Document:

Exhibit 10.48

 

Description of ITT Educational Services, Inc.’s
Compensation of Directors, 2005 Executive Bonus

Parameters, Payment of 2004 Bonus Compensation and 2005 Executive Salaries and
Perquisites

 

Compensation of Directors

 

On January 25,
2005, the Company’s Board of Directors approved the following compensation for
non-employee directors, effective April 1, 2005:

 

•                  an annual retainer of $40,000;

•                  a meeting fee of $1,500 for each
meeting of the Board of Directors attended;

•                  a meeting fee of $2,000 for each
meeting of a standing committee of the Board of Directors attended by the
chairperson of the committee; and

•                  a meeting fee of $1,500 for each
meeting of a standing committee of the Board of Directors attended by a member
of the committee, other than the chairperson.

 

The Company’s Board of
Directors also reaffirmed the following additional compensation for
non-employee directors who are members of the Special Committee of the Board of
Directors:

 

•                  an annual retainer of $15,000 for the
chairperson of the Special Committee;

•                  an annual retainer of $10,000 for a
member of the Special Committee, other than the chairperson; and

•                  a meeting fee of $500 for each
meeting of the Special Committee of the Board of Directors attended by a member
of the committee.

 

The Company also
reimburses non-employee directors for reasonable out-of-pocket travel expenses
incurred in connection with serving on the Company’s Board of Directors.

 

2005 Executive Bonus Parameters

 

On January 25, 2005, the Compensation Committee
of the Company’s Board of Directors approved the 2005 Executive Bonus
Parameters (the “Bonus Parameters”) for participation by the Company’s Chief
Executive Officer, and the Company’s Board of Directors approved the same Bonus
Parameters for participation by the other executive officers of the Company, as
well as other vice presidents and key employees.  Bonuses payable to individual participants
are based upon a formula that takes into account the Company’s ability to
achieve specified targets in 2005 in each of four performance categories, each
weighted equally:

 

•                  earnings per share (excluding workers’
compensation expense and special legal and other investigation costs and any
settlements or fines paid in the U.S. Department of Justice (“DOJ”) or Office
of Attorney General for the State of California investigations, the Securities
and Exchange commission inquiry and the securities class action and shareholder
derivative lawsuits arising from the DOJ investigation);

•                  new student enrollment;

•                  total student enrollment; and

•                  graduate employment rate.

 

The
Bonus Parameters establish for each participant a standard bonus target
percentage of 2005 annual base salary, ranging from 10% to 100%, and a maximum
bonus percentage ranging from 20% to 200%, with the percentage depending on the
participant’s position within the Company. 
An individual participant’s bonus may be more or less than the
participant’s potential award as calculated under the formula, depending upon
the individual participant’s personal performance and contribution toward
achieving the specified targets in the four performance categories.  The

 

1

 

total amount available
for the payment of bonuses is capped at an amount equal to the cumulative sum of
the products of each participant’s bonus percentage multiplied by each
participant’s 2005 annual base salary.

 

Bonuses
will be paid in cash.  Bonuses payable
under the Bonus Parameters are determined by the Compensation Committee, upon
the recommendation of the Chief Executive Officer, except for the Chief
Executive Officer’s bonus, which is determined by the Compensation Committee
without a recommendation from the Chief Executive Officer.

 

Payment of 2004 Bonus Compensation

 

On January 25,
2005, the Compensation Committee approved the payment of cash bonus awards for
2004 in the following amounts to the Company’s named executive officers:

 

	
  Name and Principal Position

  	
   

  	
  Bonus

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Rene R. Champagne

  	
   

  	
  $

  	
  775,000

  	
   

  
	
  Chairman and Chief Executive Officer

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Kevin M. Modany

  	
   

  	
  $

  	
  198,000

  	
   

  
	
  Senior Vice President and Chief Financial Officer

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Clark D. Elwood

  	
   

  	
  $

  	
  178,000

  	
   

  
	
  Senior Vice President, General Counsel and Secretary

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Martin A. Grossman

  	
   

  	
  $

  	
  153,059

  	
   

  
	
  Senior Vice President, Director of Marketing and
  Investor Relations

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Eugene W. Feichtner

  	
   

  	
  $

  	
  146,852

  	
   

  
	
  Senior Vice President, Operations

  	
   

  	
   

  	
   

  

 

