Document:

exv10w26

Exhibit 10.26

EXECUTIVE AGREEMENT

          This Executive Agreement (“Agreement”) between Oil States International, Inc., a Delaware
corporation (the “Company”), and CHARLES J. MOSES (the “Executive”) is made and entered into
effective as of March 4, 2010 (the “Effective Date”).

          WHEREAS, Executive is a key executive of the Company or a subsidiary; and

          WHEREAS, the Company believes it to be in the best interests of its stockholders to attract,
retain and motivate key executives and ensure continuity of management; and

          WHEREAS, it is in the best interest of the Company and its stockholders if the key executives
can approach material business development decisions objectively and without concern for their
personal situation; and

          WHEREAS, the Company recognizes that the possibility of a Change of Control (as defined below)
of the Company may result in the departure of key executives to the detriment of the Company and
its stockholders; and

          WHEREAS, the Board of Directors of the Company has authorized this Agreement and certain
similar agreements in order to retain and motivate key management and to ensure continuity of key
management;

          THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Company and Executive agree as follows:

	1.	 	Term of Agreement

	 	A.	 	This Agreement shall commence on the Effective Date and, subject to the
provisions for earlier termination in this Agreement, shall continue in effect through
the third anniversary of the Effective Date; provided, however, commencing on the
Effective Date and on each day thereafter, the term of this Agreement shall
automatically be extended for one additional day unless the Board of Directors of the
Company shall give written notice to Executive that the term shall cease to be so
extended in which event the Agreement shall terminate on the third anniversary of the
date such notice is given.
	 
	 	B.	 	Notwithstanding anything in this Agreement to the contrary, this Agreement, if
in effect on the date of a Change of Control, shall automatically be extended for the
24-month period following the Change of Control.

 

 

	 	C.	 	Termination of this Agreement shall not alter or impair any rights of Executive
arising hereunder on or before such termination.

	2.	 	Certain Definitions

	 	A.	 	“Cause” shall mean:

	 	(i)	 	Executive’s conviction of (or plea of nolo contendere to) a
felony, dishonesty or a breach of trust as regards the Company or any
subsidiary;
	 
	 	(ii)	 	Executive’s commission of any act of theft, fraud, embezzlement
or misappropriation against the Company or any subsidiary that is materially
injurious to the Company or such subsidiary regardless of whether a criminal
conviction is obtained;
	 
	 	(iii)	 	Executive’s willful and continued failure to devote
substantially all of his business time to the Company’s business affairs
(excluding failures due to illness, incapacity, vacations, incidental civic
activities and incidental personal time) which failure is not remedied within a
reasonable time after written demand is delivered by the Company, which demand
specifically identifies the manner in which the Company believes that Executive
has failed to devote substantially all of his business time to the Company’s
business affairs; or
	 
	 	(iv)	 	Executive’s unauthorized disclosure of confidential information
of the Company that is materially injurious to the Company.

          For purposes of this definition, no act, or failure to act, on Executive’s part
shall be deemed “willful” unless done, or omitted to be done, by Executive not in
good faith and without reasonable belief that Executive’s action or omission was in
the best interest of the Company.

	 	B.	 	“Change of Control” shall mean any of the following:

	 	(i)	 	any “person” (as such term is used in Section 13(d) and 14(d) of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”)), (other than a trustee or other fiduciary holding
securities under an employee benefit plan of the Company or any affiliate, SCF III, L.P., SCF IV,
L.P., or any affiliate of SCF-III, L.P. or SCF-IV, L.P. or any corporation owned, directly or
indirectly, by the stockholders of the Company in substantially the same proportions as their
ownership of stock of the Company), acquires “beneficial ownership” (within the meaning of Rule
13d-3 under the Exchange Act) of securities of the Company representing 35% or more of the
combined voting power of the Company’s then outstanding securities; provided, however, that if the
Company engages in a merger or consolidation in which the Company or surviving entity in such
merger or consolidation becomes a subsidiary of another entity, then references to the Company’s
then outstanding

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	 	 	 	securities shall be deemed to refer to the outstanding securities of such
parent entity;
	 
	 	(ii)	 	a change in the composition of the Board, as a result of which
fewer than a majority of the directors are Incumbent Directors. “Incumbent
Directors” shall mean directors who either (i) are directors of the Company as
of the Effective Date, or (ii) are elected, or nominated for election, to the
Board with the affirmative votes of at least two-thirds of the Incumbent
Directors at the time of such election or nomination, but Incumbent Director
shall not include an individual whose election or nomination occurs as a result
of either (1) an actual or threatened election contest (as such terms are used
in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act) or (2) an
actual or threatened solicitation of proxies or consents by or on behalf of a
person other than the Board of Directors of the Company;
	 
	 	(iii)	 	the consummation of a merger or consolidation of the Company
with any other corporation, other than a merger or consolidation which would
result in the voting securities of the Company outstanding immediately prior
thereto continuing to represent (either by remaining outstanding or by being
converted into voting securities of the surviving entity (or if the surviving
entity is or shall become a subsidiary of another entity, then such parent
entity)) more than 50% of the combined voting power of the voting securities of
the Company (or such surviving entity or parent entity, as the case may be)
outstanding immediately after such merger or consolidation;
	 
	 	(iv)	 	the stockholders of the Company approve a plan of complete
liquidation of the Company; or
	 
	 	(v)	 	the sale or disposition (other than a pledge or similar
encumbrance) by the Company of all or substantially all of the assets of the
Company other than to a subsidiary or subsidiaries of the Company.

	 	C.	 	“Date of Termination” shall mean the date the Notice of Termination is
given unless such termination is by Executive in which event the Date of Termination
shall not be less than 30 days following the date the Notice of Termination is given.
Further, a Notice of Termination given by Executive due to a Good Reason event that is
corrected by the Company before the Date of Termination shall be void.
	 
	 	D.	 	“Good Reason” shall mean:

	 	(i)	 	a material reduction in Executive’s authority, duties or
responsibilities from those in effect immediately prior to the Change of
Control or the assignment to Executive duties or responsibilities inconsistent
in any material respect from those of Executive in effect immediately prior to
the Change of Control;

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	 	(ii)	 	a material reduction of Executive’s compensation and benefits,
including, without limitation, annual base salary, annual bonus, and equity
incentive opportunities, from those in effect immediately prior to the Change
of Control;
	 
	 	(iii)	 	the Company fails to obtain a written agreement from any
successor or assigns of the Company to assume and perform this Agreement as
provided in Section 9 hereof; or
	 
	 	(iv)	 	the Company requires Executive, without Executive’s consent, to
be based at any office located more than 50 miles from the Company’s offices to
which Executive was based immediately prior to the Change of Control, except
for travel reasonably required in the performance of Executive’s duties.

	 	 	 	Notwithstanding the above however, Good Reason shall not exist with respect to a
matter unless Executive gives the Company written notice of such matter within 30
days of the date Executive knows or should reasonably have known of its occurrence.
If Executive fails to give such notice timely, Executive shall be deemed to have
waived all rights Executive may have under this Agreement with respect to such
matter.
	 
	 	E.	 	“Notice of Termination” shall mean a written notice delivered to the
other party indicating the specific termination provision in this Agreement relied
upon for termination of Executive’s employment and shall set forth in reasonable detail
the facts and circumstances claimed to provide a basis for termination of Executive’s
employment under the provision so indicated.
	 
	 	F.	 	“Protected Period” shall mean the 24-month period beginning on the
effective date of a Change of Control.
	 
	 	G.	 	“Target AICP” shall mean the targeted value of Executive’s annual
incentive compensation plan bonus for the year in which the Date of Termination occurs
or the fiscal year immediately preceding the Change of Control, whichever is a greater
amount.
	 
