Document:

EX-4.1

 Exhibit 4.1 

Execution Version 
  

 
  

SENIOR NOTES INDENTURE 
 Dated as
of December 9, 2019 
 Among 

LITHIA MOTORS, INC., 
 THE
SUBSIDIARY GUARANTORS LISTED ON THE SIGNATURE PAGES HERETO 
 and 

U.S. BANK NATIONAL ASSOCIATION, 

as Trustee 
 4.625% SENIOR NOTES
DUE 2027 
  
  

 

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
		
	 ARTICLE 1 DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	1	 
			
	 Section 1.01
	 	 Definitions
	  	 	1	 
	 Section 1.02
	 	 Other Definitions
	  	 	20	 
	 Section 1.03
	 	 Rules of Construction
	  	 	21	 
	 Section 1.04
	 	 Acts of Holders
	  	 	22	 
		
	 ARTICLE 2 THE NOTES
	  	 	24	 
			
	 Section 2.01
	 	 Form and Dating; Terms
	  	 	24	 
	 Section 2.02
	 	 Execution and Authentication
	  	 	24	 
	 Section 2.03
	 	 Registrar and Paying Agent
	  	 	25	 
	 Section 2.04
	 	 Paying Agent to Hold Money in Trust
	  	 	25	 
	 Section 2.05
	 	 Holder Lists
	  	 	26	 
	 Section 2.06
	 	 Transfer and Exchange
	  	 	26	 
	 Section 2.07
	 	 Replacement Notes
	  	 	27	 
	 Section 2.08
	 	 Outstanding Notes
	  	 	27	 
	 Section 2.09
	 	 Treasury Notes
	  	 	28	 
	 Section 2.10
	 	 Temporary Notes
	  	 	28	 
	 Section 2.11
	 	 Cancellation
	  	 	28	 
	 Section 2.12
	 	 Defaulted Interest
	  	 	28	 
	 Section 2.13
	 	 CUSIP and ISIN Numbers
	  	 	29	 
		
	 ARTICLE 3 REDEMPTION AND PREPAYMENT
	  	 	29	 
			
	 Section 3.01
	 	 Notices to Trustee
	  	 	29	 
	 Section 3.02
	 	 Selection of Notes to Be Redeemed
	  	 	29	 
	 Section 3.03
	 	 Notice of Redemption
	  	 	30	 
	 Section 3.04
	 	 Effect of Notice of Redemption
	  	 	31	 
	 Section 3.05
	 	 Deposit of Redemption Price
	  	 	31	 
	 Section 3.06
	 	 Notes Redeemed in Part
	  	 	32	 
	 Section 3.07
	 	 Optional Redemption
	  	 	32	 
	 Section 3.08
	 	 Mandatory Redemption
	  	 	33	 
	 Section 3.09
	 	 Offer to Purchase by Application of Excess Proceeds
	  	 	33	 
		
	 ARTICLE 4 COVENANTS
	  	 	35	 
			
	 Section 4.01
	 	 Payment of Notes
	  	 	35	 
	 Section 4.02
	 	 Maintenance of Office or Agency
	  	 	35	 
	 Section 4.03
	 	 Reports
	  	 	36	 
	 Section 4.04
	 	 Compliance Certificate
	  	 	37	 
	 Section 4.05
	 	 Payment of Taxes and Other Claims
	  	 	37	 
	 Section 4.06
	 	 Stay, Extension and Usury Laws
	  	 	38	 
	 Section 4.07
	 	 Restricted Payments
	  	 	38	 
	 Section 4.08
	 	 Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries
	  	 	41	 
	 Section 4.09
	 	 Incurrence of Indebtedness and Issuance of Preferred Stock
	  	 	42	 
	 Section 4.10
	 	 Asset Sales
	  	 	44	 

  
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	 	 	 	  	Page	 
			
	 Section 4.11
	 	 Transactions with Affiliates
	  	 	46	 
	 Section 4.12
	 	 Limitation on Liens
	  	 	47	 
	 Section 4.13
	 	 Designation of Restricted and Unrestricted Subsidiaries
	  	 	48	 
	 Section 4.14
	 	 Corporate Existence
	  	 	48	 
	 Section 4.15
	 	 Offer to Repurchase Upon Change of Control
	  	 	48	 
	 Section 4.16
	 	 Future Subsidiary Guarantors
	  	 	50	 
	 Section 4.17
	 	 Suspension of Certain Covenants
	  	 	50	 
		
	 ARTICLE 5 SUCCESSORS
	  	 	51	 
			
	 Section 5.01
	 	 Merger, Consolidation, or Sale of Assets
	  	 	51	 
	 Section 5.02
	 	 Successor Company Substituted
	  	 	52	 
		
	 ARTICLE 6 DEFAULTS AND REMEDIES
	  	 	52	 
			
	 Section 6.01
	 	 Events of Default
	  	 	52	 
	 Section 6.02
	 	 Acceleration
	  	 	54	 
	 Section 6.03
	 	 Other Remedies
	  	 	54	 
	 Section 6.04
	 	 Waiver of Past Defaults
	  	 	54	 
	 Section 6.05
	 	 Control by Majority
	  	 	55	 
	 Section 6.06
	 	 Limitation on Suits
	  	 	55	 
	 Section 6.07
	 	 Rights of Holders of Notes to Institute Suit to Receive Payment
	  	 	55	 
	 Section 6.08
	 	 Collection Suit by Trustee
	  	 	56	 
	 Section 6.09
	 	 Trustee May File Proofs of Claim
	  	 	56	 
	 Section 6.10
	 	 Priorities
	  	 	56	 
	 Section 6.11
	 	 Undertaking for Costs
	  	 	57	 
		
	 ARTICLE 7 TRUSTEE
	  	 	57	 
			
	 Section 7.01
	 	 Duties of Trustee
	  	 	57	 
	 Section 7.02
	 	 Rights of Trustee
	  	 	58	 
	 Section 7.03
	 	 Individual Rights of Trustee
	  	 	59	 
	 Section 7.04
	 	 Trustee’s Disclaimer
	  	 	59	 
	 Section 7.05
	 	 Notice of Defaults
	  	 	59	 
	 Section 7.06
	 	 Compensation and Indemnity
	  	 	59	 
	 Section 7.07
	 	 Replacement of Trustee
	  	 	60	 
	 Section 7.08
	 	 Successor Trustee by Merger, etc.
	  	 	61	 
	 Section 7.09
	 	 Eligibility; Disqualification
	  	 	61	 
		
	 ARTICLE 8 LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	  	 	61	 
			
	 Section 8.01
	 	 Option to Effect Legal Defeasance or Covenant Defeasance
	  	 	61	 
	 Section 8.02
	 	 Legal Defeasance and Discharge
	  	 	62	 
	 Section 8.03
	 	 Covenant Defeasance
	  	 	62	 
	 Section 8.04
	 	 Conditions to Legal or Covenant Defeasance
	  	 	63	 
	 Section 8.05
	 	 Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous
Provisions
	  	 	64	 
	 Section 8.06
	 	 Repayment to Company
	  	 	64	 
	 Section 8.07
	 	 Reinstatement
	  	 	64	 

  
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	 	 	 	  	Page	 
		
	 ARTICLE 9 AMENDMENT, SUPPLEMENT AND WAIVER
	  	 	65	 
			
	 Section 9.01
	 	 Without Consent of Holders of Notes
	  	 	65	 
	 Section 9.02
	 	 With Consent of Holders of Notes
	  	 	66	 
	 Section 9.03
	 	 Revocation and Effect of Consents
	  	 	67	 
	 Section 9.04
	 	 Notation on or Exchange of Notes
	  	 	67	 
	 Section 9.05
	 	 Trustee to Sign Amendments, etc.
	  	 	68	 
		
	 ARTICLE 10 SUBSIDIARY GUARANTEES
	  	 	68	 
			
	 Section 10.01
	 	 Subsidiary Guarantees
	  	 	68	 
	 Section 10.02
	 	 Limitation on Guarantor Liability
	  	 	70	 
	 Section 10.03
	 	 Delivery of Subsidiary Guarantees
	  	 	70	 
	 Section 10.04
	 	 Subsidiary Guarantors May Consolidate, etc., on Certain Terms
	  	 	70	 
	 Section 10.05
	 	 Releases of Subsidiary Guarantees
	  	 	71	 
	 Section 10.06
	 	 Subrogation
	  	 	72	 
	 Section 10.07
	 	 Benefits Acknowledged
	  	 	72	 
		
	 ARTICLE 11 SATISFACTION AND DISCHARGE
	  	 	72	 
			
	 Section 11.01
	 	 Satisfaction and Discharge
	  	 	72	 
	 Section 11.02
	 	 Application of Trust Money
	  	 	73	 
		
	 ARTICLE 12 MISCELLANEOUS
	  	 	74	 
			
	 Section 12.01
	 	 Notices
	  	 	74	 
	 Section 12.02
	 	 Communication by Holders with Other Holders
	  	 	75	 
	 Section 12.03
	 	 Certificate and Opinion as to Conditions Precedent
	  	 	75	 
	 Section 12.04
	 	 Statements Required in Certificate or Opinion
	  	 	76	 
	 Section 12.05
	 	 Rules by Trustee and Agents
	  	 	76	 
	 Section 12.06
	 	 No Personal Liability of Directors, Officers, Employees, Members, Partners and
Stockholders
	  	 	76	 
	 Section 12.07
	 	 Governing Law
	  	 	76	 
	 Section 12.08
	 	 Waiver of Jury Trial
	  	 	77	 
	 Section 12.09
	 	 Force Majeure
	  	 	77	 
	 Section 12.10
	 	 Successors
	  	 	77	 
	 Section 12.11
	 	 Severability
	  	 	77	 
	 Section 12.12
	 	 Counterpart Originals
	  	 	77	 
	 Section 12.13
	 	 Table of Contents, Headings, etc.
	  	 	77	 
	 Section 12.14
	 	 Facsimile and PDF Delivery of Signature Pages
	  	 	77	 
	 Section 12.15
	 	 U.S.A. PATRIOT Act
	  	 	78	 
	 Section 12.16
	 	 Payments Due on Non-Business Days
	  	 	78	 

  
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	Appendix A	  	Provisions Relating to Initial Notes and Additional Notes
		
	Exhibit A	  	Form of Note
	Exhibit B	  	Form of Institutional Accredited Investor Transferee Letter of Representation
	Exhibit C	  	Form of Supplemental Indenture to Be Delivered by Subsequent Guarantors

  
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 INDENTURE, dated as of December 9, 2019, among Lithia Motors, Inc., an Oregon
corporation (the “Company”), the Subsidiary Guarantors listed on the signature pages hereto and U.S. Bank National Association, as Trustee. 

W I T N E S S E T H 

WHEREAS, the Company has duly authorized the creation of and issue of $400,000,000 aggregate principal amount of 4.625% Senior Notes due 2027
(the “Initial Notes”); and 
 WHEREAS, the Subsidiary Guarantors have duly authorized the execution and delivery of this
Indenture. 
 NOW, THEREFORE, the Company, the Subsidiary Guarantors and the Trustee agree as follows for the benefit of each other and for
the equal and ratable benefit of the Holders of the Notes. 
 ARTICLE 1 

DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.01 Definitions. 

“2025 Notes” means the $300.0 million aggregate principal amount of 5.250% Senior Notes due 2025 outstanding on the
Issue Date. 
 “Acquired Debt” means, with respect to any specified Person, (i) Indebtedness of any other Person
existing at the time such other Person is merged with or into or became a Subsidiary of such specified Person, whether or not such Indebtedness is incurred in connection with, or in contemplation of, such other Person merging with or into, or
becoming a Subsidiary of, such specified Person and (ii) Indebtedness secured by a Lien encumbering any asset acquired by such specified Person. 

“Additional Notes” means additional Notes (other than the Initial Notes) issued from time to time under this Indenture in
accordance with Sections 2.01, 2.02 and 4.09 hereof, as part of the same series as the Initial Notes. 
 “Affiliate” of any
specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, “control,” as used with respect to any
Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. For purposes of this
definition, the terms “controlling,” “controlled by” and “under common control with” have correlative meanings. 

“Agent” means any Registrar, Paying Agent or co-registrar. 

“Applicable Premium” means, with respect to a Note at any Redemption Date, the greater of (i) 1.0% of the principal
amount of such Note and (ii) the excess of (A) the present value at such Redemption Date of (1) the redemption price of such Note at December 15, 2022 (such redemption price being described in Section 3.07 hereof) plus
(2) all required interest payments due on such Note through December 15, 2022 (excluding accrued but unpaid interest, if any, to such Redemption Date) computed, in both cases, using a discount rate equal to the Treasury Rate plus 50 basis
points, over, (B) the principal amount of such Note. 

 “Asset Sale” means: (i) the sale, lease, conveyance or other
disposition of any assets; provided that the sale, conveyance or other disposition of all or substantially all of the assets of the Company and its Restricted Subsidiaries taken as a whole will be governed by Section 4.15 and/or
Section 5.01 of this Indenture and not by the provisions of Section 4.10 hereof; and (ii) the issuance of Equity Interests by any of the Company’s Restricted Subsidiaries or the sale of Equity Interests in any of its Restricted
Subsidiaries. 
 Notwithstanding the preceding paragraph of this definition, the following items will not be deemed to be Asset Sales:
(1) for purposes of Section 4.10 hereof only, any single transaction or series of related transactions that involves assets having a fair market value of less than $35.0 million; (2) a transfer of assets between or among the
Company and/or its Restricted Subsidiaries; (3) an issuance of Equity Interests by a Restricted Subsidiary to the Company or to a Restricted Subsidiary of the Company; (4) the sale or lease of inventory or accounts receivable in the
ordinary course of business; (5) the sale of obsolete or damaged assets in the ordinary course of business;(6) the sale or other disposition of cash or Cash Equivalents; (7) the making of a Restricted Payment or Permitted Investment that
is permitted by this Indenture; (8) any sale of Equity Interests in, or Indebtedness or other securities of, an Unrestricted Subsidiary; (9) the creation of Liens; (10) licensing or sublicensing of intellectual property or other
general intangibles in accordance with industry practice in the ordinary course of business; (11) foreclosures on assets; (12) the lease or sublease of any real or personal property in the ordinary course of business; (13) any
transfer constituting a taking, condemnation or other eminent domain proceeding for which no proceeds are received; (14) the unwinding of Hedging Obligations; (15) sales, transfers and other dispositions of Investments in joint ventures to
the extent required by, or made pursuant to, customary buy/sell arrangements between the joint venture parties set forth in joint venture arrangements and similar binding arrangements; and (16) any disposition of Securitization Assets or
Receivables Assets, or participations therein, in connection with any Qualified Securitization Financing or Receivables Facility, or the disposition of an account receivable in connection with the collection or compromise thereof in the ordinary
course of business or consistent with past practice. 
 “Attributable Debt” in respect of a Sale/Leaseback Transaction
means, at the time of determination, the present value of the obligation of the lessee for net rental payments during the remaining term of the lease included in such Sale/Leaseback Transaction including any period for which such lease has been
extended or may, at the option of the lessor, be extended. Such present value shall be calculated using a discount rate equal to the rate of interest implicit in such transaction, determined in accordance with GAAP. 

“Bankruptcy Law” means Title 11, U.S. Code or any similar federal or state law for the relief of debtors. 

“Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act), such “person”
will be deemed to have beneficial ownership of all securities that such “person” has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only upon the occurrence
of a subsequent condition. The terms “Beneficially Owns” and “Beneficially Owned” have a corresponding meaning. 

“Board of Directors” means (i) with respect to a corporation, the board of directors of the corporation; (ii) with
respect to a partnership, the board of directors of the general partner of the partnership; and (iii) with respect to any other Person, the board or committee of such Person serving a similar function. 

  
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 “Board Resolution” means a copy of a resolution certified by the Secretary
or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification. 

“Business Day” means any day other than a Legal Holiday. 

“Capital Lease Obligation” means the obligations of any Person to pay rent or other amounts under any lease of (or other
arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations effectively transfer control of the underlying asset and represents an in-substance financed
purchase of an asset, and the amount of such obligations are required to be classified and accounted for as “finance leases” on the balance sheet of such Person, in accordance with GAAP, including, without limitation, Accounting Standards
Codification 842 and related accounting rules and regulations, as such may be amended or re-codified from time to time. The amount of Indebtedness represented by any Capital Lease Obligation shall be the
capitalized amount of such obligation determined in accordance with GAAP; and the Stated Maturity thereof shall be the date of the last payment of rent or any other amount due under such lease prior to the first date upon which such lease may be
terminated by the lessee without payment of a penalty. For purposes of Section 4.12 hereof, a Capital Lease Obligation shall be deemed secured by a Lien on the property being leased. For avoidance of doubt, the term “Capital Lease
Obligations” does not include any obligations of a Person under any operating leases entered into in the ordinary course of business that do not effectively transfer control of the underlying asset and do not represent an in-substance financed purchase of an asset under GAAP, including, without limitation, Accounting Standards Codification 842 and related accounting rules and regulations, as such may be amended or re-codified from time to time, notwithstanding that GAAP and such accounting rules and regulations, such as Accounting Standards Codification 842, may require that such obligations be recognized on the balance sheet
of such Person as a lease liability (along with the related right-of-use asset). 

“Capital Stock” means: (i) in the case of a corporation, corporate stock; (ii) in the case of an association or
business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock; (iii) in the case of a partnership or limited liability company, partnership or membership interests (whether
general or limited); and (iv) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person. 

“Cash Equivalents” means (i) United States dollars; (ii) securities issued or directly and fully guaranteed or
insured by the United States government or any agency or instrumentality of the United States government (provided that the full faith and credit of the United States is pledged in support of those securities) having maturities of not more
than six months from the date of acquisition; (iii) time deposit accounts, certificates of deposit and money market deposits maturing within 180 days of the date of acquisition thereof issued by a bank or trust company which is organized and
existing under the laws of the United States, or any state thereof, and which bank or trust company has capital and surplus aggregating in excess of $500.0 million and has outstanding debt which is rated “A” (or such similar
equivalent rating) or higher by at least one nationally recognized statistical rating organization (as defined in Rule 436 under the Securities Act) or any money-market fund sponsored by a registered broker-dealer or mutual fund distributor;
(iv) repurchase obligations with a term of not more than 30 days for underlying securities of the types described in clauses (ii) and (iii) above entered into with any financial institution meeting the qualifications specified in
clause (iii) above; (v) commercial paper having the highest rating obtainable from Moody’s or S&P (or carrying an equivalent rating by another nationally recognized rating agency if both of such two rating agencies cease
publishing ratings of investments) and maturing not more than 180 days after the date of acquisition; (vi) money market funds at least 95% of the assets of which constitute Cash Equivalents of the kinds described in clauses (i) through
(v) of this 

  
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definition; and (vii) in the case of any Subsidiary organized or having its principal place of business outside the United States, investments denominated in the currency of the jurisdiction
in which that Subsidiary is organized or has its principal place of business which are similar to the items specified in clauses (i) through (vi) above, including, without limitation, any deposit with a bank that is a lender to any
Restricted Subsidiary of the Company. 
 “Change of Control” means the occurrence of any of the following: (i) the
direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of the Company and its Restricted
Subsidiaries, taken as a whole, to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) other than transactions with a Permitted Holder; (ii) the adoption of a plan relating to the liquidation or
dissolution of the Company; (iii) the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” (as that term is used in Section 13(d) and 14(d) of the
Exchange Act), other than any Permitted Holder, becomes the Beneficial Owner, directly or indirectly, of more than 50% of the Voting Stock of the Company, measured by voting power rather than number of shares; or (iv) the Company consolidates
with, or merges with or into, any Person, or any Person consolidates with, or merges with or into, the Company, in any such event pursuant to a transaction in which any of the outstanding Voting Stock of the Company or such other Person is converted
into or exchanged for cash, securities or other property, other than any such transaction where the Voting Stock of the Company outstanding immediately prior to such transaction is converted into or exchanged for Voting Stock (other than
Disqualified Stock) of the surviving or transferee Person constituting a majority of the outstanding shares of such Voting Stock of such surviving or transferee Person (immediately after giving effect to such issuance). 

“Common Stock” of any Person means Capital Stock of such Person that does not rank prior, as to the payment of dividends or
as to the distribution of assets upon any voluntary or involuntary liquidation, dissolution or winding up of such Person, to shares of Capital Stock of any other class of such Person. 

“Consolidated Cash Flow” means, with respect to any specified Person for any period, the Consolidated Net Income of such
Person for such period (1) increased (without duplication) by the following items to the extent deducted in calculating such Consolidated Net Income: (i) provision for taxes based on income or profits (or reduced by the amount of income
tax benefit based on income or profits) of such Person and its Restricted Subsidiaries for such period; plus (ii) consolidated interest expense of such Person and its Restricted Subsidiaries for such period ((a) including, without limitation,
amortization of debt issuance costs and original issue discount, non-cash interest payments, the interest component of any deferred payment obligations, the interest component of all payments associated with
Capital Lease Obligations, imputed interest with respect to Attributable Debt, commissions, discounts and other fees and charges incurred in respect of letters of credit or bankers’ acceptance financings, amortization of capitalized interest
expense and net of the effect of all payments made or received pursuant to Hedging Obligations and (b) excluding interest expense attributable to Indebtedness incurred under Floor Plan Facilities); plus (iii) dividends on preferred stock
to the extent included in the calculation of Fixed Charges for the relevant period; plus (iv) depreciation, amortization (including amortization of goodwill and other intangibles but excluding amortization of prepaid cash expenses that were
paid in a prior period) and other non-cash expenses (excluding any such non-cash expense to the extent that it represents an accrual of or reserve for cash expenses in
any future period or amortization of a prepaid cash expense that was paid in a prior period) of such Person and its Restricted Subsidiaries for such period; plus (v) any expenses or charges related to the incurrence of Indebtedness permitted to
be made under this Indenture, including a repayment or refinancing thereof and any amendment or modification to the terms of any such Indebtedness (whether or not successful), or related to the offering of the Notes; plus (vi) other non-cash charges reducing such Consolidated Net Income for such period 

  
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(excluding any such non-cash expense to the extent that it represents an accrual of, or reserve, for cash expenses in any future period or amortization of
a prepaid cash expense that was paid in a prior period); and (2) decreased (without duplication) by non-cash items increasing such Consolidated Net Income for such period (without giving effect to
any exclusions contained in the proviso included in the definition of “Consolidated Net Income”), other than the accrual of revenue in the ordinary course of business; in each case, on a consolidated basis and determined in accordance with
GAAP. 
 “Consolidated Net Income” means, with respect to any specified Person for any period, the aggregate of the net
income (loss) of such Person and its Restricted Subsidiaries for such period, on a consolidated basis, determined in accordance with GAAP; provided that: (i) the net income (or loss) of any Person that is not a Restricted Subsidiary or
that is accounted for by the equity method of accounting will not be included, except that such net income will be included to the extent of the amount of dividends or distributions paid in cash to the specified Person or a Restricted Subsidiary of
the Person; (ii) solely for purposes of determining the amount available for Restricted Payments under clause (c)(i) of the first paragraph of Section 4.07 hereof, the net income of any Restricted Subsidiary will be excluded to the extent
that the declaration or payment of dividends or similar distributions by that Restricted Subsidiary of such net income is not at the date of determination permitted without any prior governmental approval (that has not been obtained) or, directly or
indirectly, by operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Restricted Subsidiary or its stockholders; (iii) any gain or loss realized
as a result of the cumulative effect of a change in accounting principles will be excluded; (iv) any non-cash asset impairment charge or goodwill impairment charge will be excluded; (v) any non-cash compensation charge arising from the grant of or issuance of stock, stock options or other equity based awards will be excluded; (vi) any non-recurring or
unusual gains or losses (including, but not limited to, any expenses relating to severance charges or costs relating to satisfying or settling legal, governmental or administrative matters) will be excluded; (vii) any gain or loss resulting
from the disposal, abandonment, transfer or closure of discontinued operations or fixed assets (including, without limitation, any gain or loss on the sale or other disposition of dealerships) will be excluded; (viii) any extraordinary gain or
loss will be excluded; and (ix) any gain or loss from the early retirement or extinguishment of indebtedness (less all fees and expenses or charges related thereto) or from early lease termination will be excluded. 

“Consolidated Secured Debt Ratio” as of any date of determination means the ratio of (1) (x) Consolidated Total Debt of the
Company and its Restricted Subsidiaries that is secured by a Lien minus (y) the aggregate amount of Cash Equivalents of the Company and its Restricted Subsidiaries determined on a consolidated basis as reflected on the consolidated balance
sheet of the Company and its Restricted Subsidiaries in accordance with GAAP, in each case with respect to clause (x) and (y) as of the most recent quarterly or annual, as the case may be, fiscal period for which internal financial statements
are available immediately preceding the date on which such event for which such calculation is being made shall occur to (2) the Consolidated Cash Flow of the Company and its Restricted Subsidiaries for the most recently ended four full fiscal
quarters for which internal financial statements are available immediately preceding the date on which such event for which such calculation is being made shall occur, in each case, with such pro forma or scheduling adjustments to Consolidated Total
Debt and Consolidated Cash Flow as are appropriate and consistent with the pro forma or scheduling adjustment provisions set forth in the definition of “Fixed Charge Coverage Ratio.” For purposes of calculating the Consolidated Secured
Debt Ratio with respect to any revolving Indebtedness incurred under the Consolidated Secured Debt Ratio, the Company may elect, at any time (which election may not be changed with respect to such revolving Indebtedness), to either (x) give
pro forma effect to the incurrence of the entire committed amount of such revolving Indebtedness, in which case such committed amount may thereafter be borrowed or reborrowed, in whole or in part, from time to time, without further compliance
with the Consolidated Senior Secured Debt Ratio component of any provision under this Indenture, or (y) give pro forma effect to the incurrence of the actual amount drawn under such revolving Indebtedness, in which case, the ability to
incur the amounts committed to under such revolving Indebtedness will be subject to the Consolidated Secured Debt Ratio (to the extent being incurred pursuant to such ratio) at the time of each such incurrence. 

  
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 “Consolidated Total Assets” of any Person means, as of any date, the amount
which, in accordance with GAAP, would be set forth under the caption “Total Assets” (or any like caption) on a consolidated balance sheet of such Person and its Restricted Subsidiaries, as of the end of the most recently ended fiscal
quarter for which internal financial statements are available. 
 “Consolidated Total Debt” of any Person means, as of any
date, the sum of (i) the aggregate amount of all outstanding Indebtedness of such Person and its Restricted Subsidiaries on a consolidated basis consisting of Indebtedness for borrowed money, Capital Lease Obligations, Attributable Debt and
debt obligations evidenced by bonds, notes, debentures or similar instruments or letters of credit (but excluding any Indebtedness under Floor Plan Facilities) plus (ii) the aggregate amount of all outstanding Disqualified Stock of such Person
and all preferred stock of its Restricted Subsidiaries, with the amount of such Disqualified Stock and preferred stock equal to the greater of their respective voluntary or involuntary liquidation preferences and their Maximum Fixed Repurchase
Prices, in each case, determined on a consolidated basis in accordance with GAAP. For purposes hereof, the “Maximum Fixed Repurchase Price” of any Disqualified Stock or preferred stock means the price at which such Disqualified Stock or
preferred stock could be redeemed or repurchased by the issuer thereof in accordance with its terms or, if such Disqualified Stock or preferred stock cannot be so redeemed or repurchased, the fair market value of such Disqualified Stock or preferred
stock (determined reasonably and in good faith by the Board of Directors of the issuer thereof), in each case, determined on any date on which Consolidated Total Debt shall be required to be determined. 

“Consolidated Total Leverage Ratio” as of any date of determination means the ratio of (1) (x) Consolidated Total Debt of the
Company and its Restricted Subsidiaries minus (y) the aggregate amount of Cash Equivalents of the Company and its Restricted Subsidiaries determined on a consolidated basis as reflected on the consolidated balance sheet of the Company and its
Restricted Subsidiaries in accordance with GAAP, in each case with respect to clause (x) and (y) as of the most recent quarterly or annual, as the case may be, fiscal period for which internal financial statements are available immediately
preceding the date on which such event for which such calculation is being made shall occur to (2) the Consolidated Cash Flow of the Company and its Restricted Subsidiaries for the most recently ended four full fiscal quarters for which
internal financial statements are available immediately preceding the date on which such event for which such calculation is being made shall occur, in each case, with such pro forma or scheduling adjustments to Consolidated Total Debt and
Consolidated Cash Flow as are appropriate and consistent with the pro forma or scheduling adjustment provisions set forth in the definition of “Fixed Charge Coverage Ratio.” 

“Corporate Trust Office of the Trustee” means the principