Document:

Exhibit 4.2

 

THIRD SUPPLEMENTAL
INDENTURE (this “Supplemental Indenture”), dated as of September 30,
2005, among the Subsidiaries of the Company (as defined below) listed on Schedule II
hereto (the “Guaranteeing Subsidiaries”), Asbury Automotive Group, Inc.,
a Delaware 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”).

 

W I T N E S S E T H

 

WHEREAS, the Company has
heretofore executed and delivered to the Trustee an indenture, dated as of December 23,
2003 (as amended, supplemented and otherwise modified by the First Supplemental
Indenture dated as of January 21, 2004 and by the Second Supplemental
Indenture dated as of December 7, 2004, the “Indenture”), providing
for the issuance of 8% Senior Subordinated Notes due 2014 (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 and sufficiency 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.

 

I-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 11.03 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 11
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

 

I-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.

 

I-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.             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.

 

8.             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.

 

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.

 

I-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

 

 

	
   

  	
  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
  of each Limited

  Liability Company or Corporation,

  or the General Partner of each

  Limited Partnership listed on the

  attached Schedules

  
	
   

  	
   

  
	
   

  	
  EACH GUARANTEEING SUBSIDIARY LISTED ON

  SCHEDULE II HERETO

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ J. Gordon
  Smith

  
	
   

  	
  Name: J. Gordon Smith 

  
	
   

  	
  Title:

  	
  Vice President
  of each Limited

  Liability Company or Corporation,

  or the General Partner of each

  Limited Partnership listed on the

  attached Schedules

  
	
   

  	
   

  
	
   

  	
  THE BANK OF NEW
  YORK

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Geovanni
  Barris

  
	
   

  	
  Name:

  	
  Geovanni Barris 

  
	
   

  	
  Title:

  	
   Vice
  President

  
						

 

I-6

 

Schedule
I

 

SCHEDULE OF GUARANTORS

 

The following schedule lists
each Guarantor as of December 7, 2004, the date of the Second Supplemental
Indenture, omitting certain entities that were dissolved, sold or that were
divested of all or substantially all assets, after that date:

 

	
   

  	
  Asbury
  Automotive Group Holdings, Inc.

  	
   

  	
   

  
	
   

  	
  Asbury
  Automotive Group L.L.C.

  	
   

  	
   

  
	
   

  	
  Asbury
  Automotive Management L.L.C.

  	
   

  	
   

  
	
   

  	
  Asbury
  Automotive Financial Services, Inc.

  	
   

  	
   

  
	
   

  	
  Asbury
  Automotive Arkansas L.L.C.

  	
   

  	
   

  
	
   

  	
  Asbury
  Automotive Arkansas Dealership Holdings L.L.C.

  	
   

  	
   

  
	
   

  	
  NP FLM L.L.C.

  	
   

  	
   

  
	
   

  	
  NP VKW L.L.C.

  	
   

  	
   

  
	
   

  	
  Premier NSN
  L.L.C.

  	
   

  	
   

  
	
   

  	
  NP MZD L.L.C.

  	
   

  	
   

  
	
   

  	
  Prestige Bay
  L.L.C.

  	
   

  	
   

  
	
   

  	
  Premier PON
  L.L.C.

  	
   

  	
   

  
	
   

  	
  Escude NN L.L.C.

  	
   

  	
   

  
	
   

  	
  Escude M L.L.C.

  	
   

  	
   

  
	
   

  	
  Escude NS L.L.C.

  	
   

  	
   

  
	
   

  	
  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
  AC LLC

  	
   

  	
   

  
	
   

  	
  Atlanta Real
  Estate Holdings LLC

  	
   

  	
   

  
	
   

  	
  Asbury Atlanta
  Jaguar L.L.C.

  	
   

  	
   

  
	
   

  	
  Spectrum
  Insurance Services L.L.C.

  	
   

  	
   

  
	
   

  	
  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.

  	
   

  	
   

  

 

I-1

 

	
   

  	
  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 Chevrolet
  L.L.C.

  	
   

  	
   

  
	
   

  	
  CSA Imports
  L.L.C.

