the
close of business on such record date and thereafter the Conversion Price shall
be adjusted pursuant to this subsection 3.3.2 as of the time of actual payment
of such dividend or distribution.

                  3.3.3 Recapitalization or Reclassification. If the shares of
Common Stock issuable upon the conversion of this Note are changed into the same
or a different number of Common Stock of any class or classes of Common Stock,
whether by recapitalization, reclassification or otherwise (other than a
subdivision or combination of Common Stock or dividend payable in Common Stock
or a reorganization, merger, consolidation or sale of assets, provided for
elsewhere in this Section 3.3), then, and in any such event, the Issuer
Conversion Right and the Holder Conversion Right shall thereafter refer to the
right to convert the unpaid principal amount of this Note into such number and
kind of securities as would have been issuable to Holder as a result of such
change if, immediately prior to such change, Holder had exercised the Holder
Conversion Right or the Issuer had exercised the Issuer Conversion Right, as the
case may be, as to the entire unpaid principal amount hereunder, subject to
further adjustment as provided herein.

                  3.3.4 Sale of Issuer. If there is a capital reorganization of
the Issuer (other than a recapitalization, subdivision, combination,
reclassification or exchange of Common Stock provided for elsewhere in this
Section 3.3) or a merger or consolidation of the Issuer with or into another
company, or the sale of all or substantially all of the Issuer's properties and
assets to any other Person, the Issuer Conversion Right and the Holder
Conversion Right shall thereafter refer to the right to convert the unpaid
principal amount of this Note into such number and kind of securities and
property as would have been issuable or distributable to Holder on account of
such reorganization, merger, consolidation or sale if, immediately prior
thereto,

                                       3
<PAGE>
Holder had exercised the Holder Conversion Right or the Issuer had exercised the
Issuer Conversion Right, as the case may be, as to the entire unpaid principal
amount hereunder. In any such case, appropriate adjustment shall be made in the
application of the provisions of this Section 3.3 with respect to the rights of
Holder after the reorganization, merger, consolidation or sale to the end that
the provisions of this Section 3.3 shall be applicable after that event and be
as nearly equivalent to the provisions hereof as may be practicable.

                  3.3.5 Limitation on Rights. Notwithstanding any provision of
this Note to the contrary, before such time as Holder exercises the Holder
Conversion Right or the Issuer exercises the Issuer Conversion Right, as the
case may be, nothing set forth herein shall be interpreted as vesting in Holder
any voting or other rights as a holder of Common Stock or any other equity
interests in Issuer for any purpose.

         4. Redemption; Change of Control Offer.

                  4.1 Optional Redemption. After September 1, 2004, this Note is
subject to redemption, at the option of the Issuer, in whole or in part, on not
less than 35 days' prior notice by mail to Holder to be redeemed on the date set
for redemption (the "Optional Redemption Date"), at the percentage (at a given
time, the "Optional Redemption Percentage") specified below during the time
period in which redemption occurs, of the unpaid principal amount of this Note
or such portion thereof being redeemed, plus accrued and unpaid interest
thereon, if any.

<TABLE>
<CAPTION>
              Time Period                    Optional Redemption Percentage

<S>                                          <C>
  September 1, 2004 - August 31, 2005                     102%

  September 1, 2005 - August 31, 2006                     101%
</TABLE>

Nothing set forth in this Section 4.1 shall preclude the right of Holder to
exercise its conversion rights as set forth in Section 3 at any time prior to
five business days before the proposed Optional Redemption Date, in which event
the redemption of that portion of the Note so converted shall not occur.

In the event of a redemption of this Note in part only, this Note shall be
modified and amended to reflect the portion hereof not redeemed.

           4.2   Change of Control Offer.

                  (a) Upon a Change of Control (as defined below), Holder shall
have the right to require that the Issuer repurchase this Note at a repurchase
price in cash equal to 100% of the unpaid principal amount hereof plus accrued
interest, if any, to the date of repurchase, in accordance with the terms set
forth in subsection (b) below.

                  (b) Within 30 days following any Change of Control, the Issuer
shall mail a notice to Holder stating:

                        (i)   that a Change of Control has occurred and that
Holder has the right to require the Issuer to repurchase this Note at a
repurchase price in cash equal to 100%

                                       4
<PAGE>
of the unpaid principal amount hereof plus accrued interest, if any, to the date
of repurchase (the "Change of Control Offer");

                        (ii)  the circumstances and relevant facts regarding
such Change of Control (including information with respect to pro forma
historical income, cash flow and capitalization of the Issuer after giving
effect to such Change of Control);

                        (iii) the repurchase date (which shall be a business
day and be not earlier than 30 days or later than 60 days from the date such
notice is mailed) (the "Repurchase Date"); and

                        (iv)  that interest on this Note if accepted for
payment pursuant to the Change of Control Offer shall cease to accrue after
the repurchase of this Note on the Repurchase Date.

