Document:

exv10w2

 

Exhibit 10.2

FIRST AMENDMENT

to

SEVENTH AMENDED AND RESTATED

REVOLVING CREDIT AGREEMENT

          THIS FIRST AMENDMENT (the “First Amendment” or this “Amendment”) TO SEVENTH AMENDED AND
RESTATED REVOLVING CREDIT AGREEMENT dated effective March 19, 2007 (as amended, the “Credit
Agreement”), which Amendment is dated effective as of January 16, 2008 (the “Effective Date”), is
entered into among GROUP 1 AUTOMOTIVE, INC., a Delaware corporation (the “Company”), each of the
Subsidiaries of the Company listed on the signature pages hereof and such other Subsidiaries of the
Company which hereafter shall become parties to the Credit Agreement (the Company and the
Subsidiaries are sometimes referred to herein as, individually, a “Borrower,” and collectively, the
“Borrowers”), the lenders listed on the signature pages hereof (the “Lenders”), JPMORGAN CHASE
BANK, N.A. (as successor by merger to The Chase Manhattan Bank and Chase Bank of Texas, N.A. and
formerly known as JPMorgan Chase Bank), as Administrative Agent for the Lenders (in such capacity
together with any successor, the “Agent”), COMERICA BANK, as Floor Plan Agent for the Lenders (in
such capacity together with any successor, the “Floor Plan Agent”), and BANK OF AMERICA, N.A., as
Syndication Agent (in such capacity, together with any successor the “Syndication Agent” and
together with the Agent and the Floor Plan Agent, the “Agents”).

RECITALS:

          The Company, each of the other Borrowers, the Agents and the Lenders are parties to the Credit
Agreement, pursuant to which the Lenders agreed to make loans to and extensions of credit on behalf
of the Borrowers; and

          The Company, the Borrowers, the Agents and the Lenders desire to amend the Credit Agreement as
hereinafter provided;

          NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained,
the parties hereto agree as follows:

ARTICLE I. DEFINITIONS

          Section 1.1 Terms Defined Above. As used in this First Amendment, each of the terms
defined in the opening paragraph shall have the meaning assigned to such terms therein.

          Section 1.2 Terms Defined in Credit Agreement. Each term defined in the Credit Agreement and used herein without definition shall have the
meaning assigned to such term in the Credit Agreement, unless expressly provided to the contrary.

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          Section 1.3 Other Definitional Provisions.

          (a) The words “hereby”, “herein”, “hereinafter”, “hereof”, “hereto” and “hereunder” when used
in this First Amendment shall refer to this First Amendment as a whole and not to any particular
Article, Section, subsection or provision of this First Amendment.

          (b) Section, subsection and Exhibit references herein are to such Sections, subsections and
Exhibits to this First Amendment unless otherwise specified.

ARTICLE II. AMENDMENT TO CREDIT AGREEMENT

          The Company, each of the Borrowers, the Agents and the Lenders agree that the Credit Agreement
is hereby amended, effective as of the Effective Date, in the following particulars.

          Section 2.1 Amendment to Section 1.1. Section 1.1 of the Credit Agreement is hereby
amended as follows:

          (a) The definition of “Acquisition Loan Advance Limit” is hereby amended and restated in its
entirety as follows:

‘“Acquisition Loan Advance Limit” means, as of any Borrowing Date of
an Acquisition Loan, for the Company and its Subsidiaries on a
consolidated basis, calculated as of the last day of the most
recently ended fiscal quarter for which an Availability Analysis has
been delivered, an amount equal to the lesser of (i) the Total
Acquisition Loan Commitment (not to exceed the percentage of the
Total Floor Plan Loan Commitment in effect as of the Closing Date)
and (ii) the Acquisition Loan Borrowing Base, less, in each case,
any applicable Reserve Commitment measured in Dollars.’

          (b) New definitions of “Account”, “Acquisition Loan Borrowing Base”, “Availability Analysis”
and “Eligible Accounts” are hereby added as follows:

‘“Account” means any “account” as such term is defined in the UCC,
now or hereafter owned by the Company or any of its Subsidiaries,
including rights to payment for goods and services sold or leased,
whether now existing or hereafter arising in the future.’

‘“Acquisition Loan Borrowing Base” means for the Company and its
Subsidiaries, on a consolidated basis, the positive difference
between:

(i) the sum of the following items, without duplication, on which
the Agent holds a valid and perfected Lien:

	 	(a)	 	100% of the wholesale purchase price of
New Motor Vehicles and Demonstrators that are part of the Collateral

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	 	 	 	less 100% of the wholesale purchase price of New
Motor Vehicles and Demonstrators where the Agent’s Lien is
subordinated;
	 	 	 	

	 
	 	(b)	 	85% of the Book Value of Used Motor
Vehicles and Rental Motor Vehicles that are part of the
Collateral where the Agent holds a valid and perfected first
priority Lien, excluding any Used Vehicles that were purchased
by the applicable Floor Plan Borrower more than 90 days prior
to the date of determination;
	 
	 	(c)	 	100% of the amount of contracts in
transit, including, without limitation, all accounts, chattel
paper and agreements of third parties to pay the purchase price
of vehicles sold to customers, which agreements are not yet
funded;
	 
	 	(d)	 	80% of Eligible Accounts where the
Agent holds a valid and perfected first priority Lien,
excluding all described in (c) above;
	 
	 	(e)	 	60% of the Book Value of parts
inventory where the Agent holds a valid and perfected first
priority Lien;
	 
	 	(f)	 	50% of the cash deposits in all deposit
accounts; provided that after                     , 2008 [60 days after
effective date of amendment], such cash deposits will be
included only for deposit accounts in which the Agent has a
perfected first priority Lien evidenced by a control agreement
with the depository bank for each such account; and
	 
	 	(g)	 	50% of the market value of the
securities held in securities accounts in which the Agent has a
perfected first priority Lien evidenced by a control agreement
with the securities intermediary for each such account.
	 
	 	 	 	and

(ii) 100% of all Floor Plan Loans and Swing Line Loans plus the
excess, if any, of the amount of floor plan loans attributable to
New Motor Vehicles and Demonstrators where the Agent’s Lien is
subordinated over 100% of the wholesale purchase price of New
Motor Vehicles and Demonstrators where the Lenders’ Lien is
subordinated.

‘“Availability Analysis” means the calculations required by
Exhibit 9.5(h), which calculations shall include a
calculation of the Acquisition Loan Advance Limit.’

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‘“Eligible Accounts” means the consolidated net value of all of the
Accounts of the Company and its Subsidiaries on which the Agent
holds a perfected, first priority Lien, each of which Accounts meet
the following criteria on the date of determination:

(a) such Account arises from: (i) the sale or lease of inventory and
such inventory has been shipped or delivered in conformity with any
contract therefor to the Person obligated on such Account or (ii)
the performance of services and such services have been fully
rendered, in each case, subject to non-material contests;

(b) such Account is owned by the Company or such Subsidiary free and
clear of all Liens or rights of others other than the Liens and
rights of the Agent under the Security Documents;

(c) except for amounts due from Manufacturers, the payment due date
of such Account (or portion of such Account to be included in
Eligible Accounts) is not more than ninety (90) days from the date
of the original invoice;

(d) such Account is evidenced by an invoice or other statement
rendered to the responsible Account debtor or by chattel paper in
favor of the Company or one of its Subsidiaries that is a Floor Plan
Borrower;

(e) such Account is the valid obligation of the Account debtor,
enforceable in accordance with its terms and neither the Company nor
any of its Subsidiaries has received notice that such Account is
subject to any set-off, counterclaim, defense, allowance or
adjustment or that there is a dispute, objection or complaint by the
Account debtor concerning its liability for the Account, and the
vehicle or other goods, the sale of which gave rise to the Account,
have not been returned, rejected, lost or damaged;

(f) no notice of an Insolvency Proceeding with respect to the
Account debtor has been received by the Company or the applicable
Subsidiary;

(g) such Account is denominated in Dollars and the relevant Account
debtor is domiciled in the United States;

(h) such Account together with all other Accounts due from any one
Account debtor, other than any Manufacturer, do not comprise more
than twenty percent (20%) of the aggregate Eligible Accounts, unless
otherwise approved in writing by the Required Lenders; and

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(i) the Account is not due from an Affiliate, a Subsidiary of
the Company or any Subsidiary thereof or employee of any of the
foregoing.’

          (c) The definition of “Applicable Margin” is hereby amended to be restated in its entirety as
follows:

     ‘“Applicable Margin” means, on any date, with respect to Eurodollar, Eurocurrency, Pounds
Sterling Loans or Alternate Base Rate Loans, the applicable percentages set forth below based
upon the Total Leverage Ratio determined as of such date.

