Document:

Exhibit 10.1

 

THIS PROMISSORY NOTE (“NOTE”)
HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THIS NOTE HAS
BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER
THE SECURITIES ACT OR AN EXEMPTION THEREUNDER.  

 

AMENDED AND RESTATED

SENIOR SECURED PROMISSORY NOTE

 

	Principal Amount:  $23,700,000   	October 5, 2022

 

WHEREAS, Maker, Payee, and
the other parties thereto have entered into that certain Second Amended and Restated Agreement and Plan of Merger, dated October 5, 2022,
(the “Merger Agreement”);

 

WHEREAS, in connection with
the Merger Agreement, Payee has agreed to loan certain funds to Maker as provided therein (of which $3,700,000 were previously advanced
to Maker prior to the date of this Note);

 

WHEREAS, this Note amends,
restates, supersedes and replaces in its entirety that certain First Replacement Senior Promissory Note issued by Maker to Payee on July
28, 2022, in the original principal amount of $3,500,000 (the “Prior Note”); and

 

WHEREAS, the increase in the
principal amount of this Note from the Prior is intended by Maker for the principal purpose of funding costs relating to the further development
and launch of a commodities platform.

 

NOW, THEREFORE, IT IS AGREED
as follows:

 

FOR VALUE RECEIVED, Tingo,
Inc., a Nevada corporation (“Maker”), promises to pay to the order of MICT, Inc., a Delaware corporation or its
assigns (“Lender” or “Payee”), the principal sum of Twenty-Three Million Seven Hundred Thousand
Dollars ($23,700,000.00) in lawful money of the United States of America, on the terms and conditions described below.  All
payments on this Note shall be made by check or wire transfer of immediately available funds to such account as Lender may from time to
time designate by written notice in accordance with the provisions of this Note. Any capitalized term used but not defined herein will
have the meaning ascribed to such term in the Merger Agreement.

 

1.     
Repayment. The principal balance of this Note, plus (a) accrued and unpaid interest due hereunder and (b) the agreed
additional sum of $35,000 in lieu of unpaid interest that accrued under the Prior Note during the period from the date thereof to
the date of this Note (the “Prior Note Interest”), shall be due and payable on May 10, 2024 (the
 “Initial Maturity Date”), provided, however, that if the Merger Agreement shall be terminated in accordance with
the terms thereof, the Initial Maturity Date shall accelerate and the principal balance of this Note and any accrued and unpaid
interest due hereunder plus the Prior Note Interest shall be due and payable on or before the thirtieth (30th) calendar
day following such termination (such date, the “Maturity Date”). The principal balance of this Note may be
prepaid at any time by Maker without penalty.

 

     

     

    

 

		2.	Interest. This Note shall bear interest at the rate of 5.0% per annum.

 

		3.	Seniority. This Note shall rank senior to all other debts and obligations of Maker.

 

		4.	Obligations Secured.

 

a.                  
To secure the full and prompt payment and performance of the obligations of Maker hereunder, including all renewals, extensions, restructurings
or refinancings thereof (collectively, the “Obligations”), Maker hereby grants to Payee a continuing security interest
in the following property of Maker, whether now owned and existing hereafter acquired or arising, and regardless of where located (collectively
referred to as the “Collateral”): (i) all fixtures and personal property of every
kind and nature, including without limitation: all accounts; goods (including inventory and equipment); documents (including, if applicable,
electronic documents); instruments; promissory notes; chattel paper (whether tangible or electronic); letters of credit; letter-of-credit
rights (whether or not the letter of credit is evidenced by a writing); securities and all other investment property; general intangibles
(including all payment intangibles); money; deposit accounts; insurance; contracts; licenses; intellectual property rights, applications,
and filings; copyrights, patents, and trademarks and all applications related thereto; trade secret rights; regulatory applications, filings
or submissions; know-how; and any other contract rights or rights to the payment of money; (ii) all proceeds (as such term is defined
in Section 9-102 of the Uniform Commercial Code and, in any event, including, without limitation, all dividends or other income therefrom,
collections thereon or distributions with respect thereto) and products of each of the foregoing, all books and records relating to the
foregoing, all supporting obligations related thereto, and all accessions to, substitutions and replacements for, and rents, profits and
products of, royalties, fees, income, payments, and other proceeds now or hereafter due or payable with respect to any and all of the
foregoing, and any and all proceeds of any insurance, indemnity, warranty or guaranty payable to Maker from time to time with respect
to any of the foregoing; and (iii) any and all claims and causes of action with respect to any of the foregoing, whether occurring before,
on, or after the date hereof, including all rights to and claims for damages, restitution, and injunctive and other legal and equitable
relief for past, present, and future infringement, dilution, misappropriation, violation, misuse, breach, or default, with the right,
but no obligation, to sue for such legal and equitable relief and to collect, or otherwise recover, any such damages. Notwithstanding
any of the provisions set forth in this Section 4, however, this Note shall not constitute a grant of a security interest in any property
to the extent that such grant of a security interest is prohibited by any requirement of Law or a Governmental Authority.

 

b.                 
Maker hereby authorizes Payee and its agents and attorneys-in-fact to prepare and file such financing statements or amendments
thereof (including financing statements and amendments thereof describing the Collateral as “all assets” or “all
personal property” or words to that effect) as Payee may from time to time deem necessary or appropriate in order to perfect
and maintain the security interests granted hereunder in accordance with the Uniform Commercial Code of the State of Nevada or the
Uniform Commercial Code, or equivalent Laws, of any applicable jurisdiction. Maker shall, at Payee’s request, at any time and
from time to time, execute and deliver to Payee within ten (10) days of such request, such documents and other agreements and
instruments (and pay the cost of filing or recording the same in all public offices deemed reasonably necessary or desirable by
Payee) and do such other acts and things as Payee may deem necessary in order to establish and maintain a valid, attached and
perfected security interest in the Collateral in favor of Payee (free and clear of all other Liens other than Permitted Liens) to
secure payment and performance of the Obligations, and in order to facilitate the collection of the Collateral. Maker hereby
irrevocably makes, constitutes and appoints Payee (and all persons designated by Payee for that purpose) as Maker’s lawful
agent and attorney-in-fact to file such financing statements and other similar documents, agreements and instruments as may be
necessary to preserve and perfect Payee’s security interest in the Collateral. Maker acknowledges and agrees that the
Collateral is intended to encompass all assets and property of Maker (subject to the terms and conditions hereof) and if at any time
Maker acquires or holds any interest in any assets or property a security interest in which cannot be perfected by the filing of a
financing statement in the appropriate jurisdiction (or any assets or property a security interest in which can be so perfected, but
that are not covered by the security interest grant set forth above), then Maker will, if reasonably requested by Payee, cause such
assets or property to become part of the Collateral and take such reasonable steps as Payee may require in accordance herewith.

 

     

     

    

 

c.                  
Until an Event of Default has occurred and is continuing, Maker shall have the right, except as otherwise provided herein, to (i) sell
or lease any of its inventory normally held by it for any such purpose, (ii) use and consume any raw materials, work in process or other
materials normally held by it for such purpose and (iii) dispose of any assets to the extent not otherwise prohibited under the other
provisions of this Note. If any inventory is in the possession or control of any warehouseman or the Maker’s agents or processors,
them Maker shall, upon Payee’s request, notify such warehouseman, agent or processor of Payee’s security interest in such
inventory and, upon Payee’s request, instruct them to hold all such inventory for Payee’s account and subject to Payee’s
instructions.

 

d.                 
This Section 4 creates a continuing security interest in the Collateral and shall (i) remain in full force and effect until the payment
or satisfaction in full of the Obligations, (ii) be binding upon Maker and its successors and assigns and (iii) inure to the benefit of
Payee. Maker’s successors and assigns shall include, without limitation, a receiver, trustee or debtor-in-possession thereof or
therefor.

 

e.                  
Upon the payment in full in cash of the Obligations, the security interest granted pursuant to this Section 4 shall terminate and all
rights to the Collateral shall revert to Maker. Upon any such termination of the security interests hereunder, Maker shall be entitled
to the return, upon its request and at its expense, of such of the Collateral held by or on behalf of Maker as shall not have been sold
or otherwise applied pursuant to the terms hereof and Payee will, at Maker’s expense, execute and deliver to Maker such other documents
as they shall reasonably request to evidence such termination.