         5. Subordination; Restrictions on Transfer.

                  5.1 Amounts Payable Subordinated to Senior Indebtedness.
Notwithstanding any provision of this Note to the contrary, the Issuer covenants
and agrees, and Holder by acceptance of this Note likewise covenants and agrees,
that all Amounts Payable (as defined below) shall be subordinated to the
Issuer's Senior Indebtedness (as defined below). Notwithstanding the first
sentence of this Section 5.1, Amounts Payable shall be subordinated only to
Senior Indebtedness and shall not be subordinated to any other Indebtedness (as
defined below) of the Issuer without the prior written consent of Holder. This
Section 5 shall constitute a continuing offer to and covenant with all Persons
who become holders of, or continue to hold, Senior Indebtedness (irrespective of
whether such Senior Indebtedness was created or acquired before or after the
issuance of this Note). The provisions of this Section 5 are made for the
benefit of all present and future holders of Senior Indebtedness (and their
successors and assigns), and shall be enforceable by them directly against
Holder. Holder hereof hereby waives proof of reliance hereon by the holders of
Senior Indebtedness.

                  5.2 Restrictions on Transfer. Holder of this Note shall not
make any disposition of all or any portion of this Note except in compliance
with applicable securities laws and unless Holder shall have notified the Issuer
of the proposed disposition and shall have furnished the Issuer with a detailed
statement of the circumstances surrounding the proposed disposition, and, if
requested by the Issuer, Holder shall have furnished the Issuer with an opinion
of counsel, which opinion and counsel shall be reasonably satisfactory to the
Issuer, that such disposition will not require registration under the Securities
Act of 1933, as amended, and will be in compliance with applicable state
securities laws. Upon the disposition of this Note by Holder, as a condition to
such transaction, the assignee or transferee of Holder shall agree in writing to
subordinate Amounts Payable to any Senior Indebtedness in accordance with the
terms and provisions of this Section 5.

         6. Defaults and Remedies. The occurrence of any default hereunder
shall, at the option of Holder, cause the entire unpaid balance of this Note to
become immediately due and payable thirty days after written notice of demand if
such default has not been cured before the end of such thirty day period. From
and after the occurrence of any default hereunder, the

                                       5
<PAGE>
unpaid balance of this Note, including all principal and all accrued interest,
shall bear interest at the rate of 9% per annum. A default shall occur hereunder
upon the occurrence of any of the following events: (i) failure to make any
payment of any amount owed to Holder pursuant to this Note when the same shall
be due and payable or the failure to perform any other obligation when due
hereunder, (ii) insolvency of, appointment of a receiver for any part of the
property of, or the assignment for the benefit of creditors of, the Issuer,
(iii) the commencement of any voluntary proceedings under any bankruptcy or
insolvency laws by the Issuer, or (iv) the commencement of any involuntary
proceedings under any bankruptcy or insolvency laws against the Issuer if the
same have not been fully discharged within sixty days after the commencement
thereof.

         7. Amendments and Waivers. This Note and the rights and obligations of
the Issuer or Holder may be amended only pursuant to a written agreement between
the Issuer and Holder. Holder may waive compliance by the Issuer with certain
provisions of this Note and certain past defaults under this Note and their
consequences. Any such consent or waiver by Holder shall be conclusive and
binding upon Holder and upon all future Holders of this Note and of any Note
issued upon the registration of transfer hereof or in exchange here for or in
lieu hereof whether or not notation of such consent or waiver is made upon this
Note.

         8. Denominations, Transfer, Exchange. The transfer of this Note is
registrable only upon surrender of this Note to the Issuer for registration of
transfer at the office or agency of the Issuer maintained for such purpose in
the City of Phoenix, Arizona, or at such other office or agency of the Issuer as
may be maintained for such purpose, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Issuer and duly
executed by Holder or his attorney duly authorized in writing, and thereupon one
or more new Notes, or authorized denominations and for the same aggregate
principal amount, will be issued to the designated transferee or transferees.

         9. Persons Deemed Owners. The Issuer and any agent of the Issuer may
treat the Person in whose name this Note is registered as the owner hereof for
all purposes, whether or not this Note shall be overdue, and neither the Issuer
nor any agent of Issuer shall be affected by notice to the contrary.