	 	H.	 	“Termination Base Salary” shall mean Executive’s base salary at the
rate in effect at the time the Notice of Termination is given or, if a greater amount,
Executive’s base salary at the rate in effect immediately prior to the Change of
Control.

	3.	 	No Employment Agreement.
	 
	 	 	This Agreement shall be considered solely as a “severance agreement” obligating the Company
to pay Executive certain amounts of compensation and to provide certain benefits in the
event and only in the event of Executive’s termination of employment for the specified
reasons and at the times specified herein. The parties agree that this Agreement shall not
be considered an employment agreement and that Executive is an “at will” employee of the
Company.

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	4.	 	Regular Severance Benefits.
	 
	 	 	Subject to Section 13, if the Company terminates Executive’s employment (i) other than for
Cause and (ii) not during the Protected Period, Executive shall receive the following
compensation and benefits from the Company:

	 	A.	 	Within 15 days of the Date of Termination the Company shall pay to Executive in
a lump sum, in cash, an amount equal to one times the sum of Executive’s (i)
Termination Base Salary and (ii) Target AICP.
	 
	 	B.	 	Notwithstanding anything in any Company stock plan or grant agreement to the
contrary, all restricted shares and restricted stock units of Executive shall become
100% vested and all restrictions thereon shall lapse as of the Date of Termination and
the Company shall promptly deliver such shares to Executive.
	 
	 	C.	 	For the 24-month period following the Date of Termination (the “Regular
Severance Period”), the Company shall continue to provide Executive and Executive’s
eligible family members, based on the cost sharing arrangement between the Company and
similarly situated active employees, with medical and dental health benefits and
disability coverage and benefits at least equal to those which would have been provided
to Executive if Executive’s employment had not been terminated or, if more favorable to
Executive, as in effect generally at any time during such period. Notwithstanding the
foregoing, if Executive becomes eligible to receive medical, dental and disability
benefits under another employer’s plans during this Regular Severance Period, the
Company’s obligations under this Section 4C shall be reduced to the extent comparable
benefits are actually received by Executive during such period, and any such benefits
actually received by Executive shall be promptly reported by Executive to the Company.
In the event Executive is ineligible under the terms of the Company’s health and other
welfare benefit plans or programs to continue to be so covered, the Company shall
provide Executive with substantially equivalent coverage through other sources or will
provide Executive with a lump sum payment in such amount that, after all taxes on that
amount, shall be equal to the cost to Executive of providing Executive such benefit
coverage. The lump sum shall be determined on a present value basis using the interest
rate provided in Section 1274(b)(2)(B) of the Internal Revenue Code of 1986, as amended
(the “Code”) on the Date of Termination.

Change of Control Severance Benefits

	5.	 	Severance Benefits. Subject to Section 13, if either (a) Executive terminates his employment
during the Protected Period for a Good Reason event or (b) the Company terminates Executive’s
employment during the Protected Period other than for Cause, Executive shall receive the
following compensation and benefits from the Company:

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	 	A.	 	Within 15 days of the Date of Termination the Company shall pay to Executive in
a lump sum, in cash, an amount equal to two times the sum of Executive’s (i)
Termination Base Salary and (ii) Target AICP.
	 
	 	B.	 	Notwithstanding anything in any Company stock plan or grant agreement to the
contrary, (i) all restricted shares and restricted stock units of Executive shall
become 100% vested and all restrictions thereon shall lapse as of the Date of
Termination and the Company shall promptly deliver such shares to Executive and (ii)
each then outstanding stock option of Executive shall become 100% exercisable and,
excluding any incentive stock option granted prior to the Effective Date, shall remain
exercisable for the remainder of such option’s term.
	 
	 	C.	 	Executive shall be fully vested in Executive’s accrued benefits under all
qualified pension, nonqualified pension, profit sharing, 401(k), deferred compensation
and supplemental plans maintained by the Company for Executive’s benefit, except to
that the extent the acceleration of vesting of such benefits would violate any
applicable law or require the Company to accelerate the vesting of the accrued benefits
of all participants in such plan or plans, in which event the Company shall pay
Executive a lump sum amount, in cash, within 15 days following the Date of Termination,
equal to the present value of such unvested accrued benefits that cannot become vested
under the plan for the reasons provided above.
	 
	 	D.	 	For the 36-month period following the Date of Termination (the “COC Severance
Period”), the Company shall continue to provide Executive and Executive’s eligible
family members, based on the cost sharing arrangement between Executive and the Company
on the Date of Termination, with medical and dental health benefits and disability
coverage and benefits at least equal to those which would have been provided to
Executive if Executive’s employment had not been terminated or, if more favorable to
Executive, as in effect generally at any time during such period. Notwithstanding the
foregoing, if Executive becomes eligible to receive medical, dental and disability
benefits under another employer’s plans during this COC Severance Period, the Company’s
obligations under this Section 5D shall be reduced to the extent comparable benefits
are actually received by Executive during such period, and any such benefits actually
received by Executive shall be promptly reported by Executive to the Company. In the
event Executive is ineligible under the terms of the Company’s health and other welfare
benefit plans or programs to continue to be so covered, the Company shall provide
Executive with substantially equivalent coverage through other sources or will provide
Executive with a lump sum payment in such amount that, after all taxes on that amount,
shall be equal to the cost to Executive of providing Executive such benefit coverage.
The lump sum shall be determined on a present value basis using the interest rate
provided in Section 1274(b)(2)(B) of the Code on the Date of Termination.
	 
	 	E.	 	Throughout the term of the COC Severance Period or until Executive accepts
other employment, including as an independent contractor, with a new employer,
whichever occurs first, Executive shall be entitled to receive outplacement

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	 	 	 	services, payable by the Company, with an aggregate cost not to exceed 15% of
Executive’s Termination Base Salary, with an executive outplacement service firm
reasonably acceptable to the Company and Executive.

	6.	 	Accelerated Vesting of Options Upon a Change of Control.
	 
	 	 	Notwithstanding any provisions of any Company stock option plan or option agreement to the
contrary, upon a Change of Control all outstanding unvested stock options, if any, granted
to Executive under any Company stock option plan (or options substituted therefor covering
the stock of a successor corporation) shall be fully vested and exercisable as to all shares
of stock covered thereby effective as of the date of the Change of Control.
	 
	7.	 	Mitigation.
	 
	 	 	Executive shall not be required to mitigate the amount of any payment provided for in this
Agreement by seeking other employment or otherwise nor, except as provided in Section 4C and
Section 5D, shall the amount of any payment or benefit provided for in this Agreement be
reduced by any compensation earned or benefit received by Executive as the result of
employment by another employer or self-employment, by retirement benefits, by offset against
any amount claimed to be owed by Executive to the Company or otherwise, except that any
severance payments or benefits that Executive is entitled to receive pursuant to a Company
severance plan or program for employees in general shall reduce the amount of payments and
benefits otherwise payable or to be provided under this Agreement.
	 
	8.	 	Successor Agreement.
	 
	 	 	The Company will require any successor (whether direct or indirect, by purchase, merger,
consolidation or otherwise) to all or substantially all of the business and/or assets of the
Company to assume expressly and agree to perform this Agreement in the same manner and to
the same extent that the Company would be required to perform if no succession had taken
place. Failure of the successor to so assume shall constitute a breach of this Agreement
and entitle Executive to the benefits hereunder as if triggered by a termination by the
Company other than for Cause.
	 