2005 Executive Salaries and Perquisites

 

On January 25, 2005, the Compensation Committee
also approved an increase, effective April 1, 2005, in the annual base
salary level of the Company’s Chief Executive Officer, and the Board of
Directors approved an increase, effective April 1, 2005, in the annual
base salary level of the Company’s other named executive officers, to the
following amounts:

 

	
  Name and Principal Position

  	
   

  	
  Salary

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Rene R. Champagne

  	
   

  	
  $

  	
  530,000

  	
   

  
	
  Chairman and Chief Executive Officer

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Kevin M. Modany

  	
   

  	
  $

  	
  256,000

  	
   

  
	
  Senior Vice President and Chief Financial Officer

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Clark D. Elwood

  	
   

  	
  $

  	
  230,000

  	
   

  
	
  Senior Vice President, General Counsel and Secretary

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Martin A. Grossman

  	
   

  	
  $

  	
  196,000

  	
   

  
	
  Senior Vice President, Director of Marketing and
  Investor Relations

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Eugene W. Feichtner

  	
   

  	
  $

  	
  190,000

  	
   

  
	
  Senior Vice President, Operations

  	
   

  	
   

  	
   

  

 

2

 

On January 25, 2005, the Compensation Committee
also approved the following executive perquisites for 2005 for the Company’s
Chief Executive Officer, and the Board of Directors approved the following
executive perquisites for 2005 for the Company’s other named executive
officers:

 

•                  for the Chief Executive Officer, the
use of a leased car;

 

•                  for the Chief Executive Officer and
each Senior Vice President:

 

•                  an allowance to be used for tax
return preparation and financial planning; and

 

•                  tickets to sporting, theater and
other events.

 

The aggregate incremental cost to the Company from all
of the perquisites described above is not expected to exceed $45,000.

 

3Exhibit 4.6

 

 

SECOND
SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of
December 23, 2003, among the Subsidiaries of the Company (as defined below)
listed on Schedule II hereto (the “Guaranteeing Subsidiaries”),
Asbury Automotive Group, Inc., a Connecticut corporation (the “Company”),
the other Guarantors (as defined in the Indenture referred to herein) and The
Bank of New York, as trustee under the indenture referred to below (the “Trustee”).

WITNESSETH

WHEREAS, the Company has
heretofore executed and delivered to the Trustee  an indenture, dated as of June 5, 2002
(as amended, supplemented and otherwise modified by the First Supplemental
Indenture dated as of March 19, 2003, the “Indenture”), providing for
the issuance of 9% Senior Subordinated Notes due 2012 (the “Notes”);

WHEREAS, the Indenture
provides that under certain circumstances the Guaranteeing Subsidiaries shall
execute and deliver to the Trustee a supplemental indenture pursuant to which
each Guaranteeing Subsidiary shall unconditionally guarantee all of the
Company’s Obligations under the Notes and the Indenture on the terms and
conditions set forth herein (the “Subsidiary Guarantee”); and

WHEREAS, pursuant
to Section 9.01 of the Indenture, the Trustee is authorized to execute and
deliver this Supplemental Indenture.

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

1.             CAPITALIZED TERMS. Capitalized terms used herein without
definition shall have the meanings assigned to them in the Indenture.

2.             AGREEMENT TO GUARANTEE. Each Guaranteeing Subsidiary
hereby agrees as follows:

(a)           Along with all Guarantors named in
the Indenture, to jointly and severally Guarantee to each Holder of a Note
authenticated and delivered by the Trustee and to the Trustee and its successors
and assigns, the Notes or the obligations of the Company hereunder or
thereunder, that:

(i)            the principal of and interest on the
Notes will be promptly paid in full when due, whether at maturity, by
acceleration, redemption or otherwise, and interest on the overdue principal of
and interest on the Notes, if any, if lawful, and all other obligations of the
Company to the Holders or the Trustee hereunder or thereunder will be promptly
paid in full or performed, all in accordance with the terms hereof and thereof;
and

 

(ii)           in case of any extension of time of
payment or renewal of any Notes or any of such other obligations, that same
will be promptly paid in full when due or performed in accordance with the
terms of the extension or renewal, whether at stated maturity, by acceleration
or otherwise. Failing payment when due of any amount so guaranteed or any
performance so guaranteed for whatever reason, the Guarantors shall be jointly
and severally obligated to pay the same immediately.