         10. Governing Law. This Note shall be governed by and construed in
accordance with the laws of the State of Delaware.

         11. Definitions. For purposes of this Note, the following terms shall
have the meanings set forth below:

            "Amounts Payable" means all principal of, interest on, premium, if
any, fees, costs, expenses, indemnities or any other amounts due from the Issuer
under this Note, and all claims against or liabilities of the Issuer in respect
of this Note.

            "Change of Control" means such time as any "person" (as such term is
used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as
amended (the "Exchange Act")), other than a shareholder of the Issuer on the
date hereof, is or becomes the "beneficial owner" (as defined in Rules 13d-3 and
13d-5 under the Exchange Act, except that a person shall

                                       6
<PAGE>
be deemed to have "beneficial ownership" of all shares that any such person has
the right to acquire, whether such right is exercisable immediately or only
after the passage of time), directly or indirectly, of more than 50% of the
total voting power of the voting capital stock of the Issuer.

            "Hedging Obligations" means, with respect to any Person, the
obligations of such Person under (i) interest rate swap agreements, interest
rate cap agreements and interest rate collar agreements and (ii) other
agreements or arrangements designed to protect such Person against fluctuations
in interest rates.

            "Indebtedness" means, with respect to any Person, any indebtedness
of such Person, whether or not contingent, in respect of borrowed money or
evidenced by bonds, notes, debentures or similar instruments or letters of
credit (or reimbursement agreements in respect thereof) or banker's acceptances
or representing capital lease obligations or the balance deferred and unpaid of
the purchase price of any property or representing any Hedging Obligations,
except any such balance that constitutes an accrued expense or trade payable, if
and to the extent any of the foregoing indebtedness (other than letters of
credit and Hedging Obligations) would appear as a liability upon a balance sheet
of such Person prepared in accordance with GAAP, as well as all indebtedness of
others secured by a lien on any asset of such Person (whether or not such
indebtedness is assumed by such Person) and, to the extent not otherwise
included, the guarantee by such Person of any indebtedness of any other Person.

            "Issue Date" means August 14, 2001.

            "Person" means any individual, corporation, association,
partnership, limited liability company, joint venture, trust, estate or other
entity or organization.

            "Refinancing" means the repayment in full of all indebtedness
outstanding under, or the extension of the maturity date of any indebtedness
outstanding under, the Third Amended and Restated Credit Agreement, dated as of
September 30, 1999, as amended, among CSK Auto, Inc., The Chase Manhattan Bank,
DLJ Capital Funding, Inc., Lehman Commercial Paper Inc. and the lenders referred
to therein.

            "Senior Indebtedness" shall mean any Indebtedness unless the
instrument under which such Indebtedness is incurred expressly provides that it
is on parity with or subordinated in right of payment to this Note.

                           [SIGNATURE PAGE FOLLOWS]

                                       7
<PAGE>

                                    SIGNATURE

      IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly
executed.

Dated:  August 14, 2001             CSK AUTO CORPORATION

                                    By:   /s/ Don W. Watson
                                          ------------------------------------
                                    Name:       Don W. Watson
                                          ------------------------------------
                                    Title:      SR VP CFO
                                          ------------------------------------

Attest:

By:   /s/ Martin G. Fraser
      ------------------------------------
Name:       Martin G. Fraser
      ------------------------------------
Title:      President/COO
      ------------------------------------

                                 Signature Page
<PAGE>
                               FORM OF ASSIGNMENT

      For value received, the undersigned hereby sells, assigns and transfers
unto __________________________________ the within Note of CSK Auto Corporation
and all rights thereunder, and hereby irrevocably constitutes and appoints
__________________ attorney to transfer the said Note, with full power of
substitution in the premises.

Dated:
       -----------------------      ------------------------------------------
                                    Social Security or other tax identification
                                    number of transferee

Assignor's Signature:

------------------------------
Name:

NOTICE:     The assignor's signature to this assignment must correspond with the
            name as it appears upon the face of the within Note in every
            particular without alteration or any change whatever.
<PAGE>
                            ISSUER CONVERSION NOTICE

      The undersigned Issuer of this Note hereby irrevocably exercises the
option to convert this Note into shares of Common Stock of the Issuer in
accordance with the terms of this Note, and will direct that such shares,
together with a check in payment for any fractional shares, be delivered to and
be registered in, the name of the undersigned upon surrender of the Note by
Holder to the Issuer for cancellation.