	9.	 	Indemnity.
	 
	 	 	In any situation where under applicable law the Company has the power to indemnify, advance
expenses to and defend Executive in respect of any judgements, fines, settlements, loss,
cost or expense (including attorneys fees) of any nature related to or arising out of
Executive’s activities as an agent, employee, officer or director of the Company or in any
other capacity on behalf of or at the request of the Company, then the Company shall
promptly on written request, indemnify Executive, advance expenses (including attorney’s
fees) to Executive and defend Executive to the fullest extent permitted by applicable law,
including but not limited to making such findings and determinations and taking any and all
such actions as the Company may, under applicable law, be permitted to have the discretion
to take so as to effectuate such indemnification,

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	 	 	advancement or defense. Such agreement by the Company shall not be deemed to impair any
other obligation of the Company respecting Executive’s indemnification or defense otherwise
arising out of this or any other agreement or promise of the Company under any statute.
	 
	10.	 	Notice.
	 
	 	 	For the purpose of this Agreement, notices and all other communications provided for in this
Agreement shall be in writing and delivered by United States certified or registered mail
(return receipt requested, postage prepaid) or by courier guaranteeing overnight delivery or
by hand delivery (with signed receipt required), addressed to the respective addresses set
forth below, and such notice or communication shall be deemed to have been duly given two
days after deposit in the mail, one day after deposit with such overnight carrier or upon
delivery with hand delivery. The addresses set forth below may be changed by a writing in
accordance herewith.

	 	 	 	 	 

	 

	 	Company:
	 	Executive:
	 
	 

	 	Oil States International, Inc.
	 	Charles J. Moses
	 

	 	333 Clay Street, Suite 4620
	 	1605 Valleywood Trail
	 

	 	Houston, Texas 77002
	 	Mansfield, Texas 76063
	 

	 	Attn: Chairman of the Board	 	 

	11.	 	Arbitration.
	 
	 	 	The parties agree to resolve any claim or controversy arising out of or relating to this
Agreement, including but not limited to the termination of employment of Executive, by
binding arbitration under the Federal Arbitration Act before one arbitrator in Houston,
Texas, administered by the American Arbitration Association under its Commercial Arbitration
Rules, and judgment on the award rendered by the arbitrator may be entered in any court
having jurisdiction thereof. The fees and expenses of the arbitrator shall be borne solely
by the non-prevailing party or, in the event there is no clear prevailing party, as the
arbitrator deems appropriate. Except as provided above, each party shall pay its own costs
and expenses (including, without limitation, attorneys’ fees) relating to any
mediation/arbitration proceeding conducted under this Section 12.
	 
	12.	 	Waiver and Release.
	 
	 	 	As a condition to the receipt of any payment or benefit under this Agreement, Executive must
first execute and deliver to the Company a binding general release, as prepared by the
Company, that releases the Company, its officers, directors, employees, agents, subsidiaries
and affiliates from any and all claims and from any and all causes of action of any kind or
character that Executive may have arising out of Executive’s employment with the Company or
the termination of such employment, but excluding (i) any claims and causes of action that
Executive may have arising under or based upon this Agreement, and (ii) any vested rights
Executive may have under any employee benefit plan or deferred compensation plan or program
of the Company.

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	13.	 	Employment with Affiliates.
	 
	 	 	Employment with the Company for purposes of this Agreement includes employment with any
entity in which the Company has a direct or indirect ownership interest of 50% or more of
the total combined voting power of all outstanding equity interests, and employment with any
entity which has a direct or indirect interest of 50% or more of the total combined voting
power of all outstanding equity interests of the Company. For purposes of this Agreement,
“Good Reason” shall be construed to refer to Executive’s positions, duties, and
responsibilities in the position or positions in which Executive serves immediately before
the Change of Control, but shall not include titles or positions with subsidiaries and
affiliates of the Company that are held primarily for administrative convenience.
	 
	14.	 	Governing Law.

	 	(a)	 	THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF TEXAS WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES.
	 
	 	(b)	 	EACH PARTY HERETO HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF
THE STATE AND FEDERAL COURTS IN HARRIS COUNTY, TEXAS, FOR THE PURPOSES OF ANY
PROCEEDING ARISING OUT OF THIS AGREEMENT.

	15.	 	Entire Agreement.
	 
	 	 	This Agreement is an integration of the parties’ agreement and no agreement or
representatives, oral or otherwise, express or implied, with respect to the subject matter
hereof have been made by either party which are not set forth expressly in this Agreement.
This Agreement hereby expressly terminates, rescinds and replaces in full any prior
agreement (written or oral) between the parties relating to the subject matter hereof,
including, without limitation.
	 
	 	 	The Company shall withhold from all payments and benefits provided under this Agreement all
taxes required to be withheld by applicable law.
	 
	16.	 	Beneficiary.
	 
	 	 	In the event Executive dies before receiving the lump sum severance payment to which
Executive was entitled hereunder, Executive’s spouse or, if there is no spouse, the
beneficiary designated by Executive under the Company-sponsored group term life insurance
plan, shall receive such payment.

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     IN WITNESS WHEREOF, the Company and Executive have executed this Agreement effective for all
purposes as of the Effective Date.

	 	 	 	 	 

	OIL STATES INTERNATIONAL, INC.	 	 
	 
	 	 	 	 
	By: 

Name:

	 	/s/ Cindy B. Taylor
 

CINDY B. TAYLOR
	 	 
	Title:

	 	President and Chief Executive Officer	 	 
	 
	 	 	 	 
	EXECUTIVE:	 	 
	 
	 	 	 	 
	     /s/ Charles J. Moses	 	 
	 	 	 
	CHARLES J. MOSES	 	 

10exv10w22

Exhibit 10.22

AMENDMENT NO. 1 TO

AMENDED AND RESTATED CREDIT AGREEMENT

          This AMENDMENT NO. 1 TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) dated as of
February 25, 2010 is made by and among SONIC AUTOMOTIVE, INC., a Delaware corporation (the
“Company”), BANK OF AMERICA, N.A., a national banking association organized and existing under the
laws of the United States (“Bank of America”), in its capacity as administrative agent for the
Lenders (as defined in the Credit Agreement referred to below) (in such capacity, the
“Administrative Agent”), and as Swing Line Lender and an L/C Issuer, those existing Lenders under
such Credit Agreement party hereto, and each of the Subsidiary Guarantors (as defined in the Credit
Agreement) signatory hereto.

W I T N E S S E T H:

          WHEREAS, the Company, Bank of America, as Administrative Agent, Swing Line Lender and an L/C
Issuer, Wells Fargo Bank, National Association, as an L/C Issuer, and the Lenders have entered into
that certain Amended and Restated Credit Agreement dated as of January 15, 2010 (as hereby amended
and as from time to time further amended, modified, supplemented, restated, or amended and
restated, the “Credit Agreement”; capitalized terms used in this Amendment and not otherwise
defined herein shall have the respective meanings given thereto in the Credit Agreement), pursuant
to which the Lenders have made available to the Company a revolving credit facility, including a
letter of credit facility and a revolving swing line facility; and

          WHEREAS, each of the Subsidiary Guarantors has entered into a Subsidiary Guaranty pursuant to
which it has guaranteed the payment and performance of (a) the obligations of the Company and other
Loan Parties under the Credit Agreement and the other Loan Documents and (b) certain other
Obligations; and

          WHEREAS, the Company and the respective Loan Parties that are parties thereto have entered
into the Security Agreement, the Pledge Agreement and other Security Instruments, securing the
Obligations under the Credit Agreement and other Loan Documents and certain other Obligations; and

          WHEREAS, the Company has advised the Administrative Agent and the Lenders that it desires to
amend certain provisions of the Credit Agreement to, among other things, (i) clarify the delivery
requirements for certain financing statements, certificates and other information, (ii) clarify
certain provisions relating to Indebtedness permitted by Section 7.03, (iii) clarify the
calculation of the Consolidated Total Debt to EBITDA Ratio set forth in Exhibit F (the Compliance
Certificate) and (iv) make certain typographical corrections, in each case as more particularly set
forth below, and the Administrative Agent and the Lenders signatory hereto are willing to effect
such amendments on the terms and conditions contained in this Amendment;

          NOW, THEREFORE, in consideration of the premises and further valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

 

          1.      Amendments to Credit Agreement. Subject to the terms and conditions set forth
herein, the Credit Agreement is hereby amended as follows:

          (a)     The following definition of “Eligible Used Vehicle Inventory” is added to
Section 1.02 of the Credit Agreement in the appropriate alphabetical order therein:

            ““Eligible Used Vehicle Inventory” has the meaning specified for such term in
the Floorplan Credit Agreement.”.