(b)           The obligations hereunder shall be
unconditional, irrespective of the validity, regularity or enforceability of
the Notes or the Indenture, the absence of any action to enforce the same, any
waiver or consent by any Holder of the Notes with respect to any provisions hereof
or thereof, the recovery of any judgment against the Company, any action to
enforce the same or any other circumstance which might otherwise constitute a
legal or equitable discharge or defense of a guarantor.

(c)           The following is hereby waived:
diligence, presentment, demand of payment, filing of claims with a court in the
event of insolvency or bankruptcy of the Company, any right to require a
proceeding first against the Company, protest, notice and all demands
whatsoever.

(d)           This Subsidiary Guarantee shall not
be discharged except by complete performance of the obligations contained in
the Notes and the Indenture, and such Guaranteeing Subsidiary accepts all
obligations of a Guarantor under the Indenture.

(e)           If any Holder or the Trustee is
required by any court or otherwise to return to the Company, the Guarantors, or
any Custodian, Trustee, liquidator or other similar official acting in relation
to either the Company or the Guarantors, any amount paid by either to the
Trustee or such Holder, this Subsidiary Guarantee, to the extent theretofore
discharged, shall be reinstated in full force and effect.

(f)            Such Guaranteeing Subsidiary shall
not be entitled to any right of subrogation in relation to the Holders in
respect of any obligations guaranteed hereby until payment in full of all
obligations guaranteed hereby.

(g)           As between the Guarantors, on the one
hand, and the Holders and the Trustee, on the other hand, (x) the maturity of
the obligations guaranteed hereby may be accelerated as provided in Article 6
of the Indenture for the purposes of this Subsidiary Guarantee, notwithstanding
any stay, injunction or other prohibition preventing such acceleration in
respect of the obligations guaranteed hereby, and (y) in the event of any
declaration of acceleration of such obligations as provided in Article 6 of the
Indenture, such obligations (whether or not due and payable) shall forthwith
become due and payable by the Guarantors for the purpose of this Subsidiary
Guarantee.

2

 

(h)           The Guarantors shall have the right
to seek contribution from any non-paying Guarantor so long as the exercise of
such right does not impair the rights of the Holders under the Guarantee.

(i)            Pursuant to Section 10.02 of the
Indenture, after giving effect to any maximum amount and any other contingent
and fixed liabilities that are relevant under any applicable Bankruptcy or
fraudulent conveyance laws, and after giving effect to any collections from,
rights to receive contribution from or payments made by or on behalf of any
other Guarantor in respect of the obligations of such other Guarantor under
Article 10 of the Indenture, this new Subsidiary Guarantee shall be limited to
the maximum amount permissible such that the obligations of such Guarantor
under this Subsidiary Guarantee will not constitute a fraudulent transfer or
conveyance.

3.             EXECUTION AND DELIVERY. Each Guaranteeing Subsidiary
agrees that the Subsidiary Guarantees shall remain in full force and effect
notwithstanding any failure to endorse on each Note a notation of such
Subsidiary Guarantee.

4.             GUARANTEEING SUBSIDIARIES MAY CONSOLIDATE, ETC. ON
CERTAIN TERMS.

(a)           No Guaranteeing Subsidiary may sell
or otherwise dispose of all or substantially all of its assets to or consolidate
with or merge with or into (whether or not such Guarantor is the surviving
Person) another corporation, Person or entity whether or not affiliated with
such Guarantor unless:

either

(i)

(A)          the
Person acquiring the property in any such sale or disposition or the Person
formed by or surviving any such consolidation or merger, if other than such
Guarantor, assumes all the obligations of that Guarantor under the Indenture,
its Guarantee and, if the Exchange Offer has not been consummated or Special Interest
remains due and owing, under the Registration Rights Agreement pursuant to a
supplemental indenture in form and substance reasonably satisfactory to the
Trustee and completes all other required documentation; or

(B)           the
Net Proceeds, if any, of such sale or other disposition are applied in
accordance with the provisions of described in the third paragraph of
Section 4.10 of this Indenture; and

(ii)           immediately
after giving effect to such transaction, no Default exists.

(b)           In case of
any such consolidation, merger, sale or conveyance and upon the assumption by
the successor corporation, by supplemental

3

 

indenture,
executed and delivered to the Trustee and satisfactory in form to the Trustee,
of the Subsidiary Guarantee endorsed upon the Notes and the due and punctual
performance of all of the covenants and conditions of the Indenture to be
performed by the Guarantor, such successor corporation shall succeed to and be
substituted for the Guarantor with the same effect as if it had been named
herein as a Guarantor. Such successor corporation thereupon may cause to be
signed any or all of the Subsidiary Guarantees to be endorsed upon all of the
Notes issuable hereunder which theretofore shall not have been signed by the
Company and delivered to the Trustee. All the Subsidiary Guarantees so issued
shall in all respects have the same legal rank and benefit under the Indenture
as the Subsidiary Guarantees theretofore and thereafter issued in accordance
with the terms of the Indenture as though all of such Subsidiary Guarantees had
been issued at the date of the execution hereof.

(c)           Except as set forth in Articles 4 and
5 and Section 11.05 of Article 11 of the Indenture, and notwithstanding clauses
(a) and (b) above, nothing contained in the Indenture or in any of the Notes
shall prevent any consolidation or merger of a Guarantor with or into the
Company or another Guarantor, or shall prevent any sale or conveyance of the
property of a Guarantor as an entirety or substantially as an entirety to the
Company or another Guarantor.

5.             RELEASES.

(a)           In the event of a sale or other
disposition of all of the assets of any Guarantor, by way of merger,
consolidation or otherwise, or a sale or other disposition of all to the
capital stock of any Guarantor, in each case to a Person that is not (either
before or after giving effect to such transaction) a Restricted Subsidiary of
the Company, then such Guarantor (in the event of a sale or other disposition,
by way of merger, consolidation or otherwise, of all of the capital stock of
such Guarantor) or the corporation acquiring the property (in the event of a
sale or other disposition of all or substantially all of the assets of such
Guarantor) will be released and relieved of any obligations under its
Subsidiary Guarantee; provided that the Net Proceeds, if any, of such sale or
other disposition are applied in accordance with the applicable provisions of
the Indenture, including without limitation Section 4.10 of the Indenture.
Upon delivery by the Company to the Trustee of an Officers’ Certificate and an
Opinion of Counsel to the effect that such sale or other disposition was made
by the Company in accordance with the provisions of the Indenture, including
without limitation Section 4.10 of the Indenture, the Trustee shall
execute any documents reasonably required in order to evidence the release of
any Guarantor from its obligations under its Note Guarantee.

(b)           Any Guarantor not released from its
obligations under its Subsidiary Guarantee shall remain liable for the full
amount of principal of and interest on the Notes and for the other obligations
of any Guarantor under the Indenture as provided in Article 11 of the
Indenture.

4

 

6.             NO RECOURSE AGAINST OTHERS. No past, present or future
director, officer, employee, incorporator, stockholder or agent of any
Guaranteeing Subsidiary, as such, shall have any liability for any obligations
of the Company or any Guaranteeing Subsidiary under the Notes, any Subsidiary
Guarantees, the Indenture or this Supplemental Indenture or for any claim based
on, in respect of, or by reason of, such obligations or their creation. Each
Holder of the Notes by accepting a Note waives and releases all such liability.
The waiver and release are part of the consideration for issuance of the Notes.
Such waiver may not be effective to waive liabilities under the federal
securities laws and it is the view of the SEC that such a waiver is against
public policy.

7.             NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF
NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE BUT
WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE
EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE
REQUIRED THEREBY.

8.             INDENTURE.  Except as expressly amended hereby, the Indenture shall continue in
full force and effect in accordance with the provisions thereof as in existence
on the date hereof.  This
Supplemental Indenture shall form a part of the Indenture for all purposes, and
every Holder of Notes heretofore or hereafter authenticated and delivered shall
be bound hereby.

9.             COUNTERPARTS. The parties may sign any number of copies
of this Supplemental Indenture. Each signed copy shall be an original, but all
of them together represent the same agreement.

10.           EFFECT OF HEADINGS. The Section
headings herein are for convenience only and shall not affect the construction
hereof.

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

5

 

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

SIGNATURES

Dated as of  December 23, 2003

	
  ASBURY AUTOMOTIVE GROUP, INC.

  
	
  By: 

  	
  /s/ J. Gordon Smith

  
	
   

  	
  Name:  J.
  Gordon Smith

  Title:  Senior Vice President & CFO

  
	
   

  	
   

  
	
  EACH GUARANTOR
  LISTED ON SCHEDULE I HERETO

  
	
  By: 

  	
  /s/ J. Gordon Smith

  
	
   

  	
  Name:  J.
  Gordon Smith

  Title:  Vice President

  
	
   

  	
   

  
	
  EACH
  GUARANTEEING SUBSIDIARY LISTED ON SCHEDULE  II HERETO

  
	
  By: 

  	
  /s/ J. Gordon Smith

  
	
   

  	
  Name:  J.
  Gordon Smith

  Title:  Vice President

  
	
   

  	
   

  
	
  THE BANK OF NEW YORK

  
	
  By: 

  	
  /s/ Geovanni Barris

  
	
   

  	
  Name: 
  Geovanni Barris

  Title:  Vice President

  
				

 

6

 

Schedule I

 

SCHEDULE OF GUARANTORS

The following schedule
lists each Guarantor under the Indenture as of March 19, 2003, the date of the
First Supplemental Indenture:

	
   

  	
   

  
	
   

  	
  Asbury Automotive Group Holdings, Inc.

  
	
   

  	
  Asbury Automotive Group L.L.C.

  
	
   

  	
  Asbury Automotive Management L.L.C.

  
	
   

  	
  Asbury Automotive Financial Services, Inc.

  
	
   

  	
  Asbury Automotive Used Car Centers L.L.C.

  
	
   

  	
  Asbury
  Automotive Used Car Centers Texas GP L.L.C.

  
	
   

  	
  Asbury
  Automotive Used Car Centers Texas L.P.

  
	
   

  	
  Asbury Automotive Arkansas L.L.C.

  
	
   

  	
  Asbury Automotive Arkansas Dealership Holdings
  L.L.C.

  
	
   

  	
  NP FLM L.L.C.

  
	
   

  	
  NP VKW L.L.C.

  
	
   

  	
  Prestige TOY L.L.C.

  
	
   

  	
  Premier NSN L.L.C.

  
	
   

  	
  Premier LM L.L.C.

  
	
   

  	
  Hope FLM L.L.C.

  
	
   

  	
  NP MZD L.L.C.

  
	
   

  	
  Prestige Bay L.L.C.

  
	
   

  	
  Premier PON L.L.C.

  
	
   

  	
  Hope CPD L.L.C.

  
	
   

  	
  TXK L.L.C.

  
	
   

  	
  TXK FRD L.P.

  
	
   

  	
  TXK CPD L.P.

  
	
   

  	
  Escude NN L.L.C.

  
	
   

  	
  Escude T L.L.C.

  
	
   

  	
  Escude M L.L.C.

  
	
   

  	
  Escude NS L.L.C.

  
	
   

  	
  Escude D L.LC.

  
	
   

  	
  Escude MO L.L.C.

  
	
   

  	
  Asbury MS Metro L.L.C.

  
	
   

  	
  Asbury MS Gray-Daniels L.L.C.

  
	
   

  	
  Asbury Automotive Atlanta LLC

  
	
   

  	
  Asbury Atlanta HON LLC

  
	
   

  	
  Asbury Atlanta Chevrolet LLC

  
	
   

  	
  Asbury Atlanta LEX, LLC

  
	
   

  	
  Asbury Atlanta AC LLC

  
	
   

  	
  Atlanta Real Estate Holdings LLC

  
	
   

  	
  Asbury Atlanta Jaguar L.L.C.

  
	
   

  	
  Spectrum Insurance Services L.L.C.

  

 

I-1

 

	
   

  	
  Asbury Atlanta AU L.L.C.

  
	
   

  	
  Asbury Atlanta Infiniti L.L.C.

  
	
   

  	
  Asbury Automotive Jacksonville GP, L.L.C.

  
	
   

  	
  Asbury Automotive Jacksonville, L.P.

  
	
   

  	
  Asbury Jax Holdings, L.P.

  
	
   

  	
  Asbury Jax Management L.L.C.

  
	
   

  	
  Coggin Automotive Corp

  
	
   

  	
  CP-GMC Motors Ltd

  
	
   

  	
  CH Motors Ltd

  
	
   

  	
  CN Motors Ltd

  
	
   

  	
  CFP Motors Ltd

  
	
   

  	
  Avenues Motors Ltd

  
	
   

  	
  CHO Partnership Ltd

  
	
   

  	
  ANL, L.P.

  
	
   

  	
  Bayway Financial Services, L.P.

  
	
   

  	
  Coggin Management, L.P.

  
	
   

  	
  C&O Properties Ltd

  
	
   

  	
  Asbury Automotive Central Florida, L.L.C.

  
	
   

  	
  CK Chevrolet L.L.C.

  
	
   

  	
  CK Motors, L.L.C.

  
	
   

  	
  Asbury Automotive Deland, L.L.C.

  
	
   

  	
  AF Motors, L.L.C.

  
	
   

  	
  ALM Motors, L.L.C.

  
	
   

  	
  Asbury Deland Imports 2 LLC

  
	
   

  	
  Asbury Deland Imports LLC

  
	
   

  	
  Coggin Cars L.L.C.

  
	
   

  	
  Coggin Chevrolet L.L.C.

  
	
   

  	
  CSA Imports L.L.C.

  
	
   

  	
  Coggin Orlando Properties, L.L.C.

  
	
   

  	
  KP Motors L.L.C.

  
	
   

  	
  HFP Motors L.L.C.

  
	
   

  	
  Asbury Automotive Mississippi L.L.C.

  
	
   

  	
  Asbury MS Wimber L.L.C.

  
	
   

  	
  Crown GPG L.L.C.

  
	
   

  	
  Crown GBM L.L.C.

  
	
   

  	
  Crown GAU L.L.C.

  
	
   

  	
  Crown GKI L.L.C.

  
	
   

  	
  Crown GMI L.L.C.

  
	
   

  	
  Crown GDO L.L.C.

  
	
   

  	
  Crown GNI L.L.C.

  
	
   

  	
  Crown GHO L.L.C.

  
	
   

  	
  Crown GAC L.L.C.

  
	
   

  	
  Crown CHH L.L.C.

  

 

I-2

 

	
   

  	
  Crown CHV L.L.C.

  
	
   

  	
  Crown RIS L.L.C.

  
	
   

  	
  Crown RIA L.L.C.

  
	
   

  	
  Crown RIB L.L.C.

  
	
   

  	
  Crown Motorcar Company L.L.C.

  
	
   

  	
  Crown GVO L.L.C.

  
	
   

  	
  Crown FFO L.L.C.

  
	
   

  	
  Asbury Automotive North Carolina L.L.C.

  
	
   

  	
  Asbury
  Automotive North Carolina Management L.L.C.

  
	
   

  	
  Asbury
  Automotive North Carolina Real Estate Holdings L.L.C.

  
	
   

  	
  Asbury
  Automotive North Carolina Dealership Holdings L.L.C.

  
	
   

  	
  Crown Raleigh L.L.C.

  
	
   

  	
  Crown Fordham L.L.C.

  
	
   

  	
  Camco Finance L.L.C.

  
	
   

  	
  Camco Finance II L.L.C.

  
	
   

  	
  Crown FFO Holdings L.L.C.

  
	
   

  	
  Crown RPG L.L.C.

  
	
   

  	
  Crown FDO L.L.C.

  
	
   

  	
  Crown Acura/Nissan L.L.C.

  
	
   

  	
  Crown Battleground, LLC

  
	
   

  	
  Crown Dodge, LLC

  
	
   

  	
  Crown Honda, LLC

  
	
   

  	
  Crown Honda-Volvo, LLC

  
	
   

  	
  Crown Mitsubishi, LLC

  
	
   

  	
  Crown Royal Pontiac, LLC

  
	
   

  	
  RER Properties, LLC

  
	
   

  	
  RWIJ Properties, LLC

  
	
   

  	
  Thomason FRD LLC

  
	
   

  	
  Thomason HON LLC

  
	
   

  	
  Thomason NISS LLC

  
	
   

  	
  Thomason HUND LLC

  
	
   

  	
  Thomason MAZ LLC

  
	
   

  	
  Thomason ZUK LLC

  
	
   

  	
  Thomason TY LLC

  
	
   

  	
  Thomason SUB L.L.C.

  
	
   

  	
  Thomason DAM LLC

  
	
   

  	
  Damerow Ford Co.

  
	
   

  	
  Asbury Automotive Oregon LLC

  
	
   

  	
  Asbury Automotive Oregon Management LLC

  
	
   

  	
  Thomason Auto Credit Northwest, Inc.

  
	
   

  	
  Thomason on Canyon, L.L.C.

  
	
   

  	
  Thomason Outfitters L.L.C.

  
	
   

  	
  Thomason SUZU L.L.C.

  

 

I-3

 

	
   

  	
  Asbury Automotive St. Louis L.L.C.

  
	
   

  	
  Asbury St. Louis Lex L.L.C.

  
	
   

  	
  Asbury St. Louis Cadillac L.L.C.

  
	
   

  	
  Asbury St. Louis Gen L.L.C.

  
	
   

  	
  Asbury Automotive Tampa GP L.L.C.

  
	
   

  	
  Asbury Automotive Tampa, L.P.

  
	
   

  	
  Asbury Tampa Management L.L.C.

  
	
   

  	
  Tampa LM L.P.

  
	
   

  	
  Tampa Hund L.P.

  
	
   

  	
  Tampa KIA L.P.

  
	
   

  	
  Tampa Mit L.P.

  
	
   

  	
  Tampa Suzu L.P. 

  
	
   

  	
  WMZ Motors L.P.

  
	
   

  	
  WMZ Brandon Motors L.P.

  
	
   

  	
  WTY Motors L.P.

  
	
   

  	
  Asbury Automotive Brandon L.P.

  
	
   

  	
  Precision Enterprises Tampa, Inc.

  
	
   

  	
  Precision Nissan, Inc.

  
	
   

  	
  Precision Computer Services, Inc.

  
	
   

  	
  Precision Motorcars, Inc.

  
	
   

  	
  Precision Infiniti, Inc.

  
	
   

  	
  Dealer Profit Systems L.L.C.

  
	
   

  	
  McDavid Plano - Acra LP

  
	
   

  	
  McDavid Houston - Kia LP

  
	
   

  	
  McDavid Austin - Acra LP

  
	
   

  	
  McDavid Irving - Hon LP

  
	
   

  	
  McDavid Irving - PB&G LP

  
	
   

  	
  McDavid Houston - Niss LP

  
	
   

  	
  Plano Lincoln-Mercury, Inc

  
	
   

  	
  McDavid Irving-Zuk, LP

  
	
   

  	
  McDavid Houston-Hon, LP

  
	
   

  	
  McDavid Houston-Olds, LP

  
	
   

  	
  Asbury Texas Management, LLC

  
	
   

  	
  McDavid Grande, LP

  
	
   

  	
  McDavid Outfitters, LP

  
	
   

  	
  McDavid Auction, L.P.

  
	
   

  	
  Asbury Automotive Texas, LLC

  
	
   

  	
  Asbury Automotive Texas Holdings, LLC

  
	
   

  	
  McDavid Communications, L.P.

  
	
   

  	
  McDavid Frisco-Hon, L.P.

  
	
   

  	
  Asbury
  Automotive San Diego L.L.C.

  
	
   

  	
  Crown GCA
  L.L.C.

  
	
   

  	
  Crown GCH
  L.L.C.

  

 

I-4

 

	
   

  	
  Crown CHO
  L.L.C.

  
	
   

  	
  Thomason
  Pontiac-GMC L.L.C.

  
	
   

  	
  Asbury
  Automotive Fresno L.L.C.

  
	
   

  	
  Asbury Fresno Imports L.L.C.

  

 

I-5

 

Schedule II

 

SCHEDULE OF GUARANTEEING
SUBSIDIARIES

 

The following schedule
lists each Guaranteeing Subsidiary becoming a Guarantor under the Indenture
pursuant to the Supplemental Indenture to which this Schedule II is
attached:

	
   

  	
  Asbury MS
  Yazoo L.L.C.

  
	
   

  	
  Asbury
  Atlanta VL L.L.C.

  
	
   

  	
  Asbury
  Atlanta BM L.L.C.

  
	
   

  	
  Asbury
  Automotive Southern California L.L.C.

  
	
   

  	
  Crown SNI
  L.L.C.

  
	
   

  	
  Crown SJC
  L.L.C.

  
	
   

  	
  Asbury
  Arkansas Hund L.L.C.

  
	
   

  	
  BFP
  Motors L.L.C.

  
	
   

  	
  Asbury So
  Cal Hon L.L.C.

  
	
   

  	
  Asbury So
  Cal DC L.L.C.

  

 

II-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00080-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00080-of-00352.parquet"}]]