 

5.      
Application of Payments. All payments received
by Payee pursuant to this Note shall be applied first (if the payment is not made on or prior to the Maturity Date) to the payment in
full of any costs incurred in the collection of any sum due under this Note, including (without limitation)

reasonable attorney’s fees, then to the
reduction of the unpaid principal balance of this Note.

 

6.     
Rescission of Payments. If at any time any payment made by Maker under this Note is rescinded or must otherwise be restored or returned
upon the insolvency, bankruptcy or reorganization of Maker or otherwise, Maker’s obligation to make such payment shall be reinstated
as though such payment had not been made.

 

7.     
Representations and Warranties. Maker hereby represents and warrants to Payee as of the date hereof as follows:

 

a.                  
Maker is a corporation duly formed, validly existing and in good standing under the Laws of the State of Nevada and has the requisite
power and authority, and the legal right, to own, lease and operate its properties and assets and to conduct its business as it is now
being conducted;

 

     

     

    

 

b.                 
Maker has the power and authority, and the legal right, to execute and deliver this Note and to perform his obligations hereunder and
thereunder;

 

c.                  
Maker has duly executed and delivered this Note;

 

d.                 
no consent or authorization of, filing with, notice to or other act by, or in respect of, any person, entity or governmental authority
is required in order for Maker to execute, deliver, or perform any of his obligations under this Note;

 

e.                  
the execution and delivery of this Note and the consummation by Maker of the transactions contemplated hereby and thereby do not and will
not (i) violate any provision of Maker’s organizational documents, (ii) violate any Law or Order of a Governmental Authority applicable
to Maker or by which any of its properties or assets or any of the Collateral may be bound, or (iii) constitute a default under any Contract
by which Maker may be bound; and

 

f.                   
the Note is a valid, legal and binding obligation of Maker, enforceable against Maker in accordance with its terms.

 

8.     
Affirmative Covenants. Until all amounts outstanding under this Note have been paid in full, Maker shall:

 

a.                  
(i) preserve, renew and maintain in full force and effect its corporate or organizational existence, and (ii) take all reasonable action
to maintain all rights, privileges and franchises necessary or desirable in the normal conduct of its business;

 

b.                 
comply with (i) all of the terms and provisions of its Organizational Documents, (ii) its obligations under its material Contracts; and
(iii) all Laws applicable to it and its business;

 

c.                  
pay, discharge or otherwise satisfy at or before maturity or before they become delinquent, as the case may be, all its material obligations
of whatever nature;

 

     

     

    

 

d.                 
provide written notice to Payee immediately upon its receipt of notice of the same, of all material Actions before any Governmental Authority,
to which Maker is subject;

 

e.                  
as soon as possible and in any event within two (2) Business Days after it becomes aware that an Event of Default has occurred, notify
Payee in writing of the nature and extent of such Event of Default and the action, if any, it has taken or proposes to take with respect
to such Event of Default; and

 

f.                   
upon the request of Payee, promptly execute and deliver such further instruments and do or cause to be done such further acts as may be
necessary or advisable to carry out the intent and purposes of this Note.

 

		9.	Negative Covenants. Except as contemplated by the terms of the Merger Agreement or the Ancillary
Documents or as required by applicable Law (including COVID-19 Measures). Until all amounts outstanding under this Note have been paid
in full, without the prior written consent of Payee (such consent not to be unreasonably withheld, conditioned or delayed), Maker shall
not, and shall cause its Subsidiaries not to:

 

a.                  
amend, waive or otherwise change, in any respect, its Organizational Documents, except as required by applicable Law, if it would adversely
affect the interests or rights of Payee under this Note or Payee’s rights and/or remedies with respect to any Collateral and the
validity or priority of Payee’s Lien on the Collateral;

 

b.                 
authorize for issuance, issue, grant, sell, pledge, dispose of or propose to issue, grant, sell, pledge or dispose of any of its equity
securities or any options, warrants, commitments, subscriptions or rights of any kind to acquire or sell any of its equity securities,
or other securities, including any securities convertible into or exchangeable for any of its shares or other equity securities or securities
of any class and any other equity-based awards, or engage in any hedging transaction with a third Person with respect to such securities,
if it would adversely affect the interests or rights of Payee under this Note or Payee’s rights and/or remedies with respect to
any Collateral and the validity or priority of Payee’s Lien on the Collateral; provided that neither the exercise or settlement
of any Seller Option under the Seller Equity Plan, in accordance with its terms, nor the exercise or conversion of any Seller Convertible
Securities, in each case in accordance with its terms, shall require the consent of Payee;

 

c.                  
increase the wages, salaries or compensation of its employees other than in the ordinary course of business, consistent with past practice,
and in any event not in the aggregate by more than five percent (5%), or make or commit to make any bonus payment (whether in cash, property
or securities) to any employee, or materially increase other benefits of employees generally if it would adversely affect the interests
or rights of Payee under this Note or Payee’s rights and/or remedies with respect to any Collateral and the validity or priority
of Payee’s Lien on the Collateral, or enter into, establish, materially amend or terminate any Company Benefit Plan, in each case
other than as required by applicable Law, pursuant to the terms of any Company Benefit Plans or in the ordinary course of business consistent
with past practice;

 

     

     

    

 

d.                 
fail to maintain its books, accounts and records in all material respects in the ordinary course of business consistent with past practice;

 

e.                  
fail to use commercially reasonable efforts to keep in force insurance policies or replacement or revised policies providing insurance
coverage with respect to its assets, operations and activities in such amount and scope of coverage substantially similar to that which
is currently in effect;

 

f.                   
adopt a plan of complete or partial liquidation, dissolution, merger, consolidation, restructuring, recapitalization or other reorganization
(other than with respect to the Merger);

 

g.                 
sell, lease, license, transfer, exchange or swap, mortgage or otherwise pledge or encumber (including securitizations), or otherwise dispose
of any material portion of its properties, assets or rights;

 

h.                 
enter into any agreement, understanding or arrangement with respect to the voting of its equity securities if it would adversely affect
the interests or rights of Payee under this Note or Payee’s rights and/or remedies with respect to any Collateral and the validity
or priority of Payee’s Lien on the Collateral;

 

i.                   
accelerate the collection of any trade receivables or delay the payment of trade payables or any other liabilities other than in the ordinary
course of business consistent with past practice;

 

j.                   
enter into or amend, or waive any material rights under, any transaction with any Company Related Person (other than compensation and
benefits and advancement of expenses, in each case, provided in the ordinary course of business consistent with past practice) if it would
adversely affect the interests or rights of Payee under this Note or Payee’s rights and/or remedies with respect to any Collateral
and the validity or priority of Payee’s Lien on the Collateral;

 

k.                 
reincorporate or reorganize itself under the laws of any jurisdiction other than the jurisdiction in which it is incorporated as of the
date hereof, change its corporate form, or, without providing at least ten (10) days’ prior written notice to Payee, change its
name;

 

l.                   
at any time do or perform any act which materially and adversely affects the interests or rights of Payee under this Note or which would
materially and adversely affect Payee’s rights and/or remedies under this Note with respect to any Collateral and the validity or
priority of Payee’s Lien on the Collateral;

 

m.               
incur any Indebtedness, whether direct or indirect, that is not: (i) unsecured Indebtedness; or (ii) indebtedness that is secured
by the Collateral but only if the Lien in connection therewith is junior to Payee’s Lien on the Collateral pursuant to a subordination
and intercreditor agreement in form and substance acceptable to Payee; or

 

n.                 
authorize or agree to do any of the foregoing actions.

 

     

     

    

 

10.  No Misrepresentation.
Maker represents and warrants to Payee that neither this Note nor any statements, certificates or other documents provided by Maker to
Payee in connection with the making of the loan evidenced by this Note contain any untrue statement of a material fact, or omit to state
a fact necessary to make the statements contained therein or herein misleading.