          (b)      The definition of “Permitted Indenture Refinancing Indebtedness” is amended by
deleting the phrase “provided, that (i) the amount of such Indebtedness is not increased at
the time of such refinancing, replacement, refunding, renewal or extension” and inserting the
following phrase in lieu thereof:

            “provided, that (i) the amount of such Indebtedness is not increased at the
time of such refinancing, replacement, refunding, renewal or extension (other than for the
reasonable fees, premiums or transaction costs incurred in connection with any such
refinancing, replacement, refunding, renewal or extension),”.

          (c)      Section 6.01 of the Credit Agreement is amended, so that, as amended, such section
shall read as follows:

            “6.01 Financial Statements. Deliver to the Administrative Agent and each Lender, in
form and detail satisfactory to the Administrative Agent and the Required Lenders:

            (a)      as soon as available, but in any event within ninety (90) days after the end of
each fiscal year of the Company (or if earlier, fifteen (15) days after the date required to
be filed with the SEC (without giving effect to any extension permitted by the SEC)):

                     (i)      an audited consolidated balance sheet of the Company and its Subsidiaries as at the
end of such fiscal year, setting forth in comparative form the figures for the previous
fiscal year, in reasonable detail and prepared in accordance with GAAP;

                      (ii)      a consolidating balance sheet of the Company and its Subsidiaries as at the end of
such fiscal year, with subtotals for (x) each Subsidiary, (y) all New Vehicle Borrowers
(excluding the results of any Dual Subsidiaries), and (z) Silo Subsidiaries and Dual
Subsidiaries grouped by each Silo Lender (including for such consolidating balance sheet, a
separate line item for used vehicle inventory for such Subsidiary groups, or in the case of
New Vehicle Borrowers (other than Dual Subsidiaries) Eligible Used Vehicle Inventory of such
New Vehicle Borrowers), in each case prior to intercompany eliminations (and, upon request
of the Administrative Agent, setting forth in comparative form the figures for the previous
fiscal year), all in reasonable detail and prepared in accordance with GAAP;

                      (iii)      the related audited consolidated statement of income or operations for such
fiscal year setting forth in each case in comparative form the figures for the previous
fiscal year, all in reasonable detail and prepared in accordance with GAAP;

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                      (iv)      the related consolidating statements of income or operations for such fiscal year
with subtotals for (x) each Subsidiary, (y) all New Vehicle Borrowers (excluding the results
of any Dual Subsidiaries), and (z) Silo Subsidiaries and Dual Subsidiaries grouped by each
Silo Lender, in each case prior to intercompany eliminations (and, upon request of the
Administrative Agent, setting forth in comparative form the figures for the previous fiscal
year), all in reasonable detail and prepared in accordance with GAAP; and

                      (v)      the related audited consolidated statements of stockholders’ equity and cash flows
for such fiscal year setting forth in comparative form the figures for the previous fiscal
year, all in reasonable detail and prepared in accordance with GAAP;

such consolidated financial statements to be audited and accompanied by (i) a report and
opinion of a Registered Public Accounting Firm of nationally recognized standing reasonably
acceptable to the Required Lenders as to whether such financial statements are free of
material misstatement, which report and opinion shall be prepared in accordance with audit
standards of the Public Company Accounting Oversight Board and applicable Securities Laws
and shall not be subject to any “going concern” or like qualification or exception or any
qualification or exception as to the scope of such audit or with respect to the absence of
material misstatement; and (ii) (A) management’s assessment of the effectiveness of the
Company’s internal controls over financial reporting as of the end of such fiscal year of
the Company as required in accordance with Item 308 of SEC Regulation S-K expressing a
conclusion which contains no statement that there is a material weakness in such internal
controls, except for such material weaknesses as to which the Required Lenders do not
object, and (B) an attestation report of such Registered Public Accounting Firm on
management’s assessment of, and the opinion of the Registered Public Accounting Firm
independently assessing the effectiveness of, the Company’s internal controls over financial
reporting in accordance with Item 308 of SEC Regulation S-K, PCAOB Auditing Standard No. 2
and Section 404 of Sarbanes-Oxley and expressing a conclusion which contains no statement
that there is a material weakness in such internal controls, except for such material
weakness as to which the Required Lenders do not object, and such consolidating statements
to be certified by a Responsible Officer of the Company to the effect that such statements
are fairly stated in all material respects when considered in relation to the consolidated
financial statements of the Company and its Subsidiaries;

          (b)      (i) as soon as available, but in any event within forty-five (45) days after the
end of each of the first three fiscal quarters of each fiscal year of the Company (or if
earlier, five days after the date required to be filed with the SEC (without giving effect
to any extension permitted by the SEC)):

                              (A)      an unaudited consolidated balance sheet of the Company and its Subsidiaries as at
the end of such fiscal quarter, setting forth in comparative form the figures for the
corresponding fiscal quarter of the previous fiscal year, in reasonable detail and prepared
in accordance with GAAP;

3

 

                              (B)      a consolidating balance sheet of the Company and its Subsidiaries as at the end of
such fiscal quarter, with subtotals for (x) each Subsidiary, (y) all New Vehicle Borrowers
(excluding the results of any Dual Subsidiaries), and (z) Silo Subsidiaries and Dual
Subsidiaries grouped by each Silo Lender (including for such consolidating balance sheet, a
separate line item for used vehicle inventory for such Subsidiary groups, or in the case of
New Vehicle Borrowers (other than Dual Subsidiaries) Eligible Used Vehicle Inventory of such
New Vehicle Borrowers), in each case prior to intercompany eliminations (and, upon the
request of the Administrative Agent, setting forth in comparative form the figures for the
corresponding fiscal quarter of the previous fiscal year), all in reasonable detail and
prepared in accordance with GAAP;

                              (C)      the related unaudited consolidated statement of income or operations for such
fiscal quarter (and the portion of the Company’s fiscal year then ended) setting forth in
each case in comparative form the figures for the corresponding fiscal quarter (and portion)
of the previous fiscal year, all in reasonable detail and prepared in accordance with GAAP;

                              (D)      the related consolidating statements of income or operations for such fiscal
quarter (and the portion of the Company’s fiscal year then ended) with subtotals for (x)
each Subsidiary, (y) all New Vehicle Borrowers (excluding the results of any Dual
Subsidiaries), and (z) Silo Subsidiaries and Dual Subsidiaries grouped by each Silo Lender,
in each case prior to intercompany eliminations (and, upon the request of the Administrative
Agent, setting forth in comparative form the figures for the corresponding fiscal quarter
(and portion) of the previous fiscal year), all in reasonable detail and prepared in
accordance with GAAP; and