                                         CSK AUTO CORPORATION

Dated:
      ----------------------------
                                         By:
                                            ------------------------------------
                                         Name:
                                              ----------------------------------
                                         Title:
                                               ---------------------------------

                                       10
<PAGE>
                            HOLDER CONVERSION NOTICE

      The undersigned Holder of this Note hereby irrevocably exercises the
option to convert this Note, or any portion of the principal amount hereof
(which is an integral multiple of U.S. $1,000) below designated, into shares of
Common Stock of the Issuer in accordance with the terms of this Note, and
directs that such shares, together with a check in payment for any fractional
shares and any Note representing any unconverted principal amount hereof, be
delivered to and be registered in, the name of the undersigned unless a
different name has been indicated below. If shares of Common Stock or Note are
to be registered in the name of a Person other than the undersigned, the
undersigned will pay all transfer taxes payable with respect thereto.

                                         ---------------------------------

Dated
     -----------------------------       ---------------------------------
                                                  Signature(s)

If shares or Notes are to be registered in
the name of a Person other than Holder,
please print such Person's name and address:

--------------------------------
      Name

---------------------------------        If only a portion of the Note is to be
      Address                            converted, please indicate:

---------------------------------        Principal amount to be converted:
Social Security or other Taxpayer
Identification Number, if any

                                         U.S. $
                                               ---------------------------------

                                       11<PAGE>

                                                                  EXHIBIT 4.02.1

                                                                  EXECUTION COPY

                             NOTE PURCHASE AGREEMENT

      This Note Purchase Agreement (the "Agreement") is entered into as of
August 14, 2001 (the "Effective Date") by and between CSK Auto Corporation, a
Delaware corporation (the "Company"), and Oppenheimer Capital Income Fund, a
registered open-end investment company organized as a Massachusetts trust (the
"Purchaser"). Capitalized terms used herein and not otherwise defined herein are
defined in Section 9.11.

      WHEREAS, the Purchaser desires to purchase $30,000,000.00 aggregate
principal amount of the Company's 7% Convertible Subordinated Notes due 2006
(the "Notes") on the terms set forth herein.

      NOW THEREFORE, in consideration of the mutual promises, covenants and
conditions hereinafter set forth, the parties hereto agree as follows:

      1.    AGREEMENT TO PURCHASE AND SELL THE NOTES.

            1.1. Authorization. As of the Closing, the Company will have
authorized the issuance of $30,000,000.00 aggregate principal amount of Notes
for sale hereunder having the rights, preferences, privileges and restrictions
set forth in the form of Note attached to this Agreement as Exhibit A.

            1.2. Agreement to Purchase and Sell the Notes. Subject to the terms
and conditions hereof, on the date of the Closing, the Company will issue and
sell to the Purchaser, and the Purchaser will purchase from the Company, the
Notes at 100% of the principal amount thereof (the "Purchase Price"). The
Purchase Price shall be paid by wire transfer of funds to a designated account
of the Company.

      2.    CLOSING.  The purchase and sale of the Notes hereunder shall be
held at the offices of the Company, on August 14, 2001, or at such other time
and place as the Company and the Purchaser may mutually agree upon (the
"Closing").

      3.    COMPANY REPRESENTATIONS AND WARRANTIES.  The Company hereby
represents and warrants to the Purchaser that the statements in this Section
3 are and will be true and correct in all material respects on the date
hereof and on the Closing Date:

            3.1. Organization. The Company and each Subsidiary is a corporation
duly organized, validly existing and in good standing under, and by virtue of,
the laws of their respective jurisdiction of incorporation and each has all
requisite corporate power and authority to own its properties and assets and to
carry on its business as now conducted and as presently proposed to be
conducted. The Company has heretofore made available to the Purchaser accurate
and complete copies of its Certificate of Incorporation and Bylaws, as currently
in full force and effect.

                                       1
<PAGE>
            3.2. Capitalization. The authorized capital stock of the Company
consists of a total of 50,000,000 authorized shares of Common Stock ($0.01 par
value) of which 27,842,105 shares were issued and outstanding as of August 13,
2001. All of the outstanding shares of Common Stock have been validly issued and
are fully paid, nonassessable and free of preemptive rights. As of May 6, 2001,
approximately 3,378,000 shares of Common Stock were available for issuance under
the Company's option plans, of which approximately 2,990,000 were issuable upon
or otherwise deliverable in connection with the exercise of options outstanding
on such date. Between May 6, 2001 and the date hereof, no shares of the
Company's capital stock have been issued other than pursuant to stock options
and warrants already in existence on such date and except for grants of stock
options to employees, officers and directors in the ordinary course of business
consistent with past practice.

            3.3. Due Authorization and Adoption. All action on the part of the
Company, its officers and directors necessary for the authorization, execution
and delivery of, and the performance of all obligations of the Company under,
this Agreement, the authorization, issuance and delivery of the Notes, and the
authorization, issuance, reservation for issuance and delivery of all the
4,524,886 shares of Common Stock into which the Notes are convertible (the
"Conversion Shares") has been taken or will be taken prior to the Closing. This
Agreement is a valid and binding obligation of the Company enforceable in
accordance with its terms, subject, as to enforcement of remedies, to applicable
bankruptcy, insolvency, moratorium, reorganization and similar laws affecting
creditors' rights generally and to general equitable principles.

            3.4.  Valid Issuance of Stock.  The shares of Common Stock, when
issued and delivered in accordance with the terms of the Notes, will be duly
and validly issued, and will be fully paid and non assessable.

            3.5. Company SEC Reports. The Company has filed all required forms,
reports and documents (the "Company Reports") with the Securities and Exchange
Commission (the "SEC") since January 1, 1999, each of which, complied at the
time of filing in all material respects with all applicable requirements of the
Securities Act and the Exchange Act, as in effect on the respective dates such
forms, reports and documents were filed. None of such Company Reports, including
any financial statements or schedules included or incorporated by reference
therein, contained when filed any untrue statement of a material fact or omitted
to state a material fact required to be stated or incorporated by reference
therein or necessary in order to make the statements therein in light of the
circumstances under which they were made not misleading, except to the extent
superseded by a Company Report filed subsequently and prior to the date hereof.
The audited consolidated financial statements of the Company included in the
Company Reports were prepared in accordance with generally accepted accounting
principles (except, in the case of unaudited consolidated quarterly statements,
as permitted by Form 10-Q of the SEC, applied on a consistent basis during the
period involved, except as may otherwise be indicated in the notes thereto) and
fairly present, in conformity in all material respects with applicable
accounting requirements and published rules and regulations of the SEC, the
consolidated financial position of the Company and its consolidated subsidiaries
as of the dates thereof and the consolidated results of their operations and
cash flows for the periods then ended (subject, in the case of unaudited
quarterly statements, to normal year-end audit adjustments).

                                       2
<PAGE>
      4.    REPRESENTATIONS AND WARRANTIES OF THE PURCHASER.  The Purchaser
represents and warrants to the Company as follows:

            4.1. Authorization. This Agreement when executed and delivered by
the Purchaser will constitute a valid and legally binding obligation of the
Purchaser, subject, as to enforcement of remedies, to applicable bankruptcy,
insolvency, moratorium, reorganization and similar laws affecting creditors'
rights generally and to general equitable principles.

            4.2. Investigation; Economic Risk; Accredited Investor. The
Purchaser acknowledges that it has had an opportunity to discuss the business,
affairs and current prospects of the Company with its officers. The Purchaser
further acknowledges having had access to all information about the Company that
it has requested. The Purchaser acknowledges that it is able to fend for itself
in the transactions contemplated by this Agreement and has the ability to bear
the economic risks of its investment pursuant to this Agreement. The Purchaser
is an "accredited investor" as such term is defined in Rule 501 of the
Securities Act.

            4.3.  Purchase for Own Account.  The Notes and the Conversion
Shares will be acquired for its own account, not as a nominee or agent, and
not with a view to or in connection with the sale or distribution of any part
thereof.

            4.4. Exempt from Registration; Restricted Securities. The Purchaser
understands that the Notes and the Conversion Shares (subject to the
Registration Rights Agreement) will not be registered under the Securities Act,
on the ground that the sale provided for in this Agreement is exempt from
registration under the Securities Act, and that the reliance of the Company on
such exemption is predicated in part on the Purchaser's representations set
forth in this Agreement. The Purchaser understands that the Notes and the
Conversion Shares (subject to the Registration Rights Agreement) being purchased
hereunder are restricted securities within the meaning of Rule 144 under the
Securities Act and must be held indefinitely unless their sale is subsequently
registered under the Securities Act or an exemption from such registration is
available.

            4.5.  Restrictive Legends.  It is understood that each
certificate representing the Notes and, when issued, the Conversion Shares,
shall be stamped or otherwise imprinted with a legend substantially in the
following form:

      THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE
      SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR UNDER THE SECURITIES
      LAWS OF ANY STATES. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON
      TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS
      PERMITTED UNDER THE ACT AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT
      TO REGISTRATION OR EXEMPTION THEREFROM. INVESTORS SHOULD BE AWARE THAT
      THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN
      INDEFINITE PERIOD OF TIME. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN
      OPINION OF COUNSEL IN FORM AND SUBSTANCE

                                       3
<PAGE>
      REASONABLY SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED
      TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND ANY APPLICABLE
      STATE SECURITIES LAWS.

            4.6 Removal of Restrictive Legend. The legend set forth above shall
be removed by the Company from any certificate evidencing Notes or Conversion
Shares upon delivery to the Company of an opinion by counsel, reasonably
satisfactory to the Company, that a registration statement under the Act is at
that time in effect with respect to the legended security or that such security
can be freely transferred in a public sale without such a registration statement
being in effect and that such transfer will not jeopardize the exemption or
exemptions from registration pursuant to which the Company issued the Notes.

      5.    COVENANTS OF THE COMPANY.  The Company covenants to the Purchaser
as follows:

            5.1 Use of Proceeds. The Company will use the proceeds from the sale
of the Notes to make a loan to CSK Auto, Inc.

            5.2 Listing of Shares. The Company will as promptly as practical
list and keep listed on the New York Stock Exchange, upon official notice of
issuance, all shares of Common Stock issuable upon conversion of the Notes for
so long as the Common Stock continues to be so listed.

      6.    CONDITIONS TO THE PURCHASER'S OBLIGATIONS AT THE CLOSING.  The
obligation of the Purchaser to purchase the Notes at the Closing is subject
to the fulfillment, to the satisfaction of the Purchaser on or prior to the
Closing, of the following conditions:

            6.1. Representations and Warranties Correct. The representations and
warranties made by the Company in Section 3 hereof shall be true and correct
when made, and shall be true and correct as of the date of Closing with the same
force and effect as if they had been made on and as of such date, subject to
changes contemplated by this Agreement.

            6.2. Performance of Obligations. The Company shall have performed
and complied with all agreements, obligations and conditions contained in this
Agreement that are required to be performed or complied with by it on or before
the Closing and shall have obtained all approvals, consents and qualifications
necessary to complete the purchase and sale described herein.

            6.3. Proceedings and Documents. All corporate and other proceedings
in connection with the transactions contemplated hereby and all documents and
instruments incident to such transactions shall be satisfactory in substance and
form to the Purchaser, and the Purchaser shall have received all such
counterpart originals or certified or other copies of such documents as it may
reasonably request.

            6.4.  Notes.  The Company shall have delivered to the Purchaser a
certificate representing the Notes purchased by the Purchaser.
<PAGE>
            6.5.  Registration Rights Agreement.  The Company shall have
executed and delivered the Registration Rights Agreement in substantially the
form attached hereto as Exhibit B.

            6.6.  Compliance Certificate.  At the Closing, the Company shall
deliver to the Purchaser a certificate, dated the date of Closing, signed by
the Company's President certifying that the conditions specified in Sections
6.1, 6.2 and 6.3 have been fulfilled.

      7.    CONDITIONS TO COMPANY'S OBLIGATIONS AT THE CLOSING.  The
obligations of the Company under this Agreement are subject to the
fulfillment at or before the Closing of the following conditions:

            7.1.  Representations and Warranties.  The representations and
warranties of the Purchaser contained in Section 4 hereof shall be true as of
the Closing.

            7.2.  Payment of Purchase Price.  The Purchaser shall have
delivered to the Company the Purchase Price in accordance with the provisions
of Section 2.

      8.    TERMINATION.

            8.1.  Termination.  This Agreement may be terminated at any time
prior to the Closing:

                  (a)   by mutual written consent of the Purchaser and the
Company;

                  (b) by the Purchaser or the Company if (1) any court of
competent jurisdiction or other Government Authority, shall have issued a final
order, decree or ruling, or taken any other final action, restraining, enjoining
or otherwise prohibiting the consummation of this Agreement and such order,
decree, ruling or other action is or shall have become nonappealable or (2) this
Agreement has not been consummated by August 31, 2001 (the "Final Date");
provided, however, that no party may terminate this Agreement pursuant to this
Subsection (b) if such party's failure to fulfill any of its obligations under
this Agreement shall have been a principal reason that the Closing shall not
have occurred on or before said date;

                  (c) by the Company if there shall have been a material breach
of any representations or warranties on the part of the Purchaser set forth in
this Agreement or if any representations or warranties of the Purchaser shall
have become untrue in any material respect, such that the conditions set forth
in Section 7 would be incapable of being satisfied by the Final Date, provided
that the Company has not breached any of its obligations hereunder in any
material respect; or

                  (d) by the Purchaser if (1) there shall have been a material
breach of any representations or warranties on the part of the Company set forth
in this Agreement or if any representations or warranties of the Company shall
have become untrue in any material respect, such that the conditions set forth
in Section 6 would be incapable of being satisfied by the Final Date, provided
that the Purchaser has not breached any of its obligations hereunder in any

                                       5
<PAGE>
material respect; (2) there shall have been a breach by the Company of one or
more of its covenants or agreements in this Agreement in any material respect or
materially adversely affecting (or materially delaying) the ability of the
Purchaser or the Company to consummate this Agreement, and the Company has not
cured such breach within ten (10) business days after notice by the Purchaser
thereof, provided that the Purchaser has not breached any of its obligations
hereunder in any material respect.