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Eurodollar	 	 	 	 
	 	 	 	 	Eurocurrency	 	 	 	 
	 	 	Total Leverage	 	Pounds Sterling	 	Alternate Base	 	Commitment
	 	 	Ratio	 	Margin	 	Rate Margin	 	Fee Rate
	Category 1

	 	x > 4.0
	 	 	2.50	%	 	 	1.00	%	 	 	.375	%
	Category 2

	 	3.25 £
x £ 4.0
	 	 	2.25	%	 	 	.75	%	 	 	.375	%
	Category 3

	 	2.00 £ x < 3.25
	 	 	2.00	%	 	 	.50	%	 	 	.35	%
	Category 4

	 	1.50 £ x < 2.00
	 	 	1.75	%	 	 	.25	%	 	 	.30	%
	Category 5

	 	x < 1.50
	 	 	1.50	%	 	 	.00	%	 	 	.25	%

     Each change in the Applicable Margin shall apply to all Eurodollar Loans that are
outstanding at any time during the period commencing on the effective date of such change and
ending on the date immediately preceding the effective date of the next such change, even if
such effective date occurs in the middle of an Interest Period; provided that the Total
Adjusted Leverage Ratio shall be deemed to be in Category 1 under the above table at the option
of the Agent or at the request of the Required Lenders if the Company fails to deliver the
financial statements or the related compliance certificate required to be delivered by it
pursuant to Section 9.5(a), (b) or (c) during the period from the
expiration of the time for delivery thereof until such financial statements and related
compliance certificate are delivered. In the event that any financial statement or certificate
delivered pursuant to Section 9.5(a), (b) or (c), as applicable, is
shown to be inaccurate when delivered (regardless of whether this Agreement or the Commitments
are in effect when such inaccuracy is discovered) and such inaccuracy, if corrected, would have
led to the application of a higher Applicable Margin for any period (an “Applicable
Period”) than the Applicable Margin applied for such Applicable Period, and only in such
case, then the Company shall immediately (i) deliver to the Agent corrected financial statements
for such Applicable Period, (ii) determine the Applicable Margin for such Applicable Period
based upon the corrected financial statements, and (iii) immediately pay to the Administrative
Agent the accrued additional interest owing as a result of such increased Applicable Margin for such
Applicable Period. This provision is in addition to rights of the Administrative Agents and
Lenders with respect to Section 5.3 and their other respective rights under this
Agreement and shall not limit the rights of the Agent to declare an Event of Default.’

          Section 2.2 Amendment to Section 9.5. Section 9.5 of the Credit Agreement is hereby
amended to re-letter the subsection that is currently letter (h) to be subsection (i) and to add
the following new subsection (h):

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“(h) Within thirty (30) days after the end of each fiscal quarter,
a completed Availability Analysis in the form of Exhibit
9.5(h), and such other information as the Agent may have
reasonably requested to determine the accuracy of such calculation,
calculated as of the end of the preceding month; and”

          Section 2.3 Addition of Exhibit 9.5(h). A new Exhibit 9.5(h) is hereby added
in the form of Exhibit 9.5(h) attached to this Amendment.

          Section 2.4 Amendment to Section 10.14. Section 10.14 of the Credit Agreement
is hereby amended to be restated in its entirety as follows:

          “Section 10.14. Senior Secured Leverage Ratio and Total Leverage Ratio. The Company
shall not, at any time permit (a) its Senior Secured Leverage Ratio to be greater than 2.75 to 1.0
and (b) its Total Leverage Ratio to be greater than 4.5 to 1.0.”

ARTICLE III. CONDITIONS

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

          Section 3.1 Loan Documents. The Agent shall have received counterparts of this First
Amendment executed and delivered by a duly authorized officer of the Company and each of the
Borrowers and the Required Lenders.

          Section 3.2 Representations and Warranties. Except as affected by the transactions
contemplated in the Credit Agreement and this First Amendment, each of the representations and
warranties made by the Company and the other Borrowers in or pursuant to the Loan Documents shall
be true and correct in all material respects as of the Effective Date, as if made on and as of such
date, except to the extent that such representations and warranties are limited to an earlier date
or period in which case they shall be limited to such earlier date or period.

          Section 3.3 Other Instruments or Documents. The Agent shall receive such other
instruments or documents as it may reasonably request.

          Section 3.4 Payment of Fees and Expenses. The Agent shall have received payment of
all its fees and expenses in connection with this Amendment, including, without limitation,
amendment fees.

          Section 3.5 Bank of America Facility. The Agent shall have received an amendment
modifying the Senior Secured Leverage Ratio covenant in that certain Credit Agreement dated March
29, 2007 among Group 1 Realty, Inc., as borrower, the Company, as parent guarantor, Bank of
America, N.A., as administrative agent, and the other lenders party thereto, as the same has been
or will be amended, modified or supplemented from time to time.

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ARTICLE IV. MISCELLANEOUS

          Section 4.1 Adoption, Ratification and Confirmation of Credit Agreement. The Company,
each of the Borrowers, the Agents and the Lenders do hereby adopt, ratify and confirm the Credit
Agreement, as amended hereby, and the Security Documents, and acknowledges and agrees that the
Credit Agreement, as amended hereby, and each of the Security Documents, are and remain in full
force and effect.

          Section 4.2 Successors and Assigns. This First Amendment shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and assigns permitted
pursuant to the Credit Agreement.

          Section 4.3 Counterparts. This First Amendment may be executed by one or more of the
parties hereto in any number of separate counterparts, and may be delivered in original or
facsimile form, and all of such counterparts taken together shall be deemed to constitute one and
the same instrument and shall be enforceable as of the Effective Date upon the execution of one or
more counterparts hereof by the Company, the other Borrowers, the Agents and the Required Lenders.
In this regard, each of the parties hereto acknowledges that a counterpart of this First Amendment
containing a set of counterpart execution pages reflecting the execution of each party hereto shall
be sufficient to reflect the execution of this First Amendment by each necessary party hereto and
shall constitute one instrument.

          Section 4.4 Number and Gender. Whenever the context requires, reference herein made
to the single number shall be understood to include the plural; and likewise, the plural shall be
understood to include the singular. Words denoting sex shall be construed to include the
masculine, feminine and neuter, when such construction is appropriate; and specific enumeration
shall not exclude the general but shall be construed as cumulative. Definitions of terms defined
in the singular or plural shall be equally applicable to the plural or singular, as the case may
be, unless otherwise indicated.

          Section 4.5 Invalidity. In the event that any one or more of the provisions contained
in this First Amendment shall for any reason be held invalid, illegal or unenforceable in any
respect, such invalidity, illegality or unenforceability shall not affect any other provision of
this First Amendment.

          Section 4.6 Titles of Articles, Sections and Subsections. All titles or headings to
Articles, Sections, subsections or other divisions of this First Amendment or the exhibits hereto,
if any, are only for the convenience of the parties and shall not be construed to have any effect
or meaning with respect to the other content of such Articles, Sections, subsections, other
divisions or exhibits, such other content being controlling as the agreement among the parties
hereto.

          Section 4.7 Release and Indemnity.

          (a) The Company and each of the other Borrowers do hereby release and indemnify the Agents and
each Lender and each Affiliate thereof and their respective directors, officers, employees and
agents from, and release and hold each of them harmless from any and all losses, liabilities,
claims or damages (including reasonable legal fees and expenses) to which any of them may become
subject, insofar as such losses, liabilities, claims or damages arise out of or

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result from the Loan Documents or the transactions contemplated thereby (including any threatened investigation or
proceeding), or the actions or inactions of any Person in regard thereto, including any Person
hereby released, and the Company and each of the other Borrowers shall reimburse each Lender and
each Affiliate thereof and their respective directors, officers, employees and agents, upon demand,
for any expenses (including legal fees) reasonably incurred in connection with any investigation or
proceeding involving such matters (the “Indemnified Obligations”). Without prejudice to the
survival of any other obligations of the Company and the other Borrowers hereunder and under the
other Loan Documents, such release and indemnity shall survive the termination of the Credit
Agreement or this Amendment and the other Loan Documents, the payment of the Obligations, or the
assignment of the Notes.

          (b) Without limiting any provision of this Amendment, it is the express intention of the
parties hereto that each Person to be indemnified hereunder shall be indemnified and held harmless
against any and all Indemnified Obligations arising out of or resulting from the ordinary sole or
contributory negligence of such Person or imposed upon said party under any theory of strict
liability. Without prejudice to the survival of any other obligations of the Borrowers hereunder
and under the other Loan Documents, the obligations of the Borrowers under this Section shall
survive the termination of this Amendment, the Credit Agreement and the other Loan Documents and
the payment of the Obligations and the Notes.

          Section 4.8 Governing Law. This First Amendment shall be deemed to be a contract made
under and shall be governed by and construed in accordance with the internal laws of the State of
Texas.

          Section 4.9 Entire Agreement. The Credit Agreement, as amended by this First
Amendment and the other Loan Documents, constitute the entire agreement among the parties hereto
with respect to the subject thereof. All prior understandings, statements and agreements, whether
written or oral, relating to the subject thereof are superseded by the Credit Agreement, as amended
by this First Amendment, and the other Loan Documents.

[SIGNATURES BEGIN ON NEXT PAGE]

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     IN WITNESS HEREOF, the parties hereto have caused this First Amendment to be duly executed and
delivered by their proper and duly authorized officers as of the Effective Date.