                              (E)      the related unaudited consolidated statements of stockholders’ equity and cash
flows for such fiscal quarter (and the portion of the Company’s fiscal year then ended)
setting forth in comparative form the figures for the corresponding fiscal quarter (and
portion) of the previous fiscal year, all in reasonable detail and prepared in accordance
with GAAP;

such consolidated and consolidating financial statements described in this Section
6.01(b)(i) to be unaudited and certified by a Responsible Officer of the Company as
fairly presenting the financial condition, results of operations, shareholders’ equity and
cash flows of the Company and its Subsidiaries in accordance with GAAP, subject only to
normal year-end audit adjustments and the absence of footnotes;

          (ii)      as soon as available, but in any event within thirty (30) days after the end of
each calendar month (including December, but excluding the last month of the fiscal quarter
periods described in Section 6.01(b)(i)) of each fiscal year of the Company (or if
earlier than such 30th day, five days after the date required to be filed with the SEC
(without giving effect to any extension permitted by the SEC)):

                              (A)      an unaudited consolidated balance sheet of the Company and its Subsidiaries as at
the end of such calendar month, setting forth in comparative

4

 

form the figures for the corresponding calendar month of the previous fiscal year, in
reasonable detail and prepared in accordance with GAAP;

                              (B)      a consolidating balance sheet of the Company and its Subsidiaries as at the end of
such calendar month, with subtotals for (x) each Subsidiary, (y) all New Vehicle Borrowers
(excluding the results of any Dual Subsidiaries), and (z) Silo Subsidiaries and Dual
Subsidiaries grouped by each Silo Lender (including for such consolidating balance sheet, a
separate line item for used vehicle inventory for such Subsidiary groups, or in the case of
New Vehicle Borrowers (other than Dual Subsidiaries) Eligible Used Vehicle Inventory of such
New Vehicle Borrowers), in each case prior to intercompany eliminations (and, upon the
request of the Administrative Agent, setting forth in comparative form the figures for the
corresponding calendar month of the previous fiscal year), all in reasonable detail and
prepared in accordance with GAAP;

                              (C)      the related unaudited consolidated statement of income or operations for such
calendar month (and the portion of the Company’s fiscal year then ended) setting forth in
each case in comparative form the figures for the corresponding calendar month (and portion)
of the previous fiscal year, all in reasonable detail and prepared in accordance with GAAP;

                              (D)      the related consolidating statements of income or operations for such calendar
month (and the portion of the Company’s fiscal year then ended) with subtotals for (x) each
Subsidiary, (y) all New Vehicle Borrowers (excluding the results of any Dual Subsidiaries),
and (z) Silo Subsidiaries and Dual Subsidiaries grouped by each Silo Lender, in each case
prior to intercompany eliminations (and, upon the request of the Administrative Agent,
setting forth in comparative form the figures for the corresponding calendar month (and
portion) of the previous fiscal year), all in reasonable detail and prepared in accordance
with GAAP; and

                              (E)      the related unaudited consolidated statements of stockholders’ equity and cash
flows for such calendar month (and the portion of the Company’s fiscal year then ended)
setting forth in comparative form the figures for the corresponding calendar month (and
portion) of the previous fiscal year, all in reasonable detail and prepared in accordance
with GAAP;

such consolidated and consolidating financial statements described in this Section
6.01(b)(ii) to be unaudited and certified by a Responsible Officer of the Company as
fairly presenting the financial condition, results of operations, shareholders’ equity and
cash flows of the Company and its Subsidiaries in accordance with GAAP, subject only to
normal year-end audit adjustments and the absence of footnotes.

          As to any information contained in materials furnished pursuant to Section
6.02(g), the Company shall not be separately required to furnish such information under
clause (a) or (b) above, but the foregoing shall not be in derogation of the obligation of
the Company to furnish the information and materials described in clauses (a) and (b) above
at the times specified therein.”.

5

 

          (d)      Section 6.02(a)(i) of the Credit Agreement is hereby amended by deleting the
reference to “Section 6.01(b) (with respect to the last month of each fiscal quarter)” in
the second line thereof and replacing it with a reference to “Section 6.01(b)(i)”.

          (e)      Section 6.02(a)(ii) of the Credit Agreement is hereby amended by deleting the
reference to “Section 6.01(b) (with respect to each month other than the last month of a
fiscal quarter)” in the first line thereof and replacing it with a reference to “Section
6.01(b)(ii) (with respect to each January, February, April, May, July, August, October and
November)”.

          (f)      Section 6.02(b) of the Credit Agreement is hereby amended so that, as amended,
such section shall read as follows:

“(b)      concurrently with (and in no event later than the time required for) the delivery of
the financial statements referred to in Sections 6.01(a) and (b) (other than
with respect to the monthly December financial statements required to be delivered by
Section 6.01(b)(ii)), a duly completed Revolving Borrowing Base Certificate as of
the end of the respective fiscal year, fiscal quarter or calendar month, signed by a
Responsible Officer of the Company; provided that, if any Event of Default shall
have occurred and be continuing, the Company shall deliver such Revolving Borrowing Base
Certificates, each signed by a Responsible Officer of the Company, at any other time
requested by the Administrative Agent.”.

          (g)      Section 7.03(h) of the Credit Agreement is hereby amended by deleting the phrase
“less the aggregate principal amount of all 2002-4.25% Indenture Indebtedness that is
prepaid as permitted hereunder,” and inserting the following phrase in lieu thereof:

“plus the reasonable fees, premiums or transaction costs incurred in connection with
any such Permitted Indenture Refinancing Indebtedness, less the aggregate principal
amount of all 2002-4.25% Indenture Indebtedness and the related Permitted Indenture
Refinancing Indebtedness that is prepaid as permitted hereunder (other than with proceeds
from any Permitted Indenture Refinancing Indebtedness),”.

          (h)      Section 7.03(i) of the Credit Agreement is hereby amended by deleting the phrase
“less the aggregate principal amount of all 2003-8.625% Indenture Indebtedness that is
prepaid as permitted hereunder,” and inserting the following phrase in lieu thereof:

“plus the reasonable fees, premiums or transaction costs incurred in connection with
any such Permitted Indenture Refinancing Indebtedness, less the aggregate principal
amount of all 2003-8.625% Indenture Indebtedness and the related Permitted Indenture
Refinancing Indebtedness that is prepaid as permitted hereunder (other than with proceeds
from any Permitted Indenture Refinancing Indebtedness),”.

          (i)      Section 7.03(j) of the Credit Agreement is hereby amended by deleting the phrase
“less the aggregate principal amount of all 2003-8.625% Indenture Indebtedness that is
prepaid as permitted hereunder,” and inserting the following phrase in lieu thereof:

6

 

“plus the reasonable fees, premiums or transaction costs incurred in connection with
any such Permitted Indenture Refinancing Indebtedness, less the aggregate principal
amount of all 2009-5.0% Indenture Indebtedness and the related Permitted Indenture
Refinancing Indebtedness that is prepaid as permitted hereunder (other than with proceeds
from any Permitted Indenture Refinancing Indebtedness),”.

          (j)      Article IV of Exhibit F of the Credit Agreement is hereby amended so that,
as amended, such Article shall read as follows:

     “IV. Consolidated Total Debt to EBITDA Ratio.