 

11.  Events of Default.
The occurrence of any one of the following events shall constitute an “Event of Default” by Maker under this Note:

 

a.                  
any representation or warranty made or deemed made by Maker to Payee herein is incorrect in any respect on the date as of which such representation
or warranty was made or deemed made;

 

b.                 
Maker fails to timely make any payment of interest or principal due hereof, and such failure remains uncured for a period of five (5)
Business Days beyond the occurrence of such failure;

 

c.                  
Except as set forth in Section 11(b), Maker fails to observe or perform any covenant, obligation, condition or agreement contained in
this Note, and such failure remains uncured for a period of thirty (30) days beyond the occurrence of such failure;

 

d.                 
Maker shall make an assignment for the benefit of creditors, file a petition in bankruptcy, petition or apply to any tribunal for the
appointment of a custodian, receiver or trustee for itself or a substantial portion of its assets;

 

e.                  
any involuntary petition is filed against Maker under any bankruptcy law, rule, regulation, statute or ordinance

 

f.                   
Maker shall commence any proceeding under any bankruptcy, insolvency, dissolution, termination or liquidation Law of any jurisdiction;

 

g.                 
Maker is generally not, or is unable to, or admits in writing its inability to, pay its debts as they become due;

 

h.                 
any indebtedness of Maker shall not be paid when due, or there shall occur any event or condition which gives a creditor the right to
accelerate or which automatically accelerates the maturity of any such indebtedness; or

 

i.                   
one or more judgments or decrees shall be entered against Maker and all of such judgments or decrees shall not have been vacated, discharged,
stayed or bonded pending appeal within thirty (30) days from the entry thereof.

 

From and after the occurrence of an Event of
Default, (i) the unpaid principal balance of this Note shall be immediately due and payable, and (ii) interest thereon shall accrue
at the rate of 12.0% per annum. Maker shall pay all costs and expenses of Payee incurred in the collection of any amounts due
hereunder, including attorneys’ fees and court costs, whether or not litigation is commenced. The rights and remedies of Payee
under this Section 11 shall be cumulative and shall be in addition to any other rights and remedies that Payee may have under any
other agreement, or at law or in equity.

 

     

     

    

 

12.  Waivers. Maker
waives presentment for payment, demand, notice of dishonor, protest, and notice of protest with regard to this Note, all errors, defects
and imperfections in any proceedings instituted by Payee under the terms of this Note, and all benefits that might accrue to Maker by
virtue of any present or future Laws exempting any property, real or personal, or any part of the proceeds arising from any sale of any
such property, from attachment, levy or sale under execution, or providing for any stay of execution, exemption from civil process, or
extension of time for payment; and Maker agrees that any real or personal property that may be levied upon pursuant to a judgment obtained
by virtue hereof, on any writ of execution issued hereon, may be sold upon any such writ in whole or in part in any order desired by Payee.

 

13.  Unconditional
Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement
of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party,
and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to
by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect
to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may become parties
hereto without notice to Maker or affecting Maker’s liability hereunder.

 

14.  Notices. All
notices, statements or other documents which are required or contemplated by this Note shall be: (i) in writing and delivered personally
or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission to the address
designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address or fax number as may
be designated in writing by such party and (iii) by electronic mail, to the electronic mail address most recently provided to such party
or such other electronic mail address as may be designated in writing by such party.  Any notice or other communication so transmitted
shall be deemed to have been given on the day of delivery, if delivered personally, on the Business Day following receipt of written confirmation,
if sent by facsimile or electronic transmission, one (1) Business Day after delivery to an overnight courier service or five (5) days
after mailing if sent by mail.

 

15.  Governing
Law and Jurisdiction. This Note is governed by and construed in accordance with the internal Laws of the State of New York,
without regard to conflicts of law principles. Maker hereby irrevocably and unconditionally (i) agrees that any legal action, suit
or proceeding arising out of or relating to this Note may be brought by Payee in a state or federal court located in the State of
New York, and (ii) submits to the exclusive jurisdiction of any such court in any such action, suit or proceeding. Final judgment
against Maker in any action, suit or proceeding shall be conclusive and may be enforced in any other jurisdiction by suit on the
judgment. Nothing in this paragraph shall affect the right of Payee to (i) commence legal proceedings or otherwise sue Maker in any
other court having jurisdiction over Maker, or (ii) serve process upon Maker in any manner authorized by the Laws of any such
jurisdiction. Maker irrevocably and unconditionally waives, to the fullest extent permitted by applicable Law, any objection that it
may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to this Note in any court
referred to in this paragraph and the defense of an inconvenient forum to the maintenance of such action or proceeding in any such
court. MAKER HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY
IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY RELATING TO THIS NOTE OR THE TRANSACTIONS CONTEMPLATED HEREBY WHETHER BASED ON
CONTRACT, TORT OR ANY OTHER THEORY.

 

     

     

    

 

16.  Severability. Any
provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

17.  Loss, Theft,
Destruction or Mutilation of Note. Upon receipt of notice to Maker of the loss, theft, destruction or mutilation of this Note, and,
in the case of any such loss, theft or destruction, upon receipt of an affidavit of loss from Payee to Maker, Maker shall issue a new
Note to Payee with identical terms as this Note in replacement of this Note.

 

18.  Extension of
Time. No extension of time for payment of any amounts due under this Note nor any waiver of any provision of this Note shall release,
modify or otherwise affect Maker’s liability for the payments due under this Note.

 

19.  Further Assurances.
Promptly upon the request of Payee, Maker shall do, execute, acknowledge, deliver, record, file and register any and all such further
acts, deeds, mortgages, assignments, financing statements and continuations thereof, certificates, assurances and other instruments as
Payee, may require from time to time in order to (a) carry out more effectively the purposes of this Note, and (b) assure, convey, grant,
assign, transfer, preserve, protect and confirm more effectively unto Payee, the rights granted or now or hereafter intended to be granted
to Payee under this Note or under any other instruments executed in connection with this Note.

 

20.  Expenses.
Maker shall reimburse Payee on demand for all reasonable costs, expenses and fees (including expenses and fees of its counsel) incurred
by Payee in connection with the transactions contemplated hereby including the negotiation, documentation and execution of this Note and
the enforcement of Payee’s rights hereunder.

 

21.  Entire Agreement.
This Note constitutes the entire agreement of the parties with respect to the matters set forth herein. All prior agreements, understanding
and arrangements among the parties with respect to the subject matter hereof are hereby superseded by this Note and of no further force
or effect.

 

22.  No Strict Construction.
This Note has been reviewed by the parties and is being entered into among competent persons, who are experienced in business. In the
event an ambiguity or question of intent or interpretation arises, this Note shall be construed as if drafted jointly by the parties,
and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions
of this Note.

 

     

     

    

 

23.  Assignment.
Any assignment or transfer may be made by surrendering this Note to Maker together with an assignment executed by the assignor or transferor.
Upon such surrender Maker will execute and deliver, in the case of an assignment or transfer in whole, a new Note in the name of the assignee
or transferee or, in the case of an assignment or transfer in part, a new Note in the name of the assignee or transferee named in such
instrument of assignment or transfer and a new Note in the name of the assignor or transferor covering the portion of this Note not assigned
or transferred to the assignee or transferee. This Note shall inure to the benefit of and be binding upon the parties hereto and their
permitted assigns.

 

24.  No Third-Party
Beneficiaries. Except as provided in Section 23, this Note is for the sole benefit of the parties hereto and nothing herein, express
or implied, is intended to or shall confer upon any other person or entity any legal or equitable right, benefit or remedy of any nature
whatsoever under or by reason of this Note.

 

25.  Amendment; Waiver.  Any
amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent of Maker and Payee.

 

26.  Effect of Amendment
and Restatement. This Note amends, restates, supersedes and replaces in its entirety the Prior Note. All references to the Prior Note
in any other document shall, from and after the date hereof, be deemed to refer to this Note (except to the extent, if any, that such
interpretation would conflict with the terms of this Note as they refer or pertain to the Prior Note).

 

[Signature Page Follows]

 

     

     

    

 

IN WITNESS WHEREOF,
Maker, intending to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the day and year first
above written.

 

	 	Tingo, Inc.
	 	 