            8.2. Effect of Termination. Upon the termination and abandonment of
this Agreement pursuant to Section 8.1, this Agreement shall forthwith become
void and have no effect without any liability on the part of any party hereto or
its affiliates, directors, officers or shareholders other than as set forth in
this Section 8.2. Nothing contained in this Section 8.2 shall relieve any party
from liability for any breach of this Agreement prior to such termination and in
such event the breaching party shall remain liable for the consequences of such
breach following termination.

            8.3. Extension; Waiver. At any time prior to the Closing, each party
hereto may, only by action taken in writing, (i) extend the time for the
performance of any of the obligations or other acts of the other party, (ii)
waive any inaccuracies in the representations and warranties of the other party
contained herein or in any document certificate or writing delivered pursuant
hereto or (iii) waive compliance by the other party with any of the agreements
or conditions contained herein. Any agreement on the part of any party hereto to
any such extension or waiver shall be valid only if set forth in an instrument,
in writing, signed on behalf of such party. The failure of any party hereto to
assert any of its rights hereunder shall not constitute a waiver of such rights.

      9.    MISCELLANEOUS.

            9.1. Governing Law and Jurisdiction. This Agreement shall be
governed in all respects by the laws of the State of Delaware without regard to
provisions regarding choice of laws. The parties hereto hereby submit to the
non-exclusive jurisdiction of the federal and Delaware State courts located in
the City of Dover in connection with any dispute related to this letter or any
matters contemplated hereby.

            9.2.  Survival.  The representations, warranties, covenants and
agreements made herein shall survive any investigation made by any party
hereto and the closing of the transactions contemplated hereby.

            9.3. Successors and Assigns. Except as otherwise expressly provided
herein, the provisions hereof shall inure to the benefit of, and be binding
upon, the successors, assigns, heirs, executors and administrators of the
parties hereto whose rights or obligations hereunder are affected by such
amendments. This Agreement and the rights and obligations therein may not be
assigned by the Purchaser without the written consent of the Company except to
an affiliate of the Purchaser. This Agreement and the rights and obligations
therein may not be assigned by the Company without the written consent of the
Purchaser.

                                       6
<PAGE>
            9.4. Entire Agreement. This Agreement and the schedules and exhibits
hereto which are hereby expressly incorporated herein by this reference, with
the form of Note attached hereto as Exhibit A and the Registration Rights
Agreement attached hereto as Exhibit B, constitute the entire understanding and
agreement between the parties with regard to the subjects hereof and thereof;
provided, however, that nothing in this Agreement shall be deemed to terminate
or supersede the provisions of any confidentiality and nondisclosure agreements
executed by the parties hereto prior to the date of the Closing, which
agreements shall continue in full force and effect until terminated in
accordance with their respective terms.

            9.5. Notices. Except as may be otherwise provided herein, all
notices, requests, waivers and other communications made pursuant to this
Agreement shall be in writing and shall be conclusively deemed to have been duly
given (a) when hand delivered to the other party; (b) when received when sent by
facsimile at the address and number set forth below; (c) three (3) business days
after deposit in the U.S. mail with first class or certified mail receipt
requested postage prepaid and addressed to the other party as set forth below;
or (d) the next business day after deposit with a national overnight delivery
service, postage prepaid, addressed to the parties as set forth below with
next-business-day delivery guaranteed, provided that the sending party receives
a confirmation of delivery from the delivery service provider.