	 	 	 	 	 	 	 
	A.
	 	Consolidated Total Outstanding Indebtedness (including any such Indebtedness that would otherwise be deemed to be equity solely because of the effect of FASB 14-1, which such Indebtedness is in the amount of $                     as of the Statement Date):	$	 	 	 
	 
	 	 	 	 
	B.
	 	Indebtedness under the New Vehicle Floorplan Facility:	$	 	 	 
	 
	 	 	 	 
	C.
	 	Permitted Silo Indebtedness for New Vehicle inventory:	$	 	 	 
	 
	 	 	 	 
	D.
	 	Temporary Additional Indebtedness as of Statement Date:	$	 	 	 
	 
	 	 	 	 
	E.
	 	Consolidated Total Debt numerator
at Statement Date (Line IV.A. – B – C. – D.):	$	 	 	 
	 
	 	 	 	 
	F.
	 	Consolidated EBITDA for Subject Period (Line III.B.3.):	$	 	 	 
	 
	 	 	 	 
	G.
	 	Consolidated Total Debt to EBITDA Ratio (Line IV.E. ÷ Line IV.F.):	 	                    
to 1”.

          2.      Effectiveness; Conditions Precedent. This Amendment and the amendments to the
Credit Agreement herein provided shall become effective upon satisfaction of the following
conditions precedent:

          (a)     the Administrative Agent shall have received:

	 	 (i)	 	counterparts of this Amendment, duly executed by the Company,
the other Loan Parties, the Administrative Agent and Lenders which constitute
Required Lenders;

	 
	 	 (ii)	 	such other documents, instruments, opinions, certifications,
undertakings, further assurances and other matters as the Administrative Agent,
the Swing Line Lender, any L/C Issuer or any Lender shall reasonably request;
and

          (b)     all fees and expenses payable to the Administrative Agent and the Lenders (including the
fees and expenses of counsel to the Administrative Agent) to the extent invoiced on or prior to the
date hereof shall have been paid in full (without prejudice to final settling of accounts for such
fees and expenses).

7

 

          3.      Consent of the Subsidiary Guarantors. Each Subsidiary Guarantor hereby consents,
acknowledges and agrees to the amendments set forth herein and hereby confirms and ratifies in all
respects the Subsidiary Guaranty to which such Subsidiary Guarantor is a party (including without
limitation the continuation of such Subsidiary Guarantor’s payment and performance obligations
thereunder upon and after the effectiveness of this Amendment and the amendments contemplated
hereby) and the enforceability of such Subsidiary Guaranty against such Subsidiary Guarantor in
accordance with its terms.

          4.      Representations and Warranties. In order to induce the Administrative Agent and
the Lenders to enter into this Amendment, the Company and each Subsidiary Guarantor each represents
and warrants to the Administrative Agent and the Lenders as follows:

          (a)      The representations and warranties made by the Company and each Subsidiary Guarantor in
Article V of the Credit Agreement and in each of the other Loan Documents to which such
Person is a party are true and correct on and as of the date hereof, except to the extent that such
representations and warranties expressly relate to an earlier date and except that, the
representations and warranties contained in subsections (a) and (b) of Section
5.05 of the Credit Agreement shall be deemed to refer to the most recent statements furnished
pursuant to clauses (a) and (b), respectively, of Section 6.01 of the
Credit Agreement;

          (b)      The Persons appearing as Subsidiary Guarantors on the signature pages to this Amendment
constitute all Persons who are required to be Subsidiary Guarantors pursuant to the terms of the
Credit Agreement and the other Loan Documents, including without limitation all Persons who became
Subsidiaries or were otherwise required to become Subsidiary Guarantors after the Closing Date, and
each of such Persons has become and remains a party to the Subsidiary Guaranty as a Subsidiary
Guarantor;

          (c)      This Amendment has been duly authorized, executed and delivered by the Company and the
Subsidiary Guarantors party hereto and constitutes a legal, valid and binding obligation of such
parties, except as may be limited by general principles of equity or by the effect of any
applicable bankruptcy, insolvency, reorganization, moratorium or similar law affecting creditors’
rights generally; and

          (d)      No Default or Event of Default has occurred and is continuing.

          5.      Entire Agreement. This Amendment and all the Loan Documents (collectively, the
“Relevant Documents”), sets forth the entire understanding and agreement of the parties hereto in
relation to the subject matter hereof and supersedes any prior negotiations and agreements among
the parties relating to such subject matter. No promise, condition, representation or warranty,
express or implied, not set forth in the Relevant Documents shall bind any party hereto, and no
such party has relied on any such promise, condition, representation or warranty. Each of the
parties hereto acknowledges that, except as otherwise expressly stated in the Relevant Documents,
no representations, warranties or commitments, express or implied, have been made by any party to
the other in relation to the subject matter hereof or thereof. None of the terms or conditions of
this Amendment may be changed, modified, waived or canceled orally or otherwise, except in writing
and in accordance with Section 10.01 of the Credit Agreement.

8

 

          6.      Full Force and Effect of Loan Documents. Except as hereby specifically amended,
modified or supplemented, the Credit Agreement and all other Loan Documents are hereby confirmed
and ratified in all respects and shall be and remain in full force and effect according to their
respective terms.

          7.      Counterparts. This Amendment may be executed in any number of counterparts, each
of which shall be deemed an original as against any party whose signature appears thereon, and all
of which shall together constitute one and the same instrument. Delivery of an executed
counterpart of a signature page of this Amendment by telecopy or electronic delivery (including by
 .pdf) shall be effective as delivery of a manually executed counterpart of this Amendment.

          8.      Governing Law. This Amendment shall in all respects be governed by, and construed
in accordance with, the laws of the State of North Carolina applicable to contracts executed and to
be performed entirely within such State, and shall be further subject to the provisions of
Section 10.14 of the Credit Agreement.

          9.      Enforceability. Should any one or more of the provisions of this Amendment be
determined to be illegal or unenforceable as to one or more of the parties hereto, all other
provisions nevertheless shall remain effective and binding on the parties hereto.

          10.      References. All references in any of the Loan Documents to the “Credit Agreement”
shall mean the Credit Agreement, as amended hereby and as further amended, supplemented or
otherwise modified from time to time.

          11.      Successors and Assigns. This Amendment shall be binding upon and inure to the
benefit of the Company, the Administrative Agent, each of the Subsidiary Guarantors and Lenders,
and their respective successors, legal representatives, and assignees to the extent such assignees
are permitted assignees as provided in Section 10.06 of the Credit Agreement.

[Signature pages follow.]

9

 

          IN WITNESS WHEREOF, the parties hereto have caused this instrument to be made, executed and
delivered by their duly authorized officers as of the day and year first above written.

COMPANY:

SONIC AUTOMOTIVE, INC., as the Borrower

By:     /s/  DAVID P. COSPER 

Name:     David P. Cosper 

Title:        Vice Chairman and Chief Financial Officer 

AMENDMENT NO. 1 TO AMENDED AND RESTATED CREDIT AGREEMENT

Signature Page

 

 

SUBSIDIARY GUARANTORS:

ARNGAR, INC.

AUTOBAHN, INC.

AVALON FORD, INC.

CORNERSTONE ACCEPTANCE CORPORATION

FAA AUTO FACTORY, INC.

FAA BEVERLY HILLS, INC.

FAA CAPITOL N, INC.

FAA CONCORD H, INC.

FAA CONCORD T, INC.

FAA DUBLIN N, INC.

FAA DUBLIN VWD, INC.

FAA HOLDING CORP.

FAA LAS VEGAS H, INC.

FAA POWAY H, INC.

FAA POWAY T, INC.

FAA SAN BRUNO, INC.

FAA SANTA MONICA V, INC.

FAA SERRAMONTE, INC.

FAA SERRAMONTE H, INC.