	 	By:	/s/ Dozy Mmobuosi
	 	Name: Dozy Mmobuosi
	 	Title: CEODocument

Exhibit 10.1

AMENDMENT NO. 2 TO
FIFTH AMENDED, RESTATED AND CONSOLIDATED CREDIT AGREEMENT
This AMENDMENT NO. 2 TO FIFTH AMENDED, RESTATED AND CONSOLIDATED CREDIT AGREEMENT (this “Amendment”) dated as of October 7, 2022 is made by and among SONIC AUTOMOTIVE, INC., a Delaware corporation (the “Company”), certain Subsidiaries of the Company party hereto as New Vehicle Borrowers (each a “New Vehicle Borrower” and collectively with the Used Vehicle Borrowers (defined below), the “Vehicle Borrowers”), certain Subsidiaries of the Company party hereto as Used Vehicle Borrowers (each a “Used Vehicle Borrower”, and collectively with the Company, the “Used Vehicle Borrowers”), the Guarantors party hereto, the Lenders party hereto, BANK OF AMERICA, N.A. (“Bank of America”), in its capacity as administrative agent for the Lenders (in such capacity, the “Administrative Agent”), and as Revolving Swing Line Lender, New Vehicle Swing Line Lender, Used Vehicle Swing Line Lender and L/C Issuer and each of the other Loan Parties signatory hereto.
W I T N E S S E T H:

WHEREAS, the Company, certain Subsidiaries of the Company, the Administrative Agent, Revolving Swing Line Lender, New Vehicle Swing Line Lender, Used Vehicle Swing Line Lender and L/C Issuer and the lenders parties thereto from time to time (collectively, the “Lenders” and individually, a “Lender”) have entered into that certain Fifth Amended, Restated and Consolidated Credit Agreement dated as of April 14, 2021 (as from time to time 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 subfacility and a swing line subfacility) and to the Company and certain Subsidiaries of the Company a new vehicle floorplan revolving credit facility (including a swing line subfacility) and a used vehicle floorplan revolving credit facility (including a swing line subfacility). 
WHEREAS, the Company has requested that the Lenders party to the Credit Agreement and the Administrative Agent amend certain provisions of the Credit Agreement in such a manner that, upon giving effect to such amendments, the Credit Agreement as so amended would contain the terms, covenants, conditions and other provisions as contained in the form of Credit Agreement set forth as Exhibit A to this Amendment (the “Consolidated Form Credit Agreement”).
WHEREAS, the Administrative Agent, the Lenders party hereto, the L/C Issuer, the Revolving Swing Line Lender, the New Vehicle Swing Line Lender and the Used Vehicle Swing Line Lender are willing to amend the Credit Agreement as set forth herein, subject to the terms and condition hereof. 
NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, the parties hereto agree as follows:
1.    Amendments to Credit Agreement.  
(a)    Amendments to Credit Agreement Effective on Amendment No. 2 Effective Date.  Subject to the terms and conditions set forth herein, the Credit Agreement is hereby amended:
(i)    so that, as amended, it shall read as set forth in, and shall have the terms, covenants, conditions and other provisions in the Consolidated Form Credit Agreement.  The parties hereto acknowledge and agree that each amendment to the Credit Agreement reflected in the Consolidated Form Credit Agreement is and shall be effective as if individually specified in this Amendment (the parties further acknowledging that amending the Credit Agreement by reference to the Consolidated Form Credit Agreement provides a convenience to the parties to permit the amended terms to be read in the context of the full Credit Agreement), and that this Amendment is not a novation of the Credit Agreement or of any credit 

facility provided thereunder or in respect thereof.  The signature pages contained may be left off of the Consolidated Form Credit Agreement.  Notwithstanding that the cover page of the Consolidated Form Credit Agreement is dated “as of April 14, 2021”, the changes to the Credit Agreement effected by this Amendment shall be effective as of the satisfaction or waiver to the conditions to effectiveness set forth in Section 2 of this Amendment.
(ii)    to amend and restate Exhibit F (Form of Compliance Certificate) in its entirety, so that as amended and restated such Exhibit shall be in the form set forth in Exhibit F hereto;
(iii)    to amend and restate Exhibit I (Form of Revolving Borrowing Base Certificate) in its entirety, so that as amended and restated such Exhibit shall be in the form set forth in Exhibit I hereto; 
(iv)    to amend and restate Exhibit O (Form of Notice of Loan Repayment) in its entirety, so that as amended and restated such Exhibit shall be in the form set forth in Exhibit O hereto; and 
(v)    to add an Exhibit R (Form of Offset Notice) in the form set forth in Exhibit R hereto.
2.    Effectiveness; Conditions Precedent.  
(a)    This Amendment shall become effective upon the satisfaction or waiver by the Administrative Agent and the Lenders of the following condition precedent (the date of such satisfaction or waiver, the “Amendment No. 2 Effective Date”): 
(i)    the Administrative Agent shall have received counterparts of this Amendment, duly executed by the Company, the other Borrowers, Bank of America, as Administrative Agent, Revolving Swing Line Lender, New Vehicle Swing Line Lender, Used Vehicle Swing Line Lender and L/C Issuer, each Guarantor, and each Lender;
(ii)    such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of each Loan Party as the Administrative Agent may require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Amendment and the other Loan Documents to which such Loan Party is a party;
(iii)    a certificate of a responsible officer of each Loan Party, either certifying that the Organization Documents of such Loan Party have not changed from the copies of such documents that were most recently delivered to the Administrative Agent pursuant to the Credit Agreement or attaching applicable revised documents; 
(iv)    a termination of the New Vehicle Floorplan Offset Agreement, executed by the parties thereto, in form and substance satisfactory to the Administrative Agent; and
(v)    such other assurances, certificates, documents or consents as the Administrative Agent, Revolving Swing Line Lender, New Vehicle Swing Line Lender, Used Vehicle Swing Line Lender, L/C Issuers or the Lenders reasonably may require. 
(vi)    Upon the reasonable request of any Lender made at least ten (10) Business Days prior to the Amendment No. 2 Effective Date, the Borrower shall have provided to such Lender, and such Lender shall be reasonably satisfied with, the documentation and other information so requested in connection with applicable “know your customer” and anti-money-laundering rules and regulations, including, without limitation, the Act, in each case at least three (3) Business Days prior to 

2

the Amendment No. 2 Effective Date and (ii) at least three (3) Business Days prior to the Amendment No. 2 Effective Date, any Loan Party that qualifies as a “legal entity customer” under the Beneficial Ownership Regulation shall have delivered, to each Lender that so requests, a Beneficial Ownership Certification in relation to such Loan Party. 
(vii)        The Company shall have paid all accrued fees, charges and disbursements of counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced prior to or on the Amendment No. 2 Effective Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Company and the Administrative Agent).
3.    Consent of the Loan Parties.  Each of the Persons party hereto acknowledge and agree that this Amendment is not intended to be a novation or discharge of, and shall not be a novation or discharge of, any obligation of the Loan Parties under any Loan Document.  The Company hereby consents, acknowledges and agrees to the amendments set forth herein and hereby confirms and ratifies in all respects the Company Guaranty (including without limitation the continuation of the Company’s payment and performance obligations thereunder upon and after the effectiveness of this Amendment and the amendments contemplated hereby) and the enforceability of the Company Guaranty against the Company in accordance with its terms. 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 (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.  Each Loan Party hereby consents, acknowledges and agrees to the amendments set forth herein and hereby confirms and ratifies in all respects each Security Instrument to which such Loan Party is a party (including without limitation the continuation of the perfection and priority of each Lien thereunder upon and after the effectiveness of this Amendment and the amendments contemplated hereby) and the enforceability of such Security Instrument against such Loan Party in accordance with its terms.
4.    Representations and Warranties.  In order to induce the Administrative Agent and the Lenders to enter into this Amendment, each Loan Party 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, both before and after giving effect to this Amendment, in each case except to the extent that such representations and warranties expressly relate to an earlier date in which case they are true and correct as of such earlier date, and except that the representations and warranties contained in subsections (a) and (b) of Section 5.05 of the Credit Agreement will 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 a Subsidiary Guaranty as a guarantor thereunder;
(c)    This Amendment has been duly authorized, executed and delivered by the Company and each of the other Loan Parties party hereto and constitutes a legal, valid and binding obligation of each such party, 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

3

(d)    Both before and after giving effect to this Amendment, no Default or Event of Default has occurred and is continuing. 
5.    Entire Agreement.  This Amendment, together with all the other 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.
6.    Full Force and Effect of Agreement.  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.  This Amendment shall be subject to the provisions of Section 10.14 of the Credit Agreement.
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, modified, supplemented, restated, or amended and restated from time to time.  
11.    Successors and Assigns.  This Amendment shall be binding upon and inure to the benefit of the Company, each of the other Loan Parties, the Administrative Agent, 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.
12.    Loan Document.  This Amendment shall be deemed to be a “Loan Document” under and as defined in the Credit Agreement, for all purposes.
 [Signature pages follow.]