	 	 	 	 	 
	 	GROUP 1 AUTOMOTIVE, INC.,

a Delaware corporation

 	 
	 	By:  	/s/ John C. Rickel
 	 
	 	 	John C. Rickel 	 
	 	 	Senior Vice President and CFO 	 
	 
	 	GROUP 1 FUNDING, INC.,

a Delaware corporation;

GROUP 1 REALTY, INC.,

a Delaware corporation;

 	 
	 	By:  	/s/ John C. Rickel
 	 
	 	 	John C. Rickel 	 
	 	 	President 	 
	 
	 	BARON DEVELOPMENT COMPANY, LLC,

a Kansas limited liability company

G1R FLORIDA, LLC,

a Delaware limited liability company

IVORY AUTO PROPERTIES OF SOUTH CAROLINA, LLC,

A South Carolina limited liability company

By:  Group 1 Realty, Inc.,

        its Sole Member

 	 
	 	By:  	/s/ John C. Rickel
 	 
	 	 	John C. Rickel 	 
	 	 	President 	 
	 
	 	BOHN HOLDINGS, LLC,

a Delaware limited liability company;

By:  Bohn Holdings, Inc.,

        its Sole Member

BOHN-FII, LLC,

a Delaware limited liability company;

By:  Bohn Holdings-F, Inc.,

        its Sole Member

GPI KS-SV, LLC,

a Delaware limited liability company

By:  GPI KS-SB, Inc.,

        its Sole Member

 	 

 

 

	 	 	 	 	 
	 	GPI SC-SV, LLC,

a Delaware limited liability company

By:  GPI SC-SB, Inc.,

        its Sole Member

GROUP 1 ASSOCIATES HOLDINGS, LLC,

a Delaware limited liability company

By:  Group 1 Associates, Inc.,

        its Sole Member

HARVEY-FLM, LLC,

a Delaware limited liability company;

By:  Bohn Holdings-F, Inc.,

        its Sole Member

HARVEY FORD, LLC,

a Delaware limited liability company;

By:  Bohn-FII, LLC,

        its Sole Member

By:  Bohn Holdings-F, Inc.,

        its Sole Member

HARVEY GM, LLC,

a Delaware limited liability company;

By:  Bohn Holdings, LLC,

        its Sole Member

By:  Bohn Holdings, Inc.,

        its Sole Member

HARVEY OPERATIONS-T, LLC,

a Delaware limited liability company

By:  Bohn Holdings, LLC,

        its Sole Member

By:  Bohn Holdings, Inc.,

        its Sole Member

IRA AUTOMOTIVE GROUP, LLC,

a Delaware limited liability company

By:  Danvers-T, Inc.,

        its Sole Member

 	 
	 	By:  	/s/ John C. Rickel
 	 
	 	 	John C. Rickel 	 
	 	 	Vice President 	 

 

 

	 	 	 	 	 
	 	DANVERS-SU, LLC,

a Delaware limited liability company

By:  Group 1 Holdings-S, L.L.C.,

        its Sole Member

 	 
	 	GROUP 1 HOLDINGS-DC, L.L.C.,

a Delaware limited liability company;

GROUP 1 HOLDINGS-F, L.L.C.,

a Delaware limited liability company;

GROUP 1 HOLDINGS-GM, L.L.C.,

a Delaware limited liability company;

GROUP 1 HOLDINGS-H, L.L.C.,

a Delaware limited liability company;

GROUP 1 HOLDINGS-N, L.L.C.,

a Delaware limited liability company;

GROUP 1 HOLDINGS-S, L.L.C.,

a Delaware limited liability company;

GROUP 1 HOLDINGS-T, L.L.C.,

a Delaware limited liability company;

HOWARD-DCIII, LLC,

a Delaware limited liability company;

 	 
	 	By:  Group 1 Automotive, Inc.,

        its Sole Member

 	 
	 	By:  	/s/ John C. Rickel
 	 
	 	 	John C. Rickel 	 
	 	 	Senior Vice President & CFO 	 
	 
	 	COURTESY FORD, LLC,

a Delaware limited liability company;

GULF BREEZE FORD, LLC,

a Delaware limited liability company;

KEY FORD, LLC,

a Delaware limited liability company;

KOONS FORD, LLC,

a Delaware limited liability company;

 	 
	 	By:  Group 1 FL Holdings, Inc.,

        its Sole Member

 	 
	 	By:  	/s/ John C. Rickel
 	 
	 	 	John C. Rickel 	 
	 	 	Vice President 	 

 

 

	 	 	 	 	 
	 	GROUP 1 LP INTERESTS-DC, INC.,

a Delaware corporation;

GROUP 1 LP INTERESTS-GM, INC.,

a Delaware corporation;

GROUP 1 LP INTERESTS-S, INC.,

a Delaware corporation;

 	 
	 	By:  	/s/ John C. Rickel
 	 
	 	 	John C. Rickel 	 
	 	 	President 	 
	 
	 	AMARILLO MOTORS-C, LTD.,

a Texas limited partnership;

AMARILLO MOTORS-J, LTD.,

a Texas limited partnership;

AMARILLO MOTORS-SM, LTD.,

a Texas limited partnership;

GPI, LTD.,

a Texas limited partnership;

MAXWELL-G, LTD.,

a Texas limited partnership;

MCCALL-SL, LTD.,

a Texas limited partnership;

PRESTIGE CHRYSLER SOUTH, LTD.,

a Texas limited partnership;

ROCKWALL AUTOMOTIVE-DCD, LTD.,

a Texas limited partnership;

 	 
	 	By:  Group 1 Associates, Inc.,

         its General Partner

 	 
	 	By:  	/s/ John C. Rickel
 	 
	 	 	John C. Rickel 	 
	 	 	Vice President 	 

 

 

	 	 	 	 	 
	 	ADVANTAGECARS.COM, INC.,

a Delaware corporation;

AMARILLO MOTORS-F, INC.,

a Delaware corporation;

BOB HOWARD AUTOMOTIVE-EAST, INC.,

an Oklahoma corporation;

BOB HOWARD CHEVROLET, INC.,

an Oklahoma corporation;

BOB HOWARD DODGE, INC.,

an Oklahoma corporation;

BOB HOWARD MOTORS, INC.,

an Oklahoma corporation;

BOB HOWARD NISSAN, INC.,

an Oklahoma corporation;

BOHN HOLDINGS, INC.,

a Delaware corporation;

BOHN HOLDINGS-F, INC.,

a Delaware corporation;

CASA CHEVROLET, INC.,

a New Mexico corporation;

CASA CHRYSLER PLYMOUTH JEEP, INC.,

a New Mexico corporation;

CHAPERRAL DODGE, INC.,

a Delaware corporation;

DANVERS-DCII, INC.,

a Delaware corporation;

DANVERS-DCIII, INC.,

a Delaware corporation;

DANVERS-N, INC.,

a Delaware corporation;

DANVERS-NII, INC.,

a Delaware corporation;

DANVERS-S, INC.,

a Delaware corporation;

DANVERS-SB, INC.,

a Delaware corporation;

DANVERS-T, INC.,

a Delaware corporation;

DANVERS-TII, INC.,

a Delaware corporation;

DANVERS-TIII, INC.,

a Delaware corporation;

DANVERS-TL, INC.,

a Delaware corporation;

 	 

 

 

	 	 	 	 	 
	 	FMM, INC.,

a California corporation;

GPI AL-N, INC.,

a Delaware corporation;

GPI ATLANTA-F, INC.,

a Georgia corporation;

GPI ATLANTA-FLM, INC.,

a Delaware corporation;

GPI ATLANTA-FLMII, INC.,

a Delaware corporation;

GPI ATLANTA-T, INC.,

a Delaware corporation;

GPI CA-DMII, INC.

a Delaware corporation;

GPI CA-NIII, INC.,

a Delaware corporation;

GPI CA-TII, INC.,

a Delaware corporation;

GPI GA-DM, INC.,

a Delaware corporation;

GPI KS-SB, INC.,

a Delaware corporation;

GPI MS-H, INC.,

a Delaware corporation;

GPI MS-N, INC.,

a Delaware corporation;

GPI MS-SK, INC.,

a Delaware corporation;

GPI NH-T, INC.,

a Delaware corporation;

GPI NH-TL, INC.,

a Delaware corporation;

GPI SAC-SK, INC.,

a Delaware corporation;

GPI SAC-T, INC.,

a Delaware corporation;

GPI SD-DC, INC.,

a Delaware corporation;

GPI SC-SB, INC.,

a Delaware corporation;

GPI SD-IMPORTS, INC.,

a Delaware corporation;

GROUP 1 ASSOCIATES, INC.,

a Delaware corporation;

 	 

 

 

	 	 	 	 	 
	 	GROUP 1 FL HOLDINGS, INC.,

a Delaware corporation;

HOWARD FORD, INC.,

a Delaware corporation;

HOWARD PONTIAC-GMC, INC.,

an Oklahoma corporation;

HOWARD-GM, INC.,

a Delaware corporation;

HOWARD-GMII, INC.,

a Delaware corporation;

HOWARD-GMIII, INC.,

a Delaware corporation;

HOWARD-H, INC.,

a Delaware corporation;

HOWARD-HA, INC.,

a Delaware corporation;

HOWARD-SB, INC.,

a Delaware corporation;

JIM TIDWELL FORD, INC.,

a Delaware corporation;

KUTZ-N, INC.,

a Delaware corporation;

LUBBOCK MOTORS, INC.,

a Delaware corporation;

LUBBOCK MOTORS-F, INC.,

a Delaware corporation;

LUBBOCK MOTORS-GM, INC.,

a Delaware corporation;

LUBBOCK MOTORS-S, INC.,

a Delaware corporation;

LUBBOCK MOTORS-SH, INC.,

a Delaware corporation;

LUBBOCK MOTORS-T, INC.,

a Delaware corporation;

LUBY CHEVROLET CO.,

a Delaware corporation;

MAXWELL CHRYSLER DODGE JEEP, INC.,

a Delaware corporation;

MAXWELL FORD, INC.,

a Delaware corporation;

MAXWELL-GMII, INC.,

a Delaware corporation;

MAXWELL-N, INC.,

a Delaware corporation;

 	 

 

 

	 	 	 	 	 
	 	MAXWELL-NII, INC.,

a Delaware corporation;

MCCALL-H, INC.,

a Delaware corporation;

MCCALL-HA, INC.,

a Delaware corporation;

MCCALL-N, INC.,

a Delaware corporation;

MCCALL-SB, INC.,

a Delaware corporation;

MCCALL-T, INC.,

a Delaware corporation;

MCCALL-TII, INC.,

a Delaware corporation;

MCCALL-TL, INC.,

a Delaware corporation;

MIKE SMITH AUTOMOTIVE-H, INC.,

a Delaware corporation;

MIKE SMITH AUTOMOTIVE-N, INC.,

a Texas corporation;

MIKE SMITH AUTOPLAZA, INC.,

a Texas corporation;

MIKE SMITH AUTOPLEX BUICK, INC.,

a Texas corporation;

MIKE SMITH AUTOPLEX DODGE, INC.,

a Texas corporation;

MIKE SMITH AUTOPLEX, INC.,

a Texas corporation;

MIKE SMITH AUTOPLEX-GERMAN IMPORTS, INC.,

a Texas corporation;

MIKE SMITH GM, INC.,

a Delaware corporation;

MIKE SMITH IMPORTS, INC.,

a Texas corporation;

MIKE SMITH MOTORS, INC.,

a Texas corporation;

MILLBRO, INC.,

a California corporation;

MILLER AUTOMOTIVE GROUP, INC.,

a California corporation;

MILLER FAMILY COMPANY, INC.,

a California corporation;

MILLER IMPORTS, INC.,

a California corporation;

 	 

 

 

	 	 	 	 	 
	 	MILLER INFINITI, INC.,

a California corporation;

MILLER NISSAN, INC.,

a California corporation;

MILLER-DM, INC.,

a Delaware corporation;

MILLER-SH, INC.,

a Delaware corporation;

NJ-DM, INC.,

a Delaware corporation;

NJ-H, INC.,

a Delaware corporation;

NJ-HA, INC.,

a Delaware corporation;

NJ-HAII, INC.,

a Delaware corporation;

NJ-HII, INC.,

a Delaware corporation;

NJ-SB, INC.,

a Delaware corporation;

NJ-SV, INC.,

a Delaware corporation;

NY-FV, INC.,

a Delaware corporation;

NY-FVII, INC.,

a Delaware corporation;

NY-SB, INC.,

a Delaware corporation;

NY-SBII, INC.,

a Delaware corporation

PERIMETER FORD, INC.,

a Delaware corporation;

PRESTIGE CHRYSLER NORTHWEST, INC.,

a Delaware corporation;

ROCKWALL AUTOMOTIVE-F, INC.,

a Delaware corporation;

SUNSHINE BUICK PONTIAC GMC TRUCK, INC.,

a New Mexico corporation

WEST CENTRAL MANAGEMENT CO., INC.,

a Delaware corporation;

 	 
	 	By:  	/s/ John C. Rickel
 	 
	 	 	John C. Rickel 	 
	 	 	Vice President 	 
	 

 

 

	 	 	 	 	 
	AGENT, ISSUING BANK AND LENDER:	
JPMORGAN CHASE BANK, N.A.

 	 
	 	By:  	/s/  H. David Jones
 	 
	 	 	Name:  	H. David Jones 	 
	 	 	Title:  	Senior Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	FLOOR PLAN AGENT, SWING LINE BANK AND LENDER:	
COMERICA BANK

 	 
	 	By:  	/s/  Jonathan S. Heine
 	 
	 	 	Name:  	Jonathan S. Heine 	 
	 	 	Title:  	Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	SYNDICATION AGENT AND LENDER:	BANK OF AMERICA, N.A.

 	 
	 	By:  	/s/  M. Patricia Kay
 	 
	 	 	Name:  	M. Patricia Kay 	 
	 	 	Title:  	Senior Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	LENDER:	
TOYOTA MOTOR CREDIT CORPORATION

 	 
	 	By:  	/s/ Mark Doi
 	 
	 	 	Name:  	Mark Doi 	 
	 	 	Title:  	National Accounts Dealer Credit Manager 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	LENDER:	NISSAN MOTOR ACCEPTANCE CORPORATION, 
a California corporation

 	 
	 	By:  	/s/  Kevin Cullum
 	 
	 	 	Name:  	Kevin Cullum 	 
	 	 	Title:  	Director, Commercial Credit 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	LENDER:	SOVEREIGN BANK

 	 
	 	By:  	/s/  Kyle S. Bourque
 	 
	 	 	Name:  	Kyle S. Bourque 	 
	 	 	Title:  	Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	LENDER:	
BMW FINANCIAL SERVICES NA. LLC

 	 
	 	By:  	/s/  Jeff Burnside
 	 
	 	 	Name:  	Jeff Burnside 	 
	 	 	Title:  	Credit Manager, Retailer Finance 	 

	 	 	 	 	 
	 	By:  	             /s/  John B. Nore
 	 
	 	 	Name:  	John B. Nore 	 
	 	 	Title:  	GM, Retailer Finance 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	LENDER:	
WACHOVIA BANK, NATIONAL ASSOCIATION

 	 
	 	By:  	/s/  Michael R. Burkitt
 	 
	 	 	Name:  	Michael R. Burkitt 	 
	 	 	Title:  	Senior Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	LENDER:	
BNP PARIBAS

 	 
	 	By:  	/s/  Richard Broeren
 	 
	 	 	Name:  	Richard Broeren 	 
	 	 	Title:  	Managing Director 	 

	 	 	 	 	 
	 	By:  	             /s/  Michael Pearce
 	 
	 	 	Name:  	Michael Pearce 	 
	 	 	Title:  	Director 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	LENDER:	
U.S. BANK, N.A.

 	 
	 	By:  	/s/ Jonathan A. Horton
 	 
	 	 	Name:  	Jonathan A. Horton 	 
	 	 	Title:  	Senior Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	LENDER:	
CITIBANK, N.A.

 	 
	 	By:  	/s/ Christopher M. Murphy
 	 
	 	 	Name:  	Christopher M. Murphy 	 
	 	 	Title:  	Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	LENDER:	BARCLAYS BANK PLC

 	 
	 	By:  	/s/ Douglas Bernegger
 	 
	 	 	Name:  	Douglas Bernegger 	 
	 	 	Title:  	Director 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	LENDER:	
RBS CITIZENS, N.A., SUCCESSOR BY MERGER TO CITIZENS BANK NEW HAMPSHIRE

 	 
	 	By:  	/s/ Mark C. Mazmanian
 	 
	 	 	Name:  	Mark C. Mazmanian 	 
	 	 	Title:  	Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	LENDER:	
KEY BANK

 	 
	 	By:  	/s/ Jim Webber
 	 
	 	 	Name:  	Jim Webber 	 
	 	 	Title:  	Commercial RM, VP 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	LENDER:	
SUNTRUST BANK

 	 
	 	By:  	/s/ Baerbel Freudenthaler
 	 
	 	 	Name:  	Baerbel Freudenthaler 	 
	 	 	Title:  	Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	LENDER:	
WELLS FARGO BANK, NATIONAL ASSOCIATION

 	 
	 	By:  	/s/ Byron Slaughter
 	 
	 	 	Name:  	Byron Slaughter 	 
	 	 	Title:  	Credit Manager 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	LENDER:	
FIFTH THIRD BANK

 	 
	 	By:  	/s/ Mark Olson
 	 
	 	 	Name:  	Mark Olson 	 
	 	 	Title:  	Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	LENDER:	
NATIONAL CITY BANK

 	 
	 	By:  	/s/  John R. Schufield
 	 
	 	 	Name:  	John R. Schufield 	 
	 	 	Title:  	Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	LENDER:	
DEUTSCHE BANK AG NEW YORK BRANCH

 	 
	 	By:  	/s/  Scottye Lindsey
 	 
	 	 	Name:  	Scottye Lindsey 	 
	 	 	Title:  	Director 	 
	 	 	 
	 	By:  	             /s/  Carin Keegan
 	 
	 	 	Name:  	Carin Keegan 	 
	 	 	Title; Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	LENDER:	
WORLD OMNI FINANCIAL CORP.

 	 
	 	By:  	/s/ Rebecca Hewitt
 	 
	 	 	Name:  	Rebecca Hewitt 	 
	 	 	Title:  	AVP Commercial Operations 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	LENDER:	
AMARILLO NATIONAL BANK

 	 
	 	By:  	/s/ Cory Ramsey
 	 
	 	 	Name:  	Cory Ramsey 	 
	 	 	Title:  	Senior Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	LENDER:	
BANK OF OKLAHOMA, N.A.

 	 
	 	By:  	/s/ Kenneth R. Owens
 	 
	 	 	Name:  	Kenneth R. Owens 	 
	 	 	Title:  	Vice President 	 
	 

 

 

EXHIBIT 9.5(h)

FORM OF AVAILABILITY ANALYSIS

	 	 	 	 	 	 	 	 	 
	(I)	 	Acquisition Loan Advance Limit Calculation:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	(a)	 	The lesser of (i) and (ii):	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	(i)
	 	The Acquisition Loan Commitment
	 	$___________
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	(ii)
	 	The Acquisition Loan Borrowing Base (as
calculated in (II) below)
	 	$___________
	 
	 	 	 	 	 	 	 	 
	 	 	(b)	 	Minus the amount of the Reserve Commitment	 	$___________
	 
	 	 	 	 	 	 	 	 
	(II)	 	Revolving Credit Borrowing Base Calculation:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	For the Company and its Subsidiaries on a consolidated
basis, the difference between (a) and (b):
	 
	 	 	 	 	 	 	 	 
	 	 	(a)	 	The sum of the following items, without duplication, on
which the Administrative Agent holds a valid and perfected
Lien:	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	(i)
	 	100% of the wholesale purchase price of New
Motor Vehicles and Demonstrators that are part
of the Collateral;
	 	$___________
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	(less 100 % of the
wholesale purchase
price of New Motor
Vehicles and
Demonstrators where
Agent’s Lien is
subordinate, which
includes Ford New
Motor Vehicles &
Demos, which includes
Ford,
Lincoln/Mercury,
Mazda, Volvo, Range
Rover, and Jaguar)

	 	($__________)

 

 