FAA SERRAMONTE L, INC.

FAA STEVENS CREEK, INC.

FAA TORRANCE CPJ, INC.

FIRSTAMERICA AUTOMOTIVE, INC.

FORT MILL FORD, INC.

FORT MYERS COLLISION CENTER, LLC

FRANCISCAN MOTORS, INC.

FRONTIER OLDSMOBILE-CADILLAC, INC.

KRAMER MOTORS INCORPORATED

L DEALERSHIP GROUP, INC.

MARCUS DAVID CORPORATION

MASSEY CADILLAC, INC.

ONTARIO L, LLC

SAI AL HC1, INC.

SAI AL HC2, INC.

SAI ANN ARBOR IMPORTS, LLC

By:     /s/  DAVID P. COSPER 

Name:     David P. Cosper 

Title:         Vice President and Treasurer 

AMENDMENT NO. 1 TO AMENDED AND RESTATED CREDIT AGREEMENT

Signature Page

 

 

SAI ATLANTA B, LLC

SAI BROKEN ARROW C, LLC

SAI CHARLOTTE M, LLC

SAI COLUMBUS MOTORS, LLC

SAI COLUMBUS VWK, LLC

SAI FL HC2, INC.

SAI FL HC3, INC.

SAI FL HC4, INC.

SAI FL HC6, INC.

SAI FL HC7, INC.

SAI FORT MYERS B, LLC

SAI FORT MYERS H, LLC

SAI FORT MYERS M, LLC

SAI FORT MYERS VW, LLC

SAI IRONDALE IMPORTS, LLC

SAI LONG BEACH B, INC.

SAI MD HC1, INC.

SAI MONROVIA B, INC.

SAI MONTGOMERY B, LLC

SAI MONTGOMERY BCH, LLC

SAI MONTGOMERY CH, LLC

SAI NASHVILLE CSH, LLC

SAI NASHVILLE H, LLC

SAI NASHVILLE M, LLC

SAI NASHVILLE MOTORS, LLC

SAI OK HC1, INC.

SAI OKLAHOMA CITY C, LLC

SAI OKLAHOMA CITY H, LLC

SAI ORLANDO CS, LLC

SAI RIVERSIDE C, LLC

SAI ROCKVILLE IMPORTS, LLC

SAI TN HC1, LLC

SAI TN HC2, LLC

SAI TN HC3, LLC

SAI TULSA N, LLC

SANTA CLARA IMPORTED CARS, INC.

SONIC – 2185 CHAPMAN RD., CHATTANOOGA,

   LLC

SONIC – CALABASAS V, INC.

SONIC – CARSON F, INC.

By:     /s/  DAVID P. COSPER 

Name:     David P. Cosper 

Title:         Vice President and Treasurer 

AMENDMENT NO. 1 TO AMENDED AND RESTATED CREDIT AGREEMENT

Signature Page

 

 

SONIC
– COAST CADILLAC, INC.

SONIC – DENVER T, INC.

SONIC – DOWNEY CADILLAC, INC.

SONIC – HARBOR CITY H, INC.

SONIC – LAS VEGAS C EAST, LLC

SONIC – LAS VEGAS C WEST, LLC

SONIC – LLOYD NISSAN, INC.

SONIC – LLOYD PONTIAC — CADILLAC, INC.

SONIC – LONE TREE CADILLAC, INC.

SONIC – LS, LLC

SONIC – MANHATTAN FAIRFAX, INC.

SONIC – MASSEY CHEVROLET, INC.

SONIC – NEWSOME CHEVROLET WORLD, INC.

SONIC – NEWSOME OF FLORENCE, INC.

SONIC – SANFORD CADILLAC, INC.

SONIC – SHOTTENKIRK, INC.

SONIC – STEVENS CREEK B, INC.

SONIC – WILLIAMS CADILLAC, INC.

SONIC AGENCY, INC.

SONIC AUTOMOTIVE – 1720 MASON AVE., DB,

   INC.

SONIC AUTOMOTIVE – 1720 MASON AVE., DB,

   LLC

SONIC AUTOMOTIVE – 6008 N. DALE MABRY,

   FL, INC.

SONIC AUTOMOTIVE – 9103 E. INDEPENDENCE,

   NC, LLC

SONIC AUTOMOTIVE 2752 LAURENS RD.,

   GREENVILLE, INC.

SONIC AUTOMOTIVE 5260 PEACHTREE

   INDUSTRIAL BLVD., LLC

SONIC AUTOMOTIVE F&I, LLC

SONIC AUTOMOTIVE OF CHATTANOOGA, LLC

SONIC AUTOMOTIVE OF NASHVILLE, LLC

SONIC AUTOMOTIVE OF NEVADA, INC.

SONIC AUTOMOTIVE SUPPORT, LLC

SONIC AUTOMOTIVE WEST, LLC

SONIC AUTOMOTIVE-3700 WEST BROAD

   STREET, COLUMBUS, INC.

By:     /s/  DAVID P. COSPER 

Name:     David P. Cosper 

Title:       Vice President and Treasurer 

AMENDMENT NO. 1 TO AMENDED AND RESTATED CREDIT AGREEMENT

Signature Page

 

 

SONIC AUTOMOTIVE-4000 WEST BROAD

   STREET, COLUMBUS, INC.

SONIC CALABASAS M, INC.

SONIC DEVELOPMENT, LLC

SONIC DIVISIONAL OPERATIONS, LLC

SONIC FREMONT, INC.

SONIC OF TEXAS, INC.

SONIC RESOURCES, INC.

SONIC SANTA MONICA M, INC.

SONIC SANTA MONICA S, INC.

SONIC TYSONS CORNER H, INC.

SONIC TYSONS CORNER INFINITI, INC.

SONIC WALNUT CREEK M, INC.

SONIC WILSHIRE CADILLAC, INC.

SONIC – BUENA PARK H, INC.

SONIC – CALABASAS A, INC.

SONIC – CAPITOL CADILLAC, INC.

SONIC – CAPITOL IMPORTS, INC.

SONIC – CARSON LM, INC.

SONIC – PLYMOUTH CADILLAC, INC.

SONIC – SATURN OF SILICON VALLEY, INC.

SONIC – VOLVO LV, LLC

SONIC – WEST COVINA T, INC.

SRE ALABAMA – 2, LLC

SRE ALABAMA-5, LLC

SRE CALIFORNIA – 1, LLC

SRE CALIFORNIA – 2, LLC

SRE CALIFORNIA – 4, LLC

SRE COLORADO – 1, LLC

SRE FLORIDA – 1, LLC

SRE FLORIDA – 2, LLC

SRE HOLDING, LLC

SRE NORTH CAROLINA – 2, LLC

SRE OKLAHOMA-1, LLC

SRE OKLAHOMA-2, LLC

SRE OKLAHOMA-5, LLC

SRE SOUTH CAROLINA – 3, LLC

SRE SOUTH CAROLINA – 4, LLC

SRE TENNESSEE-4, LLC

SRE VIRGINIA – 1, LLC

By:     /s/  DAVID P. COSPER 

Name:     David P. Cosper 

Title:       Vice President and Treasurer 

AMENDMENT NO. 1 TO AMENDED AND RESTATED CREDIT AGREEMENT

Signature Page

 

 

SREALESTATE ARIZONA – 2, LLC

SREALESTATE ARIZONA – 3, LLC

STEVENS CREEK CADILLAC, INC.

TOWN AND COUNTRY FORD, INCORPORATED

VILLAGE IMPORTED CARS, INC.

WINDWARD, INC.