      CSK Auto, Inc.                         Oppenheimer Capital Income Fund
      645 E. Missouri Avenue                 Two World Trade Center
      Phoenix, Arizona  85012                New York, New York  10048
      Attn.:  Lon B. Novatt, Esq.            Attn.: Michael S. Levine
      Telecopier No.:  (602) 264-0495        Telecopier No.:

      with a copy to:                        with a copy to:

      Gibson, Dunn & Crutcher LLP            Oppenheimer Capital Income Fund
      1801 California Street                 Two World Trade Center
      Denver, Colorado  80202                New York, New York  10048
      Attn.:  Richard M. Russo, Esq.         Attn.: Katherine P. Feld
      Telecopier No.:  (303) 298-5715        Telecopier No.: (212) 321-1159

            Each person making a communication hereunder by facsimile shall
promptly confirm by telephone to the person to whom such communication was
addressed each communication made by it by facsimile pursuant hereto but the
absence of such confirmation shall not affect the validity of any such
communication. A party may change or supplement the addresses given above, or
designate additional addresses, for purposes of this Section 9.5 by giving the
other party written notice of the new address in the manner set forth above.

            9.6.  Amendments and Waivers.  Any term of this Agreement may be
amended only with the written consent of the Company and the Purchaser.

                                       7
<PAGE>
            9.7. Delays or Omissions. No delay or omission to exercise any
right, power or remedy accruing to the Company or to the Purchaser, upon any
breach or default of any party hereto under this Agreement, shall impair any
such right, power or remedy of the Company, or the Purchaser nor shall it be
construed to be a waiver of any such breach or default, or an acquiescence
therein, or of any similar breach of default thereafter occurring; nor shall any
waiver of any other breach or default theretofore or thereafter occurring. Any
waiver, permit, consent or approval of any kind or character on the part of the
Company or the Purchaser of any breach of default under this Agreement or any
waiver on the part of the Company or the Purchaser of any provisions or
conditions of this Agreement, must be in writing and shall be effective only to
the extent specifically set forth in such writing. All remedies, either under
this Agreement, or by law or otherwise afforded to the Company or the Purchaser
shall be cumulative and not alternative.

            9.8.  Titles and Subtitles.  The titles of the sections and
subsections of this Agreement are for convenience of reference only and are
not to be considered in construing this Agreement.

            9.9.  Counterparts.  This Agreement may be executed in any number
of counterparts, each of which shall be an original, but all of which
together shall constitute one instrument.

            9.10. Severability.  Should any provision of this Agreement be
determined to be illegal or unenforceable, such determination shall not
affect the remaining provisions of this Agreement.

            9.11  Certain Definitions.  For the purposes of this Agreement
the term:

      "Agreement" is defined in the Preamble.

      "affiliate" shall mean, as to any specified Person, any other Person that,
directly or indirectly through one or more intermediaries or otherwise,
controls, is controlled by or is under common control with the specified Person.
As used in this definition, "control" means the possession, directly or
indirectly, of the power to direct or cause the direction of the management or
policies of a Person (whether through ownership of capital stock of that Person,
by contract or otherwise).

      "Closing" is defined in Section 2.1.

      "Common Stock" shall mean the Company's common stock, par value $0.01 per
share.

      "Company" means CSK Auto Corporation, a Delaware corporation.

      "Conversion Shares" is defined in Section 3.4.

      "Exchange Act" means the Securities Exchange Act of 1934, as amended.

                                       8
<PAGE>
      "Material Adverse Effect" shall mean any material adverse effect on the
financial condition, business or operations of the Company and its Subsidiaries
taken as a whole.

      "NYSE" means the New York Stock Exchange.

      "Person" shall mean any natural person, entity, estate, trust, union or
employee organization or government agency or subdivision thereof.

      "Purchase Price" shall have the meaning in Section 1.2.

      "SEC"  The term "SEC" or "Commission" means the U.S. Securities and
Exchange Commission.

      "Securities Act" means the Securities Act of 1933, as amended.

      "Subsidiary" means, with respect to any Person, any corporation,
association or other entity of which more than 50% of the total voting power of
shares of stock or other equity interests (without regard to the occurrence of
any contingency) to vote in the election of directors, managers or trustees
thereof is, at the time as of which any determination is being made, owned or
controlled, directly or indirectly, by such Person or one or more of its
Subsidiaries, or both. The term "Subsidiary" or "Subsidiaries" when used herein
without reference to any particular Person, means a Subsidiary or Subsidiaries
of the Company.

                           [SIGNATURE PAGE FOLLOWS]

                                       9
<PAGE>
      IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the day and year herein above first written.

                                    CSK AUTO CORPORATION,

                                    By:   /s/ Don W. Watson
                                          ------------------------------
                                    Name: Don W. Watson
                                    Title:SR VP CFO

                                    OPPENHEIMER CAPITAL INCOME FUND

                                    By:   /s/ Michael S. Levine
                                          ------------------------------------
                                    Name: Michael S. Levine
                                    Title:Vice President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00032-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00032-of-00352.parquet"}]]