	 	 	 	 	 	 	 	 	 
	 

	 	 	 	(ii)
	 	85% of the Book Value of Used Motor
Vehicles and Rental Motor Vehicles that are
part of the Collateral and where the Agent
holds a valid and perfected first priority
Lien;
	 	$___________
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	(less 85% of the Book
Value of Used
Vehicles that were purchased
by the applicable
Floor Plan Borrower more than
90 days prior to
the date of determination)

	 	($__________)
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	(iii)
	 	100% of the amount of contracts in
transit, including, without limitation, all
accounts, chattel paper and agreements of
third
parties to pay the purchase price of
vehicles
sold to customers, which agreements are
not yet
funded;
	 	$___________
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	(iv)
	 	80% of Eligible Accounts where the Agent
holds a valid and perfected first priority
Lien, excluding all described in (iii) above;
	 	$___________
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	(v)
	 	60% of the Book Value of parts inventory
where the Agent holds a valid and perfected
first priority Lien;
	 	$___________
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	(vi)
	 	50% of the cash deposits in all deposit
accounts; provided that after ______, 2008,
such cash deposits will be included only for
deposit accounts in which the Agent has a
perfected first priority Lien evidenced by a
control agreement with the depository bank for
each such account; and
	 	$___________
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	(vii)
	 	50% of the market value of the securities
held in securities accounts in which the Agent
has a perfected first priority Lien evidenced
by a control agreement with the securities
intermediary for such account.
	 	$___________
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Sum of (i) through (vii)	 	$___________

Exhibit 9.5(h)

 

 

	 	 	 	 	 	 	 	 	 
	 	 	(b)	 	100% of all Floor Plan Loans and Swing Line Loans plus
the excess, if any, of the amount of floor plan loans
attributable to New Motor Vehicles and Demonstrators where
the Agent’s Lien is subordinated over 100% of the wholesale
purchase price of New Motor Vehicles and Demonstrators
where Agent’s Lien is subordinated.	 	$___________
	 
	 	 	 	 	 	 	 	 
	 	 	Difference between (a) and (b)	 	$___________
	 
	 	 	 	 	 	 	 	 
	(III)	 	Used Car Book Value; Floor Plan Advance Limit:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	(a)	 	The Book Value of all Used Motor Vehicles owned by the
Floor Plan Borrowers.	 	$___________
	 
	 	 	 	 	 	 	 	 
	 	 	(b)	 	Floor Plan Advance Limit for Used Motor Vehicles (70% of
(a)).	 	$___________

Exhibit 9.5(h)exv10w5

 

Exhibit 10.5

AMENDMENT NO. 2 TO CREDIT AGREEMENT

     This Amendment No. 2 to Credit Agreement and Joinder Agreement (this “Agreement”) dated as of
December 20, 2007 is made by and among GROUP 1 REALTY, INC., a Delaware corporation (the
“Borrower”), GROUP 1 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 (as defined below)) (in such capacity, the “Administrative Agent”), each of the
Lenders signatory hereto, and each of the other Guarantors (as defined in the Credit Agreement)
signatory hereto.

WITNESSETH:

     WHEREAS, the Borrower, the Company, the Administrative Agent and the lenders party thereto
(the “Lenders”), have entered into that certain Credit Agreement dated as of March 29, 2007, as
amended by the Amendment No. 1 to Credit Agreement and Joinder Agreement dated April 27, 2007 (as
so amended, as hereby amended, and as from time to time hereafter further amended, modified,
supplemented, restated, or amended and restated, the “Credit Agreement”; capitalized terms used in
this Agreement 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 Borrower a credit
facility; and

     WHEREAS, the Company has entered into the Company Guaranty Agreement pursuant to which it has
guaranteed the payment and performance of the obligations of the Borrower under the Credit
Agreement, the other Loan Documents and the Related Swap Contracts; and

     WHEREAS, each of the other Guarantors has entered into the Subsidiary Guaranty Agreement
pursuant to which it has guaranteed the payment and performance of the obligations of the Borrower
under the Credit Agreement, the other Loan Documents and the Related Swap Contracts; and

     WHEREAS, the Borrower and certain of the Guarantors have entered into, or may in the future
enter into, Security Instruments granting Liens on property as security for all or any portion of
the Obligations, any other obligation under any Loan Document and any obligation or liability
arising under any Related Swap Contract; and

     WHEREAS, the Borrower has advised the Administrative Agent and the Lenders that it desires to
amend the Credit Agreement as set forth below, including an amendment to Section 2.02 of
the Credit Agreement to permit an additional advance of Loans for any Financed Property that had
environmental adjustments to the FIRREA Appraisal Value upon remediation of such environmental
issues, and the Administrative Agent and the Lenders signatory hereto are willing to effect such
amendment on the terms and conditions contained in this Agreement.

     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 new definitions are hereby added to Section 1.01,
inserted in alphabetical order:

     “Environmental Completion Date” means, with respect any Financed
Property, the date which is eighteen (18) months following the Property Closing
Date for such Financed Property.

     “Environmental Holdback Amount” means, with respect to a Financed
Property, the amount of any reduction in the Loans for such Financed Property made
by the Administrative Agent for an Environmental Issue, as the Administrative Agent
shall determine in its sole discretion.

     “Environmental Holdback Loan” means, with respect to a Financed
Property, any incremental term loan advance made by Lenders relating to an
Environmental Holdback Amount in accordance with Section 2.14(a).

     “Environmental Issue” means, with respect to a Financed Property, any
potential or existing Environmental Liability relating to such Financed Property
that is identified in any environmental reports obtained by Borrower as requiring
further remediation or investigation and for which Administrative Agent has
established an Environmental Holdback Amount, but also including, without
limitation, any potential Environmental Liability of which Borrower or Borrower’s
environmental consultant becomes aware during the course of any environmental
remediation of such Financed Property.

     “Environmental Professional” shall have the same meaning as set forth
in 40 CFR §312.10.

     “Environmental Remediation Costs” means, with respect to a Financed
Property, the Borrower’s estimated out-of-pocket costs of investigating, responding
to, remediating, removing or monitoring any remaining Environmental Issues as may
be required to cause such Financed Property to be Environmentally Satisfactory,
provided, that any costs relating to monitoring wells shall include the estimated
cost of drilling, monitoring and closing such wells, and preparing any required
reports to any Governmental Authority, through the Facility Termination Date.

     “Environmentally Satisfactory” means, with respect to a Financed
Property, that the Administrative Agent has determined in its reasonable discretion
that all Environmental Issues for such Financed Property have been resolved by any
or, if applicable, all of the following actions: (i) further investigation by an
Environmental Professional has determined that there has been no release of
Hazardous Materials on such Financed Property with respect to which investigation
or remediation is required under any applicable Environmental Laws, or (ii) further
investigation by an Environmental Professional has determined that an

2

 

Environmental Issue noted in an environmental report obtained by Borrower
prior to the Property Closing Date no longer exists with respect to such Financed
Property, (iii) the Environmental Issue has been remediated to the point where no
further action is required under applicable Environmental Laws, or (iv) all
monitoring wells on such Financed Property relating to an Environmental Issue for
which Borrower is responsible have been closed in a manner that complies with all
Environmental Laws.

     “Existing Holdback Property” shall mean Financed Properties with
Environmental Holdback Amounts prior to the date of the Amendment No. 2 to Credit
Agreement, which are, for purposes of clarity, World Toyota Dealership, Atlanta,
Georgia, Boardwalk Honda and BMW of Atlantic City, Pleasantville, New Jersey, Egg
Harbor/Mapleshade Acura, Pleasantville, New Jersey, Sussman Acura, Maple Shade, New
Jersey, Smicklas Chevrolet, Oklahoma City, Oklahoma, World Ford Kendall, Palmetto
Bay , Florida, and Stafford Service Center, Stafford, Texas.

     “Existing Holdback Property Paydown” means, with respect to any
Existing Holdback Property, an amount equal to the difference between (A) the
Outstanding Amount of the Loans relating to such Existing Holdback Property
immediately prior to any such paydown, and (B) an amount equal to seventy-five
percent (75%) of the Adjusted FIRREA Appraisal Value of such Existing Holdback
Property.

     “Property Closing Date” means the date of the initial advance of Loan
proceeds with respect to a particular Financed Property.

     (b) Section 2.01 of the Credit Agreement is hereby amended by deleting the
first sentence in such section and inserting the following in place thereof and in
substitution therefor:

     “Subject to the terms and conditions set forth herein, each Lender severally
agrees to make term loans (each such loan, a “Loan”) to the Borrower in an
aggregate amount not to exceed at any time outstanding the amount of such Lender’s
Commitment; provided however, that, (a) each Loan shall be made with
respect to a single Financed Property identified in the Loan Notice for such Loan,
(b) each Loan shall be made only on a Business Day during the Availability Period
(i) at the time the respective Financed Property initially enters the Property Pool
(including pursuant to a Collateral Substitution), or (ii) with respect to a
Financed Property already in the Property Pool in accordance with the terms hereof
and subject to the terms set forth in the definition of “Maximum Loan to Value Ratio
Amount”, on or after the date of completion of Post-Construction with respect to
such property, (c) the aggregate amount of Loans advanced with respect to any
Financed Property shall be no greater than the Maximum Loan to Value Ratio Amount
for such property, (d) after giving effect to any Borrowing, (i) the Total
Outstandings shall not exceed the Aggregate Commitments, and (ii) the aggregate
Outstanding Amount of the Loans of any Lender shall not exceed such Lender’s
Commitment, (e) if the respective Financed Property is owned by a Subsidiary Lessor,
the Loan associated with such Financed Property shall be made

3

 

to the Borrower and simultaneously contributed to such Lessor Subsidiary, and the
Borrower and the Lessor Subsidiary shall direct the Administrative Agent to disburse
such Loan in accordance with Section 2.02(b), and (f) if an Environmental
Holdback Amount has been established for the respective Financed Property, (x) the
aggregate amount of initial Loans with respect to such property shall not exceed an
amount equal to (i) in the case of a Financed Property constituting Improved Real
Property, ninety-five percent (95%) of the remainder of (A) the Adjusted FIRREA
Appraisal Value of such Financed Property less (B) the Environmental Holdback
Amount, (ii) in the case of a Financed Property constituting Unimproved Real
Property, seventy-five percent (75%) of the remainder of (A) the Adjusted FIRREA
Appraisal Value of such Financed Property less (B) the Environmental Holdback
Amount, and (y) the aggregate amount of Environmental Holdback Loans made with
respect to such property in accordance with Section 2.14 shall not exceed an
amount equal to (i) in the case of a Financed Property constituting Improved Real
Property, ninety-five percent (95%) of the Environmental Holdback Amount for such
Financed Property, or (ii) in the case of a Financed Property constituting
Unimproved Real Property, seventy-five percent (75%) of the Environmental Holdback
Amount for such Financed Property. With respect to any Environmental Holdback
Amount, no Environmental Holdback Loan shall be made and the each Lender’s
commitment to make any such loan shall terminate if all of the conditions set forth
in Section 2.14(a) are not met on or before the applicable Environmental
Completion Date, as determined by Administrative Agent in its reasonable
discretion.”

     (c) Section 2.02(a) of the Credit Agreement is hereby amended by deleting the
reference to “10:00 a.m.” and inserting “3:00 p.m.” in place thereof and in substitution
therefor.

     (d) Section 2.02(b) of the Credit Agreement is hereby amended by deleting the
reference to “12:00 noon” and inserting “2:00 p.m.” in place thereof and in substitution
therefor.

     (e) The following new Section 2.14 is hereby added immediately following
Section 2.13:

     “2.14 Environmental Holdback. (a) In the event the Borrower proposes to add a
Financed Property to the Property Pool and the Administrative Agent determines that
an Environmental Issue exists for which an Environmental Holdback Amount is
required, the aggregate amount of initial Loans advanced with respect to such
property shall be reduced by the amount of such Environmental Holdback Amount as set
forth in Section 2.01. A Loan constituting an Environmental Holdback Loan
may be advanced in accordance with Section 2.01, but only upon satisfaction
of the following conditions:

     (i) Receipt by the Administrative Agent on or before the Environmental
Completion Date of evidence that such Financed Property is Environmentally
Satisfactory, which may be evidenced by a “no further

4

 

action letter” or other similar written statement by the appropriate
Governmental Authority that no further action is required under applicable
Environmental Laws, or a statement or other written evidence from an
Environmental Professional satisfactory to Administrative Agent that no
further action is required under applicable Environmental Laws, which
statement or other evidence shall be satisfactory to the Administrative
Agent in its reasonable discretion.

     (ii) Receipt by the Administrative Agent from each Lender of the funds
to be advanced by such Lender; and

     (iii) Satisfaction of each of the conditions precedent to borrowings
set forth in Article IV hereof with respect to such Financed Property, to
the extent that such conditions have not theretofore been satisfied or
expressly waived in writing by the Administrative Agent, as Administrative
Agent shall determine in its sole discretion.

     (b) An Environmental Holdback Loan may be advanced, as Administrative Agent
shall determine in its sole discretion in accordance with Section 2.01,
provided that no more than one Environmental Holdback Loan shall be advanced by
Agent or each Lender for any Financed Property. The minimum Borrowing amount set
forth in Section 2.02(a) shall not apply to any Environmental Holdback Loan.

     (c) The Borrower covenants and agrees to commence efforts to resolve all
Environmental Issues for any Financed Property with an Environmental Holdback Amount
(other than an Existing Holdback Property) no later than forty-five (45) days
following the Property Closing Date of such Financed Property, and to diligently
pursue such efforts until such time as such Financed Property is Environmentally
Satisfactory. In the event such Financed Property has not been determined by the
Administrative Agent to be Environmentally Satisfactory on or before the
Environmental Completion Date and the remaining Environmental Remediation Costs
exceed the lesser of (A) 10% of the Environmental Holdback Amount for such Financed
Property, or (B) $50,000, the Borrower shall repay in full all Loans related to such
Financed Property within ten (10) days of Borrower’s receipt of Administrative
Agent’s determination of such Environmental Remediation Costs, which determination
shall be made by the Administrative Agent in its reasonable discretion and after
consideration of the report required by paragraph (e) herein below.

     (d) The Borrower covenants and agrees to commence efforts to resolve all
Environmental Issues for any Existing Holdback Property no later than forty-five
(45) days following the Property Closing Date of such Existing Holdback Property,
and to diligently pursue such efforts until such time as such Financed Property is
Environmentally Satisfactory. In the event such Financed Property has not been
determined by the Administrative Agent to be Environmentally Satisfactory on or
before the Environmental Completion Date,

5

 

the Borrower shall make a principal prepayment on the Loans for such Existing
Holdback Property in the amount of the Existing Holdback Property Paydown. Any
prepayment of principal made under this paragraph (d) shall be applied in the
inverse order of maturity and the principal payments due under such Loan shall not
otherwise be modified.

     (e) In the event any Financed Property with an Environmental Holdback Amount
(other than an Existing Holdback Property) has not been determined by the
Administrative Agent to be Environmentally Satisfactory on or before the
Environmental Completion Date, the Borrower shall, within ten (10) days of the
Environmental Completion Date, provide to the Administrative Agent a report prepared
by an Environmental Professional reasonably acceptable to Borrower and the
Administrative Agent setting forth in detail the Environmental Issues that have not
been resolved and the estimated Environmental Remediation Costs related to such
unresolved Environmental Issues.

     (f) The Administrative Agent shall provide to the Borrower and Lenders a
schedule of outstanding Environmental Holdback Amounts and the Environmental
Completion Date related thereto, and shall update such schedule at any time the
Environmental Completion Date or Environmental Holdback Amount for any Financed
Property changes, or any Financed Property is added to or deleted from the schedule.

     (g) Any Environmental Holdback Loan advanced for any Financed Property pursuant
to the terms hereof shall be added to the amount of any other Loans made with
respect to such Financed Property and shall bear interest from the date of such
advance at the same rate as such other Loans. Following the advance of any such
Environmental Holdback Loan for a Financed Property, the amount of the principal
amortization payment required under Section 2.05(a) of the Credit Agreement
for each Loan related to such Financed Property shall be increased by an amount
equal to 1.25% of such Environmental Holdback Loan, beginning with the Principal
Amortization Payment Date occurring after the date such Environmental Holdback Loan
is advanced, and such Environmental Holdback Loan shall otherwise be treated in all
respects as a part of the initial Loans for such Financed Property. Any
Environmental Holdback Loan advanced pursuant to the terms hereof shall be advanced
by the Lenders and disbursed by the Administrative Agent at such time as the
Administrative Agent shall determine in its sole discretion, but in any event within
three (3) Business Days following the Administrative Agent’s determination that the
conditions have been satisfied to advance such Environmental Holdback Loan.”

     (f) Section 8.01 is hereby amended to substitute a comma for the period at the
end of subsection (n), and add a new subsection (o) immediately following (n) as follows:

     “(o) the Borrower shall fail to perform any of its obligations under
Section 2.14(c) and Borrower fails to either cure such failure or repay in
full all Loans related to such Financed Property in their entirety, as the case may
be,

6

 

within forty-five (45) days following written demand by the Administrative
Agent, or Borrower shall fail to perform any of its obligations under Section
2.14(d) and such failure shall continue for more than ten (10) days following
written demand by the Administrative Agent.”

     (g) Section 8.01(e) is hereby amended to insert “or Section 8.01(o),”
after the word “inclusive” and before the word “default” in the first line of such section.

     2. Effect on Side Letter Agreement and Consents. Borrower acknowledges and agrees
that the Credit Agreement, as amended hereby, shall replace and supersede the terms and conditions
of the side letter agreement dated as of March 29, 2007, Section II of the Lender Consent Letter
dated August 22, 2007, and the Lender Consent Letter dated October 15, 2007, with respect to each
of the Existing Holdback Properties set forth on Exhibit A attached hereto, and agrees that the
Environmental Holdback Amount and related Environmental Completion Date for each of such Existing
Holdback Properties shall be the amount and date set forth on such Exhibit A and the advance of any
Environmental Holdback Loan related thereto shall hereafter be governed by the Credit Agreement, as
amended hereby. The current schedule of Environmental Holdback Amounts and the related
Environmental Completion Dates is set forth as Exhibit A attached hereto.

     3. Effectiveness; Conditions Precedent. The effectiveness of this Agreement and the
amendments to the Credit Agreement herein provided are subject to the satisfaction of the following
conditions precedent:

     (a) The Administrative Agent shall have received each of the following documents or
instruments in form and substance reasonably acceptable to the Administrative Agent:

     (i) an original counterpart of this Agreement, duly executed by the Borrower,
the Company, the Administrative Agent, each other Guarantor and each of the Lenders,
together with all schedules and exhibits thereto duly completed; and

     (ii) (i) a certificate of each Loan Party dated as of the Amendment Effective
Date signed by a Responsible Officer, secretary or assistant secretary of such Loan
Party certifying and attaching the resolutions adopted by such Loan Party approving
or consenting to the terms of this Agreement, and (ii) a certificate of the
Borrower, signed by a Responsible Officer, certifying that, before and after giving
effect to the amendments being made pursuant to this Agreement, (A) the
representations and warranties contained in Article V of the Credit
Agreement and the other Loan Documents are true and correct on and as of the
Amendment Effective Date, except to the extent that such representations and
warranties specifically refer to an earlier date, in which case they are true and
correct as of such earlier date, and (B) no Default exists; and

7

 

     (iii) such other documents, instruments, opinions, certifications,
undertakings, further assurances and other matters as the Administrative Agent shall
reasonably request.