4

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.
By: /s/ Heath R. Byrd                            
Typed Name: Heath R. Byrd                    
Typed Title: Executive Vice President and Chief Financial Officer

NEW VEHICLE BORROWERS:

ARNGAR, INC.
AUTOBAHN, INC.
BONHAM CHR, LLC
DAVE SMITH MOTORS, INC. 
FAA BEVERLY HILLS, INC.
FAA CONCORD H, INC.
FAA LAS VEGAS H, INC.
FAA POWAY H, INC.
FAA SERRAMONTE H, INC.
FAA SERRAMONTE L, INC.
FRANCISCAN MOTORS, INC.
FRONTIER LEASING AND SALES, INC. 
GREENVILLE CHR, LLC
GREENVILLE HY, LLC
GREENVILLE NIS, LLC
JEFFERSON CITY H, LLC
JEFFERSON CITY HY, LLC
JEFFERSON CITY N, LLC
MARCUS DAVID CORPORATION
MISHAWAKA - F LLC
MISHAWAKA - L LLC
MISHAWAKA - T LLC
ONTARIO L, LLC
PARIS-T, LLC
PHILPOTT MOTORS, LLC 
SAI ATLANTA B, LLC 
SAI BROOKSHIRE HY, INC. 
SAI CHAMBLEE V, LLC
SAI CHATTANOOGA N, LLC
By: /s/ Heath R. Byrd                            
Typed Name: Heath R. Byrd                    
Typed Title: Vice President and Treasurer            

AMENDMENT NO. 2 TO FIFTH AMENDED, RESTATED AND CONSOLIDATED CREDIT AGREEMENT
(Sonic Automotive, Inc.)
Signature Page

NEW VEHICLE BORROWERS, continued:

SAI DENVER B, INC.
SAI DENVER M, INC.
SAI FAIRFAX B, LLC 
SAI FALLSTON VW, LLC 
SAI FORT MYERS B, LLC
SAI FORT MYERS M, LLC
SAI FORT MYERS VW, LLC
SAI GLENWOOD SPRINGS A, INC. 
SAI GLENWOOD SPRINGS V, INC. 
SAI GRAND JUNCTION S, INC.
SAI GRAND JUNCTION VW, INC.
SAI IRONDALE IMPORTS, LLC 
SAI IRONDALE L, LLC
SAI LONG BEACH B, INC.
SAI MCKINNEY M, LLC
SAI MOMENTUM ARM, LLC 
SAI MOMENTUM CDJR SEALY, LLC
SAI MONROVIA B, INC.
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 ORLANDO CS, LLC
SAI OWINGS MILLS A, LLC (f/k/a SAI OWINGS MILL A, LLC)
SAI PENSACOLA A, LLC 
SAI PHILPOTT T, LLC
SAI RIVER OAKS P, LLC
SAI ROARING FORK LR, INC.
SAI ROCKVILLE IMPORTS, LLC
SAI S ATLANTA JLR LLC
SAI SYRACUSE C, INC.
SAI WEST HOUSTON B, LLC
SANTA CLARA IMPORTED CARS, INC.
SANTA FE-M, LLC 
SANTA FE-T, LLC
SHERMAN HY, LLC
SONIC - 2185 CHAPMAN RD., CHATTANOOGA, LLC
SONIC - DENVER T, INC. 
SONIC – LAS VEGAS C WEST, LLC
SONIC – LS CHEVROLET, LLC
SONIC – LUTE RILEY, LLC
By: /s/ Heath R. Byrd                            
Typed Name: Heath R. Byrd                    
Typed Title: Vice President and Treasurer            

AMENDMENT NO. 2 TO FIFTH AMENDED, RESTATED AND CONSOLIDATED CREDIT AGREEMENT
(Sonic Automotive, Inc.)
Signature Page

NEW VEHICLE BORROWERS, continued:

SONIC – SHOTTENKIRK, LLC
SONIC - STEVENS CREEK B, INC.
SONIC ADVANTAGE PA, LLC
SONIC AUTOMOTIVE – 3401 N. MAIN, TX, LLC
SONIC AUTOMOTIVE 2752 LAURENS RD., GREENVILLE, INC.
SONIC AUTOMOTIVE OF CHATTANOOGA, LLC
SONIC AUTOMOTIVE OF NASHVILLE, LLC
SONIC AUTOMOTIVE-9103 E. INDEPENDENCE, NC, LLC
SONIC CALABASAS M, INC. 
SONIC HOUSTON JLR, LLC
SONIC HOUSTON LR, LLC
SONIC MOMENTUM B, LLC
SONIC MOMENTUM JVP, LLC
SONIC MOMENTUM VWA, LLC 
SONIC SANTA MONICA M, INC. 
SONIC WALNUT CREEK M, INC. 
SONIC–BUENA PARK H, INC.
SONIC–HARBOR CITY H, INC.
SPOKANE-N, LLC
VERNON CHR, LLC
VERNON FL, LLC
VERNON-G, LLC

By: /s/ Heath R. Byrd                            
Typed Name: Heath R. Byrd                    
Typed Title: Vice President and Treasurer            

USED VEHICLE BORROWERS:
SONIC AUTOMOTIVE, INC.

By: /s/ Heath R. Byrd                            
Typed Name: Heath R. Byrd                    
Typed Title: Executive Vice President and Chief Financial Officer

AMENDMENT NO. 2 TO FIFTH AMENDED, RESTATED AND CONSOLIDATED CREDIT AGREEMENT
(Sonic Automotive, Inc.)
Signature Page

USED VEHICLE BORROWERS, continued:
ARNGAR, INC.
AUTOBAHN, INC.
BONHAM CHR, LLC
DAVE SMITH MOTORS, INC. 
ECHOPARK AL, LLC
ECHOPARK AZ, LLC
ECHOPARK CA, LLC
ECHOPARK FL, LLC
ECHOPARK GA, LLC
ECHOPARK IL, LLC 
ECHOPARK KS, LLC 
ECHOPARK KY, LLC
ECHOPARK LA, LLC 
ECHOPARK MD, LLC
ECHOPARK MO, LLC 
ECHOPARK NC, LLC
ECHOPARK NV, LLC
ECHOPARK NY, LLC
ECHOPARK OH, LLC 
ECHOPARK OK, LLC 
ECHOPARK PA, LLC
ECHOPARK SC, LLC
ECHOPARK TN, LLC
ECHOPARK TX, LLC
ECHOPARK UT, LLC
EP TF CALIFORNIA, LLC
EP TF NORTH CAROLINA, LLC
FAA BEVERLY HILLS, INC.
FAA CONCORD H, INC.
FAA CONCORD T, INC.
FAA LAS VEGAS H, INC.
FAA POWAY H, INC.
FAA SERRAMONTE H, INC.
FAA SERRAMONTE L, INC.
FORT MILL FORD, INC. 
FRANCISCAN MOTORS, INC.
FRONTIER LEASING AND SALES, INC. 
GREENVILLE CHR, LLC
GREENVILLE HY, LLC
GREENVILLE NIS, LLC
JEFFERSON CITY H, LLC
JEFFERSON CITY HY, LLC

By: /s/ Heath R. Byrd                            
Typed Name: Heath R. Byrd                    
Typed Title: Vice President and Treasurer            

AMENDMENT NO. 2 TO FIFTH AMENDED, RESTATED AND CONSOLIDATED CREDIT AGREEMENT
(Sonic Automotive, Inc.)
Signature Page

USED VEHICLE BORROWERS, continued:
JEFFERSON CITY N, LLC
MARCUS DAVID CORPORATION
MISHAWAKA - F LLC
MISHAWAKA - L LLC
MISHAWAKA - T LLC
NORTHWEST MOTORSPORT, LLC
ONTARIO L, LLC
PARIS-T, LLC
PHILPOTT MOTORS, LLC   
SAI ATLANTA B, LLC 
SAI BROOKSHIRE HY, INC. 
SAI CHAMBLEE V, LLC
SAI CHATTANOOGA N, LLC
SAI CLEARWATER T, LLC
SAI DENVER B, INC.
SAI DENVER M, INC.
SAI FAIRFAX B, LLC 
SAI FALLSTON VW, LLC 
SAI FORT MYERS B, LLC
SAI FORT MYERS M, LLC
SAI FORT MYERS VW, LLC
SAI GLENWOOD SPRINGS A, INC. 
SAI GLENWOOD SPRINGS V, INC. 
SAI GRAND JUNCTION S, INC.
SAI GRAND JUNCTION VW, INC.
SAI IRONDALE IMPORTS, LLC
SAI IRONDALE L, LLC
SAI LONG BEACH B, INC.
SAI MCKINNEY M, LLC
SAI MOMENTUM ARM, LLC 
SAI MOMENTUM CDJR SEALY, LLC
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 ORLANDO CS, LLC
SAI OWINGS MILLS A, LLC (f/k/a SAI OWINGS MILL A, LLC)
SAI PENSACOLA A, LLC 
SAI PHILPOTT T, LLC

By: /s/ Heath R. Byrd                            
Typed Name: Heath R. Byrd                    
Typed Title: Vice President and Treasurer            

AMENDMENT NO. 2 TO FIFTH AMENDED, RESTATED AND CONSOLIDATED CREDIT AGREEMENT
(Sonic Automotive, Inc.)
Signature Page

USED VEHICLE BORROWERS, continued:
SAI RIVER OAKS P, LLC
SAI ROARING FORK LR, INC.
SAI ROCKVILLE IMPORTS, LLC
SAI S. ATLANTA JLR, LLC
SAI SYRACUSE C, INC.
SAI WEST HOUSTON B, LLC
SANTA CLARA IMPORTED CARS, INC.
SANTA FE-M, LLC 
SANTA FE-T, LLC
SHERMAN HY, LLC
SONIC - 2185 CHAPMAN RD., CHATTANOOGA, LLC
SONIC – BUENA PARK H, INC.
SONIC - DENVER T, INC. 
SONIC – HARBOR CITY H, INC. 
SONIC - LAS VEGAS C WEST, LLC
SONIC - LS CHEVROLET, LLC
SONIC - LUTE RILEY, LLC
SONIC - RICHARDSON F, LLC   
SONIC - SHOTTENKIRK, LLC
SONIC - STEVENS CREEK B, INC.
SONIC ADVANTAGE PA, LLC
SONIC AUTOMOTIVE - 3401 N. MAIN, TX, LLC
SONIC AUTOMOTIVE - 4701 I-10 EAST, TX, LLC   
SONIC AUTOMOTIVE - 9103 E. INDEPENDENCE, NC, LLC
SONIC AUTOMOTIVE 2752 LAURENS RD., GREENVILLE, INC.
SONIC AUTOMOTIVE OF CHATTANOOGA, LLC
SONIC AUTOMOTIVE OF NASHVILLE, LLC
SONIC CALABASAS M, INC. 
SONIC HOUSTON JLR, LLC
SONIC HOUSTON LR, LLC
SONIC MOMENTUM B, LLC
SONIC MOMENTUM JVP, LLC
SONIC MOMENTUM VWA, LLC
SONIC SANTA MONICA M, INC. 
SONIC WALNUT CREEK M, INC. 
SPOKANE-N, LLC
TOWN AND COUNTRY FORD, INCORPORATED   
TT DENVER, LLC
VERNON CHR, LLC
VERNON FL, LLC
VERNON-G, LLC

By: /s/ Heath R. Byrd                            
Typed Name: Heath R. Byrd                    
Typed Title: Vice President and Treasurer            

AMENDMENT NO. 2 TO FIFTH AMENDED, RESTATED AND CONSOLIDATED CREDIT AGREEMENT
(Sonic Automotive, Inc.)
Signature Page

SUBSIDIARY GUARANTORS:

AM REALTY GA, LLC
ANTREV, LLC
ARNGAR, INC. 
AUTOBAHN, INC. 
BONHAM CHR, LLC
CAR CASH OF NORTH CAROLINA, INC. 
DAVE SMITH MOTORS, INC. 
ECHOPARK AL, LLC
ECHOPARK AUTOMOTIVE, INC.
ECHOPARK AZ, LLC
ECHOPARK CA, LLC
ECHOPARK FL, LLC
ECHOPARK GA, LLC
ECHOPARK IL, LLC 
ECHOPARK KS, LLC
ECHOPARK KY, LLC
ECHOPARK LA, LLC
ECHOPARK MD, LLC
ECHOPARK MO, LLC
ECHOPARK NC, LLC
ECHOPARK NV, LLC
ECHOPARK NY, LLC
ECHOPARK OH, LLC
ECHOPARK OK, LLC
ECHOPARK PA, LLC
ECHOPARK REALTY CA, LLC
ECHOPARK REALTY TX, LLC
ECHOPARK SC, LLC
ECHOPARK TN, LLC
ECHOPARK TX, LLC
ECHOPARK UT, LLC
EP HD TEMPLE TX, LLC 
EP REALTY AZ, LLC 
EP REALTY IL, LLC 
EP REALTY MD, LLC 
EP REALTY NC, LLC
EP REALTY PA, LLC
EP REALTY SC, LLC
EP SO H CENT TX, LLC
EP SO H CROSS TX, LLC
EP SO MANCU GF TX, LLC 
EP SO MANCU LA MARQUE TX, LLC 

By: /s/ Heath R. Byrd                            
Typed Name: Heath R. Byrd                    
Typed Title: Vice President and Treasurer            

AMENDMENT NO. 2 TO FIFTH AMENDED, RESTATED AND CONSOLIDATED CREDIT AGREEMENT
(Sonic Automotive, Inc.)
Signature Page

SUBSIDIARY GUARANTORS, continued:

EP SO MANCU NF TX, LLC
EP SO MANCU SW59 TX, LLC
EP SO MANCU SWF TX, LLC
EP STRATEGIC HOLDING, LLC
EP TF CALIFORNIA, LLC
EP TF NORTH CAROLINA, LLC
FAA BEVERLY HILLS, INC.
FAA CONCORD H, INC.
FAA CONCORD T, INC. 
FAA HOLDING LLC
FAA LAS VEGAS H, INC.
FAA POWAY H, INC.
FAA SAN BRUNO, INC.
FAA SERRAMONTE H, INC.
FAA SERRAMONTE L, INC.
FIRSTAMERICA AUTOMOTIVE, LLC
FORT MILL FORD, INC.
FRANCISCAN MOTORS, INC.
FRONTIER LEASING AND SALES, INC.
GREENVILLE CHR, LLC
GREENVILLE HY, LLC
GREENVILLE NIS, LLC
JEFFERSON CITY H, LLC
JEFFERSON CITY HY, LLC
JEFFERSON CITY N, LLC
L DEALERSHIP GROUP, LLC
MARCUS DAVID CORPORATION
MISHAWAKA - F LLC
MISHAWAKA - L LLC
MISHAWAKA - T LLC
NORTHWEST MOTORSPORT, LLC
ONTARIO L, LLC
PARIS-T, LLC
PHILPOTT MOTORS, LLC 
RFJ AUTO GROUP, LLC (f/k/a RFJ AUTO GROUP, INC.)
RFJ AUTO MANAGEMENT, LLC (f/k/a RFJ AUTO MANAGEMENT, INC.)
RFJ AUTO PARTNERS H-HOLDINGS, LLC (f/k/a RFJ AUTO PARTNERS H-HOLDINGS, INC.)
RFJ AUTO PARTNERS HOLDINGS, LLC (f/k/a RFJ AUTO PARTNERS HOLDINGS, INC.)
RFJ AUTO PARTNERS NORTHERN HOLDINGS, LLC (f/k/a RFJ AUTO PARTNERS NORTHERN HOLDINGS, INC.)

By: /s/ Heath R. Byrd                            
Typed Name: Heath R. Byrd                    
Typed Title: Vice President and Treasurer            

AMENDMENT NO. 2 TO FIFTH AMENDED, RESTATED AND CONSOLIDATED CREDIT AGREEMENT
(Sonic Automotive, Inc.)
Signature Page

SUBSIDIARY GUARANTORS, continued:

RFJ AUTO PARTNERS T-HOLDINGS, LLC (f/k/a RFJ AUTO PARTNERS T-HOLDINGS, INC.)
RFJ AUTO PROPERTIES, LLC 
RFJ AUTO T-PROPERTIES, LLC
RFJ SPOKANE AUTO PROPERTIES, LLC
RFJ/FENTON AUTO PROPERTIES, LLC
SAI AL HC1, INC. 
SAI AL HC2, INC.
SAI ATLANTA B, LLC
SAI BROOKSHIRE HY, INC. 
SAI CHAMBLEE V, LLC
SAI CHATTANOOGA N, LLC
SAI CLEARWATER T, LLC
SAI COLUMBUS T, LLC
SAI DENVER B, INC.
SAI DENVER M, INC.
SAI FAIRFAX B, LLC
SAI FALLSTON VW, LLC
SAI FL HC2, INC. 
SAI FL HC3, INC. 
SAI FL HC4, INC.  
SAI FL HC8, INC. 
SAI FL HC9, INC. 
SAI FORT MYERS B, LLC
SAI FORT MYERS M, LLC
SAI FORT MYERS VW, LLC
SAI GA HC1, LLC
SAI GLENWOOD SPRINGS A, INC.
SAI GLENWOOD SPRINGS V, INC.
SAI GRAND JUNCTION S, INC.
SAI GRAND JUNCTION VW, INC.
SAI IRONDALE IMPORTS, LLC
SAI IRONDALE L, LLC
SAI LONG BEACH B, INC. 
SAI MCKINNEY M, LLC
SAI MD HC1, INC.
SAI MOMENTUM ARM, LLC 
SAI MOMENTUM CDJR SEALY, LLC
SAI MONROVIA B, INC.
SAI MONTGOMERY B, LLC
SAI MONTGOMERY BCH, LLC
SAI MONTGOMERY CH, LLC
SAI NASHVILLE CSH, LLC

By: /s/ Heath R. Byrd                            
Typed Name: Heath R. Byrd                    
Typed Title: Vice President and Treasurer            

AMENDMENT NO. 2 TO FIFTH AMENDED, RESTATED AND CONSOLIDATED CREDIT AGREEMENT
(Sonic Automotive, Inc.)
Signature Page

SUBSIDIARY GUARANTORS, continued:

SAI NASHVILLE H, LLC
SAI NASHVILLE M, LLC
SAI NASHVILLE MOTORS, LLC
SAI ORLANDO CS, LLC
SAI OWINGS MILLS A, LLC (f/k/a SAI OWINGS MILL A, LLC)
SAI PEACHTREE, LLC
SAI PENSACOLA A, LLC
SAI PHILPOTT T, LLC
SAI RFJ HOLDING, INC. 
SAI RIVER OAKS P, LLC
SAI ROARING  FORK LR, INC.
SAI ROCKVILLE IMPORTS, LLC
SAI S. ATLANTA JLR, LLC
SAI STONE MOUNTAIN T, LLC
SAI SYRACUSE C, INC.
SAI TN HC1, LLC 
SAI TN HC2, LLC 
SAI TN HC3, LLC 
SAI VA HC1, INC.
SAI VEHICLE SUBSCRIPTION, INC. 
SAI VS GA, LLC 
SAI VS TX, LLC 
SAI WEST HOUSTON B, LLC
SANTA CLARA IMPORTED CARS, INC.
SANTA FE-M, LLC 
SANTA FE-T, LLC
SHERMAN HY, LLC
SONIC - 2185 CHAPMAN RD., CHATTANOOGA, LLC
SONIC – BUENA PARK H, INC.
SONIC - CLEAR LAKE VOLKSWAGEN, LLC
SONIC - DENVER T, INC.
SONIC - FORT WORTH T, LLC
SONIC – HARBOR CITY H, INC.
SONIC - HOUSTON V, LLC
SONIC - JERSEY VILLAGE VOLKSWAGEN, LLC
SONIC - LAS VEGAS C WEST, LLC
SONIC - LS CHEVROLET, LLC
SONIC – LS, LLC
SONIC - LUTE RILEY, LLC
SONIC - RICHARDSON F, LLC
SONIC - SHOTTENKIRK, LLC
SONIC - STEVENS CREEK B, INC.
SONIC ADVANTAGE PA, LLC

By: /s/ Heath R. Byrd                            
Typed Name: Heath R. Byrd                    
Typed Title: Vice President and Treasurer            

AMENDMENT NO. 2 TO FIFTH AMENDED, RESTATED AND CONSOLIDATED CREDIT AGREEMENT
(Sonic Automotive, Inc.)
Signature Page

SUBSIDIARY GUARANTORS, continued:

SONIC AUTOMOTIVE - 3401 N. MAIN, TX, LLC 
SONIC AUTOMOTIVE - 4701 I-10 EAST, TX, LLC 
SONIC AUTOMOTIVE - 9103 E. INDEPENDENCE, NC, LLC 
SONIC AUTOMOTIVE 2752 LAURENS RD., GREENVILLE, INC.
SONIC AUTOMOTIVE AVIATION, LLC
SONIC AUTOMOTIVE F&I, LLC 
SONIC AUTOMOTIVE OF CHATTANOOGA, LLC
SONIC AUTOMOTIVE OF NASHVILLE, LLC
SONIC AUTOMOTIVE OF NEVADA, INC.
SONIC AUTOMOTIVE OF TEXAS, LLC 
SONIC AUTOMOTIVE SUPPORT, LLC
SONIC AUTOMOTIVE WEST, LLC
SONIC CALABASAS M, INC.
SONIC DEVELOPMENT, LLC
SONIC DIVISIONAL OPERATIONS, LLC
SONIC FFC 1, INC. 
SONIC FFC 2, INC. 
SONIC FFC 3, INC. 
SONIC HOUSTON JLR, LLC 
SONIC HOUSTON LR, LLC
SONIC MOMENTUM B, LLC
SONIC MOMENTUM JVP, LLC
SONIC MOMENTUM VWA, LLC 
SONIC OF TEXAS, INC.
SONIC RESOURCES, INC.
SONIC SANTA MONICA M, INC.
SONIC WALNUT CREEK M, INC.
SONIC-INTEGRITY DODGE LV, LLC
SPOKANE-N, LLC
SRE ALABAMA 6, LLC 
SRE ALABAMA-2, LLC
SRE ALABAMA-5, LLC
SRE CALIFORNIA - 1, LLC
SRE CALIFORNIA - 2, LLC
SRE CALIFORNIA - 3, LLC
SRE CALIFORNIA - 5, LLC
SRE CALIFORNIA - 6, LLC
SRE CALIFORNIA - 7 SCB, LLC
SRE CALIFORNIA - 8 SCH, LLC
SRE CALIFORNIA - 9 BHB, LLC
SRE CALIFORNIA 10 LBB, LLC

By: /s/ Heath R. Byrd                            
Typed Name: Heath R. Byrd                    
Typed Title: Vice President and Treasurer            

AMENDMENT NO. 2 TO FIFTH AMENDED, RESTATED AND CONSOLIDATED CREDIT AGREEMENT
(Sonic Automotive, Inc.)
Signature Page

SUBSIDIARY GUARANTORS, continued:

SRE CALIFORNIA 11 PH, LLC 
SRE COLORADO - 1, LLC
SRE COLORADO - 2, LLC
SRE COLORADO - 3, LLC
SRE COLORADO - 4 RF, LLC
SRE COLORADO - 5 CC, LLC
SRE FLORIDA - 1, LLC
SRE GEORGIA 4, LLC
SRE GEORGIA 5, LLC 
SRE GEORGIA 6, LLC 
SRE HOLDING, LLC
SRE MARYLAND - 1, LLC
SRE NEVADA-2, LLC
SRE NORTH CAROLINA -3, LLC
SRE NORTH CAROLINA-2, LLC
SRE OHIO 1, LLC
SRE OHIO 2, LLC
SRE OKLAHOMA-2, LLC
SRE SOUTH CAROLINA - 2, LLC
SRE SOUTH CAROLINA - 3, LLC
SRE SOUTH CAROLINA - 4, LLC
SRE TENNESSEE - 1, LLC
SRE TENNESSEE - 2, LLC
SRE TENNESSEE - 3, LLC
SRE TENNESSEE 6, LLC
SRE TENNESSEE 7, LLC
SRE TENNESSEE 8, LLC 
SRE TENNESSEE-4, LLC
SRE TENNESSEE-5, LLC
SRE TEXAS - 1, LLC
SRE TEXAS - 2, LLC
SRE TEXAS - 3, LLC
SRE TEXAS - 4, LLC
SRE TEXAS - 5, LLC
SRE TEXAS - 6, LLC
SRE TEXAS - 7, LLC
SRE TEXAS - 8, LLC
SRE TEXAS 10, LLC
SRE TEXAS 11, LLC
SRE TEXAS 12, LLC
SRE TEXAS 13, LLC
SRE TEXAS 14, LLC
SRE TEXAS 15, LLC

By: /s/ Heath R. Byrd                            
Typed Name: Heath R. Byrd                    
Typed Title: Vice President and Treasurer            

AMENDMENT NO. 2 TO FIFTH AMENDED, RESTATED AND CONSOLIDATED CREDIT AGREEMENT
(Sonic Automotive, Inc.)
Signature Page

SUBSIDIARY GUARANTORS, continued:

SRE TEXAS 16, LLC 
SRE TEXAS 17, LLC
SRE TEXAS 9, LLC
SRE VIRGINIA - 1, LLC
SRE VIRGINIA - 2, LLC
TOWN AND COUNTRY FORD, INCORPORATED
TT DENVER, LLC
TTRE CO 1, LLC
VERNON CHR, LLC
VERNON FL, LLC
VERNON-G, LLC

By: /s/ Heath R. Byrd                            
Typed Name: Heath R. Byrd                    
Typed Title: Vice President and Treasurer            

AMENDMENT NO. 2 TO FIFTH AMENDED, RESTATED AND CONSOLIDATED CREDIT AGREEMENT
(Sonic Automotive, Inc.)
Signature Page

BANK OF AMERICA, N.A., 
as Administrative Agent 
By: /s/ Denise Jones                            
Typed Name: Denise Jones                    
Typed Title: Vice President                    

AMENDMENT NO. 2 TO FIFTH AMENDED, RESTATED AND CONSOLIDATED CREDIT AGREEMENT
(Sonic Automotive, Inc.)
Signature Page

LENDERS:

BANK OF AMERICA, N.A., 
as Revolving Swing Line Lender, New Vehicle Swing Line Lender, Used Vehicle Swing Line Lender, L/C Issuer and
as a Lender
By: /s/ David T. Smith                            
Typed Name: David T. Smith                    
Typed Title: Senior Vice President                

AMENDMENT NO. 2 TO FIFTH AMENDED, RESTATED AND CONSOLIDATED CREDIT AGREEMENT
(Sonic Automotive, Inc.)
Signature Page

BMW FINANCIAL SERVICES NA, LLC, 
as a Lender
By: /s/ Emily Adams                            
Typed Name: Emily Adams                    
Typed Title: Credit Manager                    
By: /s/ Michael Ferguson                    
Typed Name: Michael Ferguson                    
Typed Title: General Manager, Credit                

AMENDMENT NO. 2 TO FIFTH AMENDED, RESTATED AND CONSOLIDATED CREDIT AGREEMENT
(Sonic Automotive, Inc.)
Signature Page

JPMORGAN CHASE BANK, N.A., 
as a Lender
By: /s/ Adam Sigman                            
Typed Name: Adam Sigman                    
Typed Title: Executive Director                    

AMENDMENT NO. 2 TO FIFTH AMENDED, RESTATED AND CONSOLIDATED CREDIT AGREEMENT
(Sonic Automotive, Inc.)
Signature Page

MERCEDES-BENZ FINANCIAL SERVICES USA LLC, 
as a Lender
By: /s/ Farrah Vaughn-Dixon                    
Typed Name: Farrah Vaughn-Dixon                
Typed Title: Regional Dealer Credit Manager-National Accounts    

AMENDMENT NO. 2 TO FIFTH AMENDED, RESTATED AND CONSOLIDATED CREDIT AGREEMENT
(Sonic Automotive, Inc.)
Signature Page

TOYOTA MOTOR CREDIT CORPORATION, 
as a Lender
By: /s/ Dave Boskey                            
Typed Name: Dave Boskey                    
Typed Title: National Accounts Manager            

AMENDMENT NO. 2 TO FIFTH AMENDED, RESTATED AND CONSOLIDATED CREDIT AGREEMENT
(Sonic Automotive, Inc.)
Signature Page

PNC BANK, NATIONAL ASSOCIATION, 
as a Lender
By: /s/ Stephanie Lalos                            
Typed Name: Stephanie Lalos                    
Typed Title: Vice President                    

AMENDMENT NO. 2 TO FIFTH AMENDED, RESTATED AND CONSOLIDATED CREDIT AGREEMENT
(Sonic Automotive, Inc.)
Signature Page

VW CREDIT, INC., 
as a Lender
By: /s/ Robb Nerdin                            
Typed Name: Robb Nerdin                    
Typed Title: Senior Manager Commercial Credit            

AMENDMENT NO. 2 TO FIFTH AMENDED, RESTATED AND CONSOLIDATED CREDIT AGREEMENT
(Sonic Automotive, Inc.)
Signature Page

AMERICAN HONDA FINANCE CORPORATION, 
as a Lender
By: /s/ Melissa Olmos                            
Typed Name: Melissa Olmos                    
Typed Title: DFS Assistant Manager                

AMENDMENT NO. 2 TO FIFTH AMENDED, RESTATED AND CONSOLIDATED CREDIT AGREEMENT
(Sonic Automotive, Inc.)
Signature Page

U.S. BANK NATIONAL ASSOCIATION, 
as a Lender
By: /s/ Katherine Taylor                        
Typed Name: Katherine Taylor                    
Typed Title: Vice President                    

AMENDMENT NO. 2 TO FIFTH AMENDED, RESTATED AND CONSOLIDATED CREDIT AGREEMENT
(Sonic Automotive, Inc.)
Signature Page

WELLS FARGO BANK, NATIONAL ASSOCIATION, 
as a Lender
By: /s/ Jeffrey E. Bullard, Sr.                    
Typed Name: Jeffrey E. Bullard, Sr.                
Typed Title: Senior Vice President                

AMENDMENT NO. 2 TO FIFTH AMENDED, RESTATED AND CONSOLIDATED CREDIT AGREEMENT
(Sonic Automotive, Inc.)
Signature Page

CAPITAL ONE, N.A., 
as a Lender
By: /s/ Jeff Edge                            
Typed Name: Jeff Edge                        
Typed Title: Senior Vice President                

AMENDMENT NO. 2 TO FIFTH AMENDED, RESTATED AND CONSOLIDATED CREDIT AGREEMENT
(Sonic Automotive, Inc.)
Signature Page

MASSMUTUAL ASSET FINANCE LLC, 
as a Lender
By: /s/ Donald Buttler                            
Typed Name: Donald Buttler                    
Typed Title: Senior Vice President                

AMENDMENT NO. 2 TO FIFTH AMENDED, RESTATED AND CONSOLIDATED CREDIT AGREEMENT
(Sonic Automotive, Inc.)
Signature Page

TD BANK, N.A., 
as a Lender
By: /s/ Edward A. Palek, Jr.                    
Typed Name: Edward A. Palek, Jr.                
Typed Title: VP, Market Credit Manager            

AMENDMENT NO. 2 TO FIFTH AMENDED, RESTATED AND CONSOLIDATED CREDIT AGREEMENT
(Sonic Automotive, Inc.)
Signature Page

WORLD OMNI FINANCIAL CORP., 
as a Lender
By: /s/ William A. McDaniel IV                    
Typed Name: William A. McDaniel IV                
Typed Title: VP Credit Administration                

AMENDMENT NO. 2 TO FIFTH AMENDED, RESTATED AND CONSOLIDATED CREDIT AGREEMENT
(Sonic Automotive, Inc.)
Signature Page

TRUIST BANK, 
as a Lender
By: /s/ Tesha Winslow                            
Name: Tesha Winslow                            
Title: Director                                

AMENDMENT NO. 2 TO FIFTH AMENDED, RESTATED AND CONSOLIDATED CREDIT AGREEMENT
(Sonic Automotive, Inc.)
Signature Page

FIRST NATIONAL BANK OF PENNSYLVANIA, 
as a Lender
By: /s/ Krutesh Trivedi                            
Typed Name: Krutesh Trivedi                    
Typed Title: Senior Vice President                

AMENDMENT NO. 2 TO FIFTH AMENDED, RESTATED AND CONSOLIDATED CREDIT AGREEMENT
(Sonic Automotive, Inc.)
Signature Page

EXHIBIT A
CONSOLIDATED FORM CREDIT AGREEMENT
See attached.
EXHIBIT A
Consolidated Form Credit Agreement

EXHIBIT F
FORM OF COMPLIANCE CERTIFICATE
See attached.
EXHIBIT F
Form of Compliance Certificate

EXHIBIT I
FORM OF REVOLVING BORROWING BASE CERTIFICATE
See attached.
EXHIBIT I
Form of Revolving Borrowing Base Certificate

EXHIBIT O
FORM OF NOTICE OF LOAN REPAYMENT
See attached.
EXHIBIT O
Form of Notice of Loan Repayment

EXHIBIT R
FORM OF OFFSET NOTICE
See attached.
EXHIBIT R
Form of Offset Notice

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