  	
   

  	
   

  
	
   

  	
  KP Motors L.L.C.

  	
   

  	
   

  
	
   

  	
  HFP Motors
  L.L.C.

  	
   

  	
   

  
	
   

  	
  Asbury
  Automotive Mississippi 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.

  	
   

  	
   

  
	
   

  	
  Crown CHV 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 FDO L.L.C.

  	
   

  	
   

  
	
   

  	
  Crown
  Acura/Nissan L.L.C.

  	
   

  	
   

  

 

I-2

 

	
   

  	
  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 DAM LLC

  	
   

  	
   

  
	
   

  	
  Damerow Ford Co.

  	
   

  	
   

  
	
   

  	
  Asbury
  Automotive Oregon LLC

  	
   

  	
   

  
	
   

  	
  Asbury
  Automotive Oregon Management LLC

  	
   

  	
   

  
	
   

  	
  Thomason Auto
  Credit Northwest, Inc.

  	
   

  	
   

  
	
   

  	
  Thomason
  Outfitters L.L.C.

  	
   

  	
   

  
	
   

  	
  Thomason SUZU
  L.L.C.

  	
   

  	
   

  
	
   

  	
  Asbury
  Automotive St. Louis 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 Hund L.P.

  	
   

  	
   

  
	
   

  	
  Tampa KIA L.P.

  	
   

  	
   

  
	
   

  	
  Tampa Mit L.P.

  	
   

  	
   

  
	
   

  	
  Tampa Suzu L.P. 

  	
   

  	
   

  
	
   

  	
  WMZ Motors L.P.

  	
   

  	
   

  
	
   

  	
  WMZ Brandon
  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

  	
   

  	
   

  

 

I-3

 

	
   

  	
  McDavid Houston -
  Niss LP

  	
   

  	
   

  
	
   

  	
  Plano Lincoln-Mercury,
  Inc

  	
   

  	
   

  
	
   

  	
  McDavid Irving-Zuk,
  LP

  	
   

  	
   

  
	
   

  	
  Asbury Texas
  Management, LLC

  	
   

  	
   

  
	
   

  	
  McDavid Grande,
  LP

  	
   

  	
   

  
	
   

  	
  McDavid
  Outfitters, LP

  	
   

  	
   

  
	
   

  	
  McDavid Auction,
  L.P.

  	
   

  	
   

  
	
   

  	
  Asbury
  Automotive Texas, LLC

  	
   

  	
   

  
	
   

  	
  Asbury
  Automotive Texas Holdings, LLC

  	
   

  	
   

  
	
   

  	
  Asbury
  Automotive Texas Real Estate Holdings, LP (formerly “McDavid Communications,
  LP”)

  	
   

  
	
   

  	
  McDavid Frisco-Hon,
  L.P.

  	
   

  	
   

  
	
   

  	
  Crown GCA L.L.C.

  	
   

  	
   

  
	
   

  	
  Crown GCH L.L.C.

  	
   

  	
   

  
	
   

  	
  Crown CHO L.L.C.

  	
   

  	
   

  
	
   

  	
  Asbury Automotive Fresno L.L.C.

  	
   

  	
   

  
	
   

  	
  Asbury Fresno
  Imports L.L.C.

  	
   

  	
   

  
	
   

  	
  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.

  	
   

  	
   

  
	
   

  	
  Asbury Sacramento Imports L.L.C.

  	
   

  	
   

  
	
   

  	
  Asbury So Cal Niss L.L.C.

  	
   

  	
   

  
	
   

  	
  Asbury No Cal Niss L.L.C.

  	
   

  	
   

  
	
   

  	
  Spirit Automotive Group L.L.C.

  	
   

  	
   

  
	
   

  	
  McDavid Houston-Hon, L.P.

  	
   

  	
   

  

 

I-4

 

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 Chev L.L.C.

  
	
   

  	
  Asbury Automotive South L.L.C.

  
	
   

  	
  Asbury Automotive Florida L.L.C.

  
	
   

  	
  Asbury Automotive West L.L.C.

  
	
   

  	
  Asbury AR Niss L.L.C.

  
	
   

  	
  Asbury Jax PB Chev L.L.C.

  
	
   

  	
  Asbury Jax K L.L.C.

  
	
   

  	
  Asbury St. Louis LR, L.L.C.

  

 

II-1

 

Schedule III

 

Pursuant to Section 11.06 of the Indenture, the following schedule lists
each subsidiary that is being released as a guarantor under the Indenture as of
the date of the Supplemental Indenture.

 

	
   

  	
  Asbury MS Wimber L.L.C.

  
	
   

  	
  Tampa LM L.P.

  
	
   

  	
  Thomason Pontiac-GMC L.L.C.

  

 

 

I-2Exhibit 10.1

 

EXECUTION COPY

 

THIRD
AMENDMENT TO EMPLOYMENT AGREEMENT

 

This third
amendment to the Employment Agreement (as defined below), dated as of November 3,
2005 (this “Amendment”), is made between Asbury Automotive Group, Inc., a
Delaware corporation (the “Company”), and Kenneth B. Gilman (“Executive”).

 

RECITALS

 

WHEREAS Asbury
Automotive Group, L.L.C. and Executive entered into the Employment Agreement,
dated as of December 3, 2001, as amended February 26, 2004 and November 8,
2004 (the “Employment Agreement”);

 

WHEREAS, on March 19, 2002, the Company
became the successor in interest of Asbury Automotive Group, L.L.C.;

 

WHEREAS Executive has indicated his desire to
renew the term of the Employment Agreement;

 

WHEREAS, in consideration for Executive’s
agreeing to amend the Employment Agreement as set forth herein, the Company has
agreed to renew the term of the Employment Agreement;

 

WHEREAS the Company and Executive have agreed
to renew the term of the Employment Agreement for an additional year through December 31,
2006, as contemplated by Section 12(c) of the Employment Agreement;
and

 

WHEREAS the
Company and Executive desire to amend the Employment Agreement as set forth
below.

 

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

 

1.             The
term of the Employment Agreement is hereby renewed through December 31,
2006, unless terminated earlier pursuant to Section 15 of the Employment
Agreement.

 

2.             Section 12(b) of
the Employment Agreement is hereby amended to read in its entirety as follows:

 

(i)  In addition to the Accrued Obligations, if
Executive’s employment hereunder is terminated pursuant to Section 15 (x)
by Executive for “Good Reason” or (y) by the Company for any reason other than
for (I) “Good Cause” or (II) the occurrence of the death or Total Disability of
Executive, the Company shall pay to Executive (after execution and delivery by
Executive of a Termination Release (defined below)) as severance pay:

 

(A) a lump sum cash payment in the amount of 100%
of the present value, as of the date of such termination, of his current Base
Salary, said present value to be determined in good faith by the Board of
Directors based on an assumption that such amount would be paid over a 12 month
period, using the Prime Rate reported by JP Morgan Chase Manhattan Bank as of
the close of business on the date of such termination; and

 

(B) an amount equal to the total bonus, if any,
actually earned by Executive pursuant to Section 5 for the year preceding
the year in which such termination occurred, provided that if termination
occurs on or before December 31, 2002, the amount payable under this
paragraph (B) shall be $750,000.

 

 

(ii) Payment of such severance pay will be made
in a lump sum within 30 days of such termination.

 

3.             Except as specifically amended hereby, the
other terms and conditions of the Employment Agreement shall remain in full
force and effect.

 

4.             This Amendment may be executed in one or more
counterparts, all of which shall be considered one and the same agreement.

 

5.             This Amendment shall be deemed to be made in,
and in all respects shall be interpreted, construed and governed by and in
accordance with, the laws of the State of New York, without regard to the
conflicts of law principles of such State.

 

IN WITNESS WHEREOF, the parties hereto have caused
this Amendment to be duly executed as of the day and year first written above.

 

	
   

  	
  ASBURY AUTOMOTIVE GROUP, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael J. Durham

  	
   

  
	
   

  	
  Name:

  	
  Michael J. Durham

  	
   

  
	
   

  	
  Title:

  	
  Chairman of the Board

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Kenneth B. Gilman

  	
   

  
	
   

  	
   

  	
  Kenneth B. Gilman

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