     (b) All fees and expenses payable to the Administrative Agent and the Lenders
(including the fees and expenses of counsel to the Administrative Agent) estimated to date
shall have been paid in full (without prejudice to final settling of accounts for such fees
and expenses).

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

     5. Representations and Warranties. In order to induce the Administrative Agent and
the Lenders to enter into this Agreement, the Borrower represents and warrants to the
Administrative Agent and the Lenders as follows:

     (a) The representations and warranties made by each Loan Party in Article V
 of the Credit Agreement and in each of the other Loan Documents to which such Loan
Party 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;

     (b) Since the date of the most recent financial reports of the Borrower delivered
pursuant to Section 6.05 of the Credit Agreement, no act, event, condition or
circumstance has occurred or arisen which, singly or in the aggregate with one or more other
acts, events, occurrences or conditions (whenever occurring or arising), has had or could
reasonably be expected to have a Material Adverse Effect;

     (c) The Company and all other Persons appearing as Guarantors on the signature pages to
this Agreement constitute all Persons who are required to be 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 Guarantors after the
Closing Date, and each of such Persons has become and remains a party to the Company
Guaranty Agreement or a Subsidiary Guaranty Agreement as a Guarantor;

     (d) This Agreement has been duly authorized, executed and delivered by the Borrower,
the Company and the other 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

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

8

 

     6. Entire Agreement. This Agreement, together with 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 Agreement may be changed, modified, waived or canceled orally or
otherwise, except in writing and in accordance with Section 10.01 of the Credit Agreement.

     7. Full Force and Effect of Agreement. Except as previously or 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.

     8. Counterparts. This Agreement 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.

     9. Governing Law. This Agreement shall in all respects be governed by, and construed
in accordance with, the laws of the State of Texas 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.

     10. Enforceability. Should any one or more of the provisions of this Agreement 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.

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

     12. Successors and Assigns. This Agreement shall be binding upon and inure to the
benefit of the Borrower, the Company, the Administrative Agent, each of the other Guarantors and
each of the 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.

[Signatures
on following pages.]

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.

	 	 	 	 	 
	 	BORROWER:

GROUP 1 REALTY, INC.

 	 
	 	By:  	/s/ Darryl M. Burman
 	 
	 	 	Name:  	Darryl M. Burman 	 
	 	 	Title:  	Vice President 	 
	 
	 	COMPANY:

GROUP 1 AUTOMOTIVE, INC.

 	 
	 	By:  	/s/ John C. Rickel
 	 
	 	 	Name:  	John C. Rickel 	 
	 	 	Title:  	Senior Vice President and CFO 	 
	 

Signature Page

 

 

	 	 	 	 	 
	 	GUARANTORS:

BARON DEVELOPMENT COMPANY, L.L.C.

 	 
	 	By:  	GROUP 1 REALTY, INC., its Sole Member
 	 
	 
	 	By:  	                        /s/ Darryl M. Burman
 	 
	 	 	Name:  	Darryl M. Burman 	 
	 	 	Title:  	Vice President 	 
	 
	 	BOHN HOLDINGS, LLC

 	 
	 	By:  	BOHN HOLDINGS, INC., its Sole Member
 	 
	 
	 	By:  	                        /s/ Darryl M. Burman
 	 
	 	 	Name:  	Darryl M. Burman 	 
	 	 	Title:  	Vice President 	 
	 
	 	BOHN-FII, LLC

 	 
	 	By:  	BOHN HOLDINGS-F, INC., its Sole Member
 	 
	 	 	 
	 	By:  	                        /s/ Darryl M. Burman
 	 
	 	 	Name:  	Darryl M. Burman 	 
	 	 	Title:  	Vice President 	 
	 
	 	DANVERS-SU, LLC

 	 
	 	By:  	GROUP 1 HOLDINGS-S, LLC, its Sole Member
 	 
	 
	 	By:  	                                              GROUP 1 AUTOMOTIVE, INC., its Sole Member
 	 
	 	 	 
	 	By:  	                        /s/ Darryl M. Burman
 	 
	 	 	Name:  	Darryl M. Burman 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page

 

 

	 	 	 	 	 
	 	DELAWARE ACQUISITION-DC, L.L.C.

 	 
	 	By:  	GROUP 1 LP INTERESTS-DC, INC., its Sole Member
 	 
	 	 	 
	 	By:  	                        /s/ Darryl M. Burman
 	 
	 	 	Name:  	Darryl M. Burman 	 
	 	 	Title:  	Vice President 	 
	 
	 	DELAWARE ACQUISITION-F, L.L.C.

 	 
	 	By:  	GROUP 1 LP INTERESTS-F, INC., its Sole Member
 	 
	 	 	 
	 	By:  	                        /s/ Darryl M. Burman
 	 
	 	 	Name:  	Darryl M. Burman 	 
	 	 	Title:  	Vice President 	 
	 
	 	DELAWARE ACQUISITION-GM, L.L.C.

 	 
	 	By:  	GROUP 1 LP INTERESTS-GM, INC., its Sole Member
 	 
	 	 	 
	 	By:  	                        /s/ Darryl M. Burman
 	 
	 	 	Name:  	Darryl M. Burman 	 
	 	 	Title:  	Vice President 	 
	 
	 	DELAWARE ACQUISITION-T, L.L.C.

 	 
	 	By:  	GROUP 1 LP INTERESTS-T, INC., its Sole Member
 	 
	 	 	 
	 	By:  	                        /s/ Darryl M. Burman
 	 
	 	 	Name:  	Darryl M. Burman 	 
	 	 	Title:  	Vice President 	 

2

 

	 	 	 	 	 
	 	DELAWARE ACQUISITION-N, L.L.C.

 	 
	 	By:  	GROUP 1 LP INTERESTS-N, INC., its Sole Member
 	 
	 	 	 
	 	By:  	                        /s/ Darryl M. Burman
 	 
	 	 	Name:  	Darryl M. Burman 	 
	 	 	Title:  	Vice President 	 
	 
	 	GPI KS-SV, LLC

 	 
	 	By:  	GPI KS-SB, INC., its Sole Member
 	 
	 	 	 
	 	By:  	                  /s/ Darryl M. Burman
 	 
	 	 	Name:  	Darryl M. Burman 	 
	 	 	Title:  	Vice President 	 
	 
	 	GROUP 1 ASSOCIATES HOLDINGS, LLC

 	 
	 	By:  	GROUP 1 ASSOCIATES, INC., its Sole Member
 	 
	 	 	 
	 	By:  	                        /s/ Darryl M. Burman
 	 
	 	 	Name:  	Darryl M. Burman 	 
	 	 	Title:  	Vice President 	 
	 
	 	HOWARD-DCIII, LLC

GROUP 1 HOLDINGS-DC, L.L.C.

GROUP 1 HOLDINGS-F, L.L.C.

GROUP 1 HOLDINGS-GM, L.L.C.

GROUP 1 HOLDINGS-H, L.L.C.

GROUP 1 HOLDINGS-N, L.L.C.

GROUP 1 HOLDINGS-S, LLC

GROUP 1 HOLDINGS-T, L.L.C.

 	 
	 	By:  	GROUP 1 AUTOMOTIVE, INC., its Sole Member
 	 
	 
	 	By:  	                        /s/ Darryl M. Burman
 	 
	 	 	Name:  	Darryl M. Burman 	 
	 	 	Title:  	Vice President 	 

3

 

	 	 	 	 	 
	 	HARVEY GM, LLC

HARVEY OPERATIONS-T, LLC

 	 
	 	By:  	BOHN HOLDINGS, LLC, its Sole Member
 	 
	 	 	 	 
	 	By:  	BOHN HOLDINGS, INC., its Sole Member 	 
	 	 	 
	 	By:  	                        /s/ Darryl M. Burman
 	 
	 	 	Name:  	Darryl M. Burman 	 
	 	 	Title:  	Vice President 	 
	 
	 	HARVEY-SM, LLC

 	 
	 	By:  	BOHN HOLDINGS-S, INC., its Sole Member
 	 
	 	 	 
	 	By:  	                        /s/ Darryl M. Burman
 	 
	 	 	Name:  	Darryl M. Burman 	 
	 	 	Title:  	Vice President 	 
	 
	 	IRA AUTOMOTIVE GROUP, LLC

 	 
	 	By:  	DANVERS-T, INC., its Sole Member
 	 
	 	 	 
	 	By:  	                        /s/ Darryl M. Burman
 	 
	 	 	Name:  	Darryl M. Burman 	 
	 	 	Title:  	Vice President 	 

4

 

	 	 	 	 	 
	 	CHAPERRAL DODGE, INC.

KUTZ-N, INC.

LUBBOCK MOTORS-GM, INC.

LUBBOCK MOTORS-S, INC.

LUBBOCK MOTORS-SH, INC.

LUBBOCK MOTORS-T, INC.

LUBBOCK MOTORS, INC.

MAXWELL-N, INC.

MAXWELL-NII, INC.

MAXWELL CHRYSLER DODGE JEEP, INC.

MCCALL-HA, INC.

MCCALL-T, INC.

MCCALL-TII, INC.

MCCALL-TL, INC.

MCCALL-H, INC.

MCCALL-N, INC.

