Document:

Exhibit 4.1.3

 

SUPPLEMENTAL INDENTURE

 

Supplemental Indenture (this “Supplemental Indenture”), dated as of February 25, 2014, among Penske Automotive Group, Inc., a Delaware corporation (the “Company”), the guarantors set forth on the signature page hereto (each a “Guarantor” and collectively, the “Guarantors”) and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”).  All capitalized terms used but not defined herein shall have the meanings ascribed to them in the Indenture (as defined below).

 

WHEREAS, the Company and the other Guarantors party thereto have heretofore executed and delivered an Indenture, dated as of August 28, 2012 (as amended, supplemented or otherwise modified from time to time, the “Indenture”), providing for the issuance by the Company of its 5.75% Senior Subordinated Notes due 2022 (the “Securities”);

 

WHEREAS, the Indenture provides that under certain circumstances a Future Guarantor shall execute and deliver to the Trustee a supplemental indenture pursuant to which such Future Guarantor shall, subject to Article Thirteen of the Indenture, unconditionally guarantee the Securities on the terms and conditions set forth therein (the “Guarantee”); and

 

WHEREAS, pursuant to Section 901 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture.

 

NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the Company, the Guarantors and the Trustee mutually covenant and agree as follows for the equal and ratable benefit of the Holders.

 

ARTICLE 1
 DEFINITIONS

 

Section 1.1                                    Defined Terms.  As used in this Supplemental Indenture, terms defined in the Indenture or in the preamble or recitals hereto are used herein as therein defined.  The words “herein,” “hereof” and “hereby” and other words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular section hereof.

 

ARTICLE 2
 AGREEMENT TO GUARANTEE

 

Section 2.1                                    Agreement to be Bound.  The Guarantors hereby become a party to the Indenture as a Guarantor and as such shall have all of the rights and be subject to all of the obligations and agreements of a Guarantor under the Indenture.

 

Section 2.2                                    Guarantee.  The Guarantors agree, on a joint and several basis with all the existing Guarantors, to fully, unconditionally and irrevocably Guarantee to each Holder of the Securities and the Trustee the Indenture Obligations pursuant to Article Thirteen of the Indenture.

 

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ARTICLE 3
  MISCELLANEOUS

 

Section 3.1                                    Execution and Delivery.  The Guarantors agree that the Guarantee shall remain in full force and effect notwithstanding any failure to endorse on each Security a notation of the Guarantee.

 

Section 3.2                                    Benefits Acknowledged.  The Guarantors’ Guarantee is subject to the terms and conditions set forth in the Indenture.  The Guarantors acknowledge that they shall receive direct and indirect benefits from the financing arrangements contemplated by the Indenture and this Supplemental Indenture and that the guarantee and waivers made by it pursuant to this Guarantee and this Supplemental Indenture are knowingly made in contemplation of such benefits.

 

Section 3.3                                    Ratification of Indenture; Supplemental Indentures Part of Indenture.  Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect.  This Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of Securities heretofore or hereafter authenticated and delivered shall be bound hereby.

 

Section 3.4                                    Severability.  In case any provision in this Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and such provision shall be ineffective only to the extent of such invalidity, illegality or unenforceability.

 

Section 3.5                                    Guarantors May Consolidate, Etc., on Certain Terms.  The Guarantors may not sell or otherwise dispose of all or substantially all of its assets to, or consolidate with or merge with or into, any Person other than as set forth Section 801(b)of the Indenture.

 

Section 3.6                                    Release.  The Guarantors’ Guarantee shall be released as set forth in Section 1314 of the Indenture.

 

Section 3.7                                    Governing Law.  THIS SUPPLEMENTAL INDENTURE, THE INDENTURE, THE SECURITIES AND THE GUARANTEES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAWS PRINCIPLES THEREOF.

 

Section 3.8                                    Counterparts.  This Supplemental Indenture may be executed in any number of counterparts, each of which shall be deemed an original; but all such counterparts shall together constitute but one and the same instrument.  The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or .pdf transmission shall constitute effective execution and delivery of this Supplemental Indenture for all purposes and may be used in lieu of the original Indenture. Signatures of parties hereto transmitted by facsimile or .pdf shall be deemed to be their original signatures for all purposes.