By:     /s/  DAVID P. COSPER 

Name:     David P. Cosper 

Title:       Vice President and Treasurer 

SAI GA HC1, LP

SONIC PEACHTREE INDUSTRIAL BLVD., L.P.

SONIC – STONE MOUNTAIN T, L.P.

By:  SAI GEORGIA, LLC, as Sole General Partner

By:  SONIC AUTOMOTIVE OF NEVADA,

INC., as Sole Member

By:     /s/  DAVID P. COSPER 

Name:     David P. Cosper 

Title:       Vice President and Treasurer 

SONIC
– LS CHEVROLET, L.P.

By:
SONIC – LS, LLC, as Sole General Partner

By:     /s/  DAVID P. COSPER 

Name:     David P. Cosper 

Title:       Vice President and Treasurer 

AMENDMENT NO. 1 TO AMENDED AND RESTATED CREDIT AGREEMENT

Signature Page

 

 

PHILPOTT MOTORS, LTD.

SONIC – CADILLAC D, L.P.

SONIC – CAMP FORD, L.P.

SONIC – CARROLLTON V, L.P.

SONIC – FORT WORTH T, L.P.

SONIC – FRANK PARRA AUTOPLEX, L.P.

SONIC – HOUSTON V, L.P.

SONIC – LUTE RILEY, L.P.

SONIC – MESQUITE HYUNDAI, L.P.

SONIC – RICHARDSON F, L.P.

SONIC – UNIVERSITY PARK A, L.P.

SONIC ADVANTAGE PA, L.P.

SONIC AUTOMOTIVE – 3401 N. MAIN, TX, L.P.

SONIC AUTOMOTIVE – 4701 I-10 EAST, TX, L.P.

SONIC AUTOMOTIVE OF TEXAS, L.P.

SONIC HOUSTON JLR, LP

SONIC HOUSTON LR, L.P.

SONIC MOMENTUM B, L.P.

SONIC MOMENTUM JVP, L.P.

SONIC MOMENTUM VWA, L.P.

SONIC-CLEAR LAKE VOLKSWAGEN, L.P.

SONIC-JERSEY VILLAGE VOLKSWAGEN, L.P.

SRE TEXAS – 1, L.P.

SRE TEXAS – 2, L.P.

SRE TEXAS – 3, L.P.

SRE TEXAS – 4, L.P.

SRE TEXAS – 5, L.P.

SRE TEXAS – 6, L.P.

SRE TEXAS – 7, L.P.

SRE TEXAS – 8, L.P.

By: SONIC OF TEXAS, INC., as Sole General Partner

By:     /s/  DAVID P. COSPER 

Name:     David P. Cosper 

Title:       Vice President and Treasurer 

AMENDMENT NO. 1 TO AMENDED AND RESTATED CREDIT AGREEMENT

Signature Page

 

 

SAI CLEARWATER T, LLC

By:   SAI FL HC2, INC., as Sole Member

By:     /s/  DAVID P. COSPER 

Name:     David P. Cosper 

Title:       Vice President and Treasurer 

SAI COLUMBUS T, LLC

By: SONIC AUTOMOTIVE, INC., as Sole Member

By:     /s/  DAVID P. COSPER 

Name:     David P. Cosper 

Title:       Vice President and Treasurer 

SAI GEORGIA LLC

By:  SONIC AUTOMOTIVE OF NEVADA, INC., as Sole Member

By:     /s/  DAVID P. COSPER 

Name:     David P. Cosper 

Title:       Vice President and Treasurer 

SAI IRONDALE L, LLC

By:   SAI AL HC2, INC., as Sole Member

By:     /s/  DAVID P. COSPER 

Name:     David P. Cosper 

Title:       Vice President and Treasurer 

SAI OKLAHOMA CITY T, LLC

SAI TULSA T, LLC

By:
 SAI OK HC1, INC., as Sole Member

By:     /s/  DAVID P. COSPER 

Name:     David P. Cosper 

Title:       Vice President and Treasurer 

AMENDMENT NO. 1 TO AMENDED AND RESTATED CREDIT AGREEMENT

Signature Page

 

 

SAI ROCKVILLE L, LLC

By:   SAI MD HC1, INC., as Sole Member

By:     /s/  DAVID P. COSPER 

Name:     David P. Cosper 

Title:       Vice President and Treasurer 

AMENDMENT NO. 1 TO AMENDED AND RESTATED CREDIT AGREEMENT

Signature Page

 

 

SONIC FINANCIAL CORPORATION:

SONIC FINANCIAL CORPORATION

By: /s/ WILLIAM R. BROOKS 

Name: William R. Brooks 

Title: Vice President 

AMENDMENT NO. 1 TO AMENDED AND RESTATED CREDIT AGREEMENT

Signature Page

 

ADMINISTRATIVE AGENT:

BANK OF AMERICA, N.A., as Administrative Agent

By:    /s/ ANNE M. ZESCHKE 

Name:   Anne M. Zeschke 

Title:  Vice President 

AMENDMENT NO. 1 TO AMENDED AND RESTATED CREDIT AGREEMENT

Signature Page

 

LENDERS:

BANK OF AMERICA, N.A., as a Lender, Swing Line Lender
and L/C Issuer

By:    /s/ M. PATRICIA KAY 

Name:   M. Patricia Kay 

Title:  Senior Vice President 

AMENDMENT NO. 1 TO AMENDED AND RESTATED CREDIT AGREEMENT

Signature Page

 

DCFS USA LLC, as a Lender

By:    /s/ MICHELE NOWAK 

Name:   Michele Nowak 

Title:  Credit Director, National Accounts 

AMENDMENT NO. 1 TO AMENDED AND RESTATED CREDIT AGREEMENT

Signature Page

 

BMW FINANCIAL SERVICES NA, LLC, as a Lender

By: /s/ SCOTT BARGAR 

Name: Scott Bargar 

Title: Commercial Finance, Credit Manager, BMW Group 

Financial Services 

By: /s/ PATRICK SULLIVAN 

Name: Patrick Sullivan 

Title: GM, Commercial Finance, BMW Group
Financial 

Services 

AMENDMENT NO. 1 TO AMENDED AND RESTATED CREDIT AGREEMENT

Signature Page

 

TOYOTA MOTOR CREDIT CORPORATION, as a Lender

By: /s/ MARK DOI 

Name: Mark Doi 

Title: National Dealer Credit Manager 

AMENDMENT NO. 1 TO AMENDED AND RESTATED CREDIT AGREEMENT

Signature Page

 

JPMORGAN CHASE BANK, N.A., as Syndication Agent and
as a Lender

By: /s/ JEFFREY G. CALDER 

Name: Jeffrey Calder 

Title: Vice President 

AMENDMENT NO. 1 TO AMENDED AND RESTATED CREDIT AGREEMENT

Signature Page

 

WACHOVIA BANK, NATIONAL ASSOCIATION, as a
Lender

By: /s/ MICHAEL R. BURKITT 

Name: Michael R. Burkitt 

Title: Senior Vice President 

AMENDMENT NO. 1 TO AMENDED AND RESTATED CREDIT AGREEMENT

Signature Page

 

COMERICA BANK, as a Lender

By: /s/ BILL SHOPE 

Name: Bill Shope 

Title: VP Portfolio Management 

AMENDMENT NO. 1 TO AMENDED AND RESTATED CREDIT AGREEMENT

Signature Page

 

WORLD OMNI FINANCIAL CORP., as a Lender

By: /s/ DAVID R. GARBARZ 

Name: David M. Garbarz 

Title: SVP 

AMENDMENT NO. 1 TO AMENDED AND RESTATED CREDIT AGREEMENT

Signature Page

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