MCCALL-SB, INC.

PRESTIGE CHRYSLER NORTHWEST, INC.

WEST CENTRAL MANAGEMENT COMPANY, INC.
 	 
	 
	 	By:  	                        /s/ Darryl M. Burman
 	 
	 	 	Name:  	Darryl M. Burman 	 
	 	 	Title:  	Vice President 	 
	 
	 	AMARILLO MOTORS-C, LTD.

AMARILLO MOTORS-J, LTD.

AMARILLO MOTORS-SM, LTD.

GPI, LTD.

MAXWELL-G, LTD.

MAXWELL-GII, LTD.

MCCALL-SL, LTD.

PRESTIGE CHRYSLER SOUTH, LTD.

ROCKWALL AUTOMOTIVE-DCD, LTD.

 	 
	 	By:  	GROUP 1 ASSOCIATES, INC., its General Partner
 	 
	 	 	 
	 	By:  	                        /s/ Darryl M. Burman
 	 
	 	 	Name:  	Darryl M. Burman 	 
	 	 	Title:  	Vice President 	 

5

 

	 	 	 	 	 
	 	BOB HOWARD AUTOMOTIVE-EAST, INC.

BOB HOWARD CHEVROLET, INC.

BOB HOWARD DODGE, INC.

BOB HOWARD MOTORS, INC.

BOB HOWARD NISSAN, INC.

BOHN HOLDINGS, INC.

BOHN HOLDINGS-F, INC.

BOHN HOLDINGS-S, INC.

CASA CHEVROLET INC.

CASA CHRYSLER PLYMOUTH JEEP INC.

DANVERS — DCIII, INC.

DANVERS — DCII, INC.

DANVERS-N, INC.

DANVERS — NII, INC.

DANVERS — S, INC.

DANVERS-SB, INC.

DANVERS-T, INC.

DANVERS-TII, INC.

DANVERS-TIII, INC.

DANVERS — TL, INC.

FMM, INC.

GPI AL-N, INC.

GPI ATLANTA-T, INC.

GPI CA-NIII, INC.

GPI CA-TII, INC.

GPI KS-SB, INC.

GPI MS-H, INC.

GPI MS-N, INC.

GPI MS-SK, INC.

GPI NH-T, INC.

GPI NH-TL, INC.

GPI SAC-SK, INC.

GPI SAC-T, INC.

GPI SD-DC, INC.

GPI SD-IMPORTS, INC.

GROUP 1 ASSOCIATES, INC.

GROUP 1 FL HOLDINGS, INC.

HOWARD-DCII, INC.

HOWARD-GM, INC.

HOWARD-GM II, INC.

HOWARD-GMIII, INC.
 	 
	 	 	 
	 	By:  	                        /s/ Darryl M. Burman
 	 
	 	 	Name:  	Darryl M. Burman 	 
	 	 	Title:  	Vice President 	 

6

 

	 	 	 	 	 
	 	HOWARD-H, INC.

HOWARD-HA, INC.

HOWARD-SB, INC.

HOWARD-SI, INC.

HOWARD-FLMII, INC.

HOWARD PONTIAC-GMC, INC.

LUBY CHEVROLET CO.

MIKE SMITH AUTOMOTIVE — H, INC.

MIKE SMITH AUTOMOTIVE-N, INC.

MIKE SMITH AUTOPLAZA, INC.

MIKE SMITH AUTOPLEX BUICK, INC.

MIKE SMITH AUTOPLEX DODGE, INC.

MIKE SMITH AUTOPLEX, INC.

MIKE SMITH AUTOPLEX-GERMAN IMPORTS, INC.

MIKE SMITH GM, INC.

MIKE SMITH IMPORTS, INC.

MIKE SMITH MOTORS, INC.

MILLER-DM, INC.

MILLER-NII, INC.

MILLER-SH, INC.

MILLER AUTOMOTIVE GROUP, INC.

MILLBRO, INC.

MILLER FAMILY COMPANY, INC.

MILLER IMPORTS, INC.

MILLER INFINITI INC.

MILLER NISSAN, INC.

NJ-DM, INC.

NJ-H, INC.

NJ-HA, INC.

NJ-HAII, INC.

NJ-HII, INC.

NJ-SB, INC.

NJ-SV, INC.

NY-FV, INC.

NY-FVII, INC.

NY-SB, INC.

NY-SBII, INC.

SUNSHINE BUICK PONTIAC GMC TRUCK, INC.
 	 
	 	 	 
	 	By:  	                        /s/ Darryl M. Burman
 	 
	 	 	Name:  	Darryl M. Burman 	 
	 	 	Title:  	Vice President 	 

7

 

	 	 	 	 	 
	 	GROUP 1 FUNDING, INC.

NY-H, INC.

NY-HA, INC.

SMC INVESTMENT, INC.
 	 
	 	 	 
	 	By:  	                        /s/ Darryl M. Burman
 	 
	 	 	Name:  	Darryl M. Burman 	 
	 	 	Title:  	Vice President 	 
	 
	 	GROUP 1 LP INTERESTS-DC, INC.

GROUP 1 LP INTERESTS-F, INC.

GROUP 1 LP INTERESTS-GM, INC.

GROUP 1 LP INTERESTS-H, INC.

GROUP 1 LP INTERESTS-N, INC.

GROUP 1 LP INTERESTS-S, INC.

GROUP 1 LP INTERESTS-T, INC.
 	 
	 	 	 
	 	By:  	                            /s/ Darryl M. Burman
 	 
	 	 	Name:  	Darryl M. Burman 	 
	 	 	Title:  	Vice President 	 

8

 

	 	 	 	 	 
	 	ADMINISTRATIVE AGENT:

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

 	 
	 	 	 
	 	By:  	                      /s/ Anne M. Zeschke
 	 
	 	 	Name:  	Anne M. Zeschke 	 
	 	 	Title:  	Assistant Vice President 	 
	 
	 	LENDERS:

BANK OF AMERICA, N.A.

 	 
	 	 	 
	 	By:  	                       /s/ M. Patricia Kay
 	 
	 	 	Name:  	M. Patricia Kay 	 
	 	 	Title:  	Senior Vice President 	 
	 
	 	COMERICA BANK

 	 
	 	By:  	/s/ Jonathan S. Heine
 	 
	 	 	Name:  	Jonathan S. Heine 	 
	 	 	Title:  	Vice President 	 
	 
	 	JPMORGAN CHASE BANK, N.A.

 	 
	 	By:  	/s/ Robert L. Mendoza
 	 
	 	 	Name:  	Robert L. Mendoza 	 
	 	 	Title:  	Vice President 	 
	 
	 	KEYBANK NATIONAL ASSOCIATION

 	 
	 	By:  	/s/ Jim Webber
 	 
	 	 	Name:  	Jim Webber 	 
	 	 	Title:  	Commercial RM 	 
	 
	 	NISSAN MOTOR ACCEPTANCE CORPORATION

 	 
	 	By:  	- 	
 	 
	 	 	Name:  	- 	 
	 	 	Title:  	- 	 

9

 

	 	 	 	 	 
	 	WACHOVIA BANK, NATIONAL ASSOCIATION

 	 
	 	By:  	/s/ Michael R. Burkitt
 	 
	 	 	Name:  	Michael R. Burkitt 	 
	 	 	Title:  	Senior Vice President 	 
	 
	 	SOVEREIGN BANK

 	 
	 	By:  	/s/ Kyle S. Bourque
 	 
	 	 	Name:  	Kyle S. Bourque 	 
	 	 	Title:  	Vice President 	 
	 
	 	TOYOTA MOTOR CREDIT CORPORATION

 	 
	 	By:  	-
 	 
	 	 	Name:  	- 	 
	 	 	Title:  	- 	 
	 
	 	BMW FINANCIAL SERVICES NA, LLC

 	 
	 	By:  	/s/ Chris Meinelt
 	 
	 	 	Name:  	Chris Meinelt 	 
	 	 	Title:  	Team Lead, Retailer Finance 	 
	 	 	 
	 	By:  	                    /s/ David Brubaker
 	 
	 	 	Name:  	David Brubaker 	 
	 	 	Title:  	Team Lead, Retailer Finance 	 

10

 

EXHIBIT A to AMENDMENT NO. 2

Environmental Holdback Summary

	 	 	 	 	 	 	 
	 	 	Environmental	 	Environmental
	Financed Property 	 	Holdback Amount	 	Completion Date
	World Toyota Dealership
	 	$	100,000	 	 	September 29, 2008
	5800 Peachtree Industrial Boulevard

Atlanta, GA 30341
	 	 	 	 	 	 
	Boardwalk Honda and BMW of Atlantic City
	 	$	250,000	 	 	September 29, 2008
	6807 Tilton Road

Pleasantville, NY 08232
	 	 	 	 	 	 
	Egg Harbor/Mapleshade Acura Elite Acura
	 	$	150,000	 	 	September 29, 2008
	6806 Tilton Road

Pleasantville, NY 08232
	 	 	 	 	 	 
	Sussman Acura (Boardwalk Acura)
	 	$	250,000	 	 	September 29, 2008
	538 Rt. 38 East

Mapleshade, NJ 08052
	 	 	 	 	 	 
	Smicklas Chevrolet
	 	$	500,000	 	 	September 29, 2008
	5301 North May Avenue

Oklahoma City, OK 73157
	 	 	 	 	 	 
	World Ford Kendall
	 	$	500,000	 	 	February 22, 2009
	15551 South Dixie Highway

Palmetto Bay, FL
	 	 	 	 	 	 
	Stafford Service Facility
	 	$	150,000	 	 	April 15, 2009
	12202/12206 Murphy Road

Stafford, TX

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