 

Section 3.9                                    Effect of Headings.  The Section headings herein are for convenience only and shall not affect the construction hereof.

 

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Section 3.10                             Trustee.  The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guarantors and the Company.

 

IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed and attested, all as of the date first above written.

 

	
 
    	
PENSKE AUTOMOTIVE GROUP, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ David K. Jones
    
	
 
    	
 
    	
Name:
    	
David K. Jones
    
	
 
    	
 
    	
Title:
    	
EVP & CFO
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
AUTOMOTIVE MEDIA, LLC
    
	
 
    	
PAG ANNAPOLIS JL1, LLC
    
	
 
    	
PAG DAVIE P1, LLC
    
	
 
    	
PAG GREENWICH B1, LLC
    
	
 
    	
PAG GREENWICH HOLDINGS, LLC
    
	
 
    	
PAG MCALLEN H1, LLC
    
	
 
    	
PAG MCALLEN T1, LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ David K. Jones
    
	
 
    	
 
    	
Name:
    	
David K. Jones
    
	
 
    	
 
    	
Title:
    	
Assistant Treasurer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
PAG ACQUISITION 43, LLC
    
	
 
    	
PAG ACQUISITION 44, LLC
    
	
 
    	
PAG ACQUISITION 45, LLC
    
	
 
    	
PAG ACQUISITION 46, LLC
    
	
 
    	
PAG ACQUISITION 47, LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ David K. Jones
    
	
 
    	
 
    	
Name:
    	
David K. Jones
    
	
 
    	
 
    	
Title:
    	
Treasurer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as trustee
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Lawrence M. Kusch
    
	
 
    	
 
    	
Name:
    	
Lawrence M. Kusch
    
	
 
    	
 
    	
Title:
    	
Vice President
    

 

3Exhibit 4.2.10

 

NINTH AMENDMENT

 

THIS NINTH AMENDMENT, dated as of November 8, 2013 (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 MERCEDES-BENZ FINANCIAL SERVICES USA LLC (formerly DCFS USA LLC), as 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 (including as amended hereby).

 

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                            AMENDMENTS.  Effective on the Amendment Effective Date (defined below), the Credit Agreement shall be amended as follows:

 

1.1                               Section 1.1 of the Credit Agreement shall be amended by amending and restating the last sentence of the definition of “Borrowing Base” to read in its entirety as follows:

 

Notwithstanding the foregoing, all assets (including daily rental vehicles, goodwill, franchise value and cash on deposit in deposit accounts) of (i) the Hertz Entities and (ii) MB Greenwich shall be excluded from the Borrowing Base for all purposes.

 

1.2                               Section 1.1 of the Credit Agreement shall be amended adding the following definition thereto, in the proper alphabetical position:

 

MB Greenwich means PAG Greenwich M1, LLC, a Delaware limited liability company.

 

1.3                               Section 9.7 of the Credit Agreement shall be amended (i) by deleting the word “and” at the end of clause (q) thereof, (ii) deleting the period at the end of clause (r) thereof and substituting “; and” therefor, and (iii) adding the following as a new clause (s) at the end thereof:

 

(s)                                   Debt of MB Greenwich with respect to Floor Plan Financing.

 

1.4                               Section 9.13 of the Credit Agreement shall be amended by amending and restating clause (a) thereof to read as follows:

 

(a)                                 Take, and cause each Subsidiary (other than MB Greenwich) to take, such actions as are necessary or as the Agent or the Required Lenders may reasonably request from time to time (including the execution and delivery of guaranties, security agreements, pledge agreements, mortgages, deeds of trust, financing statements and other documents, the filing or recording of any of the foregoing, and the delivery of stock certificates and other collateral with respect to which perfection is obtained by possession) to ensure that (a) the obligations of the Company hereunder and under the other Loan Documents (i) are secured by substantially all of the assets (other than property in which the Company is

 

 

prohibited from granting a security interest, pledge or assignment pursuant to a Permitted Restriction) of the Company and (ii) guaranteed by all of its Subsidiaries (other than MB Greenwich) (including, promptly upon the acquisition or creation thereof, any Subsidiary acquired or created after the date hereof but excluding Foreign Subsidiaries (to the extent that such exclusion is necessary to avoid material adverse tax consequences for the Company)) by execution of a counterpart of the Guaranty and (b) the obligations of each Subsidiary (other than MB Greenwich) under the Guaranty are secured by substantially all of the assets (other than property in which such Subsidiary is prohibited from granting a security interest, pledge or assignment pursuant to a Permitted Restriction) of such Subsidiary (other than Foreign Subsidiaries (to the extent that such exclusion is necessary to avoid material adverse tax consequences for the Company)), provided that (i) the pledge by the Company or any Subsidiary (other than a Foreign Subsidiary) of the stock of any Foreign Subsidiary shall be limited to 65% of the stock of such Foreign Subsidiary to the extent the pledge of a greater percentage would have material adverse tax consequences for the Company and (ii) a pledge of the stock of a Subsidiary shall not be required if and to the extent that such pledge would violate a Permitted Restriction in favor of a Manufacturer.

 

1.5                               Section 9.19 of the Credit Agreement shall be amended by amending and restating clause (a) thereof to read as follows:

 

(a)                                 contributions by the Company to the capital of any of its Subsidiaries, or by any such Subsidiary to the capital of any of its Subsidiaries; provided that neither the Company nor any Subsidiary shall make any Investment after the date hereof in MB Greenwich in an aggregate amount exceeding $5,000,000 at any one time outstanding except as required to prevent any default under, any automotive framework, franchise or dealer agreement of MB Greenwich;

 

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,

 

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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                            RELEASE.  Effective on the Amendment Effective Date (defined below), (a) MB Greenwich is released from its obligations under the Guaranty, the Security Agreement and all other Loan Documents to which MB Greenwich is a party, (b) all guarantees provided by MB Greenwich under the Loan Documents are terminated and (iii) all Liens in all property and assets held by MB Greenwich (collectively, the “Released Liens”) are released and of no further force and effect.  The Administrative Agent and the Required Lenders also authorize the filing of a UCC-3 termination statement in the form of Exhibit A after the Amendment Effective Date.

 

SECTION 4                            CONDITIONS TO EFFECTIVENESS.  The amendments set forth in Section 1 above shall become effective as of November 8, 2013 (the “Amendment Effective Date”) when the following conditions precedent have been satisfied, each in form and substance satisfactory to the Agent:

 

4.1                               Amendment.  The Agent shall have received a counterpart of this Amendment duly executed by the Company and the Required Lenders (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).

 

4.2                               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.

 

4.3                               Borrowing Base Certificate.  The Agent shall have received a pro forma Borrowing Base Certificate dated as of the Amendment Effective Date.

 

4.4                               No Default.  No Event of Default or Unmatured Event of Default shall have occurred and be continuing or would result from the transactions contemplated by this Amendment.

 

4.5                               Representations.  The representations and warranties of the Company and each Subsidiary set forth in the Credit Agreement and the other Loan Documents shall be true and correct in all material respects with the same effect as if then made (except to the extent stated to relate to a specific earlier date, in which case such representations and warranties shall be true and correct as of such earlier date).

 

4.6                               Confirmatory Certificate.  The Agent shall have received a certificate dated the Amendment Effective Date and signed by a duly authorized representative of the Company as to the matters set forth in Sections 4.3 and 4.4.

 

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SECTION 5                            MISCELLANEOUS.

 

5.1                               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.

 

5.2                               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.

 

5.3                               Expenses.  The Company agrees to pay the reasonable costs and expenses of the Agent and the Lenders in connection with the preparation, execution and delivery of this Amendment.

 

5.4                               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.

 

5.5                               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.

 

5.6                               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.

 

5.7                               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.

 

5.8                               Loan Document.  This Amendment is a Loan Document.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

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Delivered as of the day and year first above written.

 

 

	
 
    	
PENSKE   AUTOMOTIVE GROUP, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:   
    	
/s/David   K. Jones
    
	
 
    	
Title:   
    	
Executive   Vice President & CFO
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
MERCEDES-BENZ   FINANCIAL SERVICES USA LLC, as Agent, as Issuing   Lender and as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Michele A. Nowak
    
	
 
    	
Title:   
    	
Credit   Director, National Accounts
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
TOYOTA MOTOR CREDIT CORPORATION,
    
	
 
    	
as   a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:   
    	
/s/   C. Furukuwa
    
	
 
    	
Title:   
    	
National   Accounts Manager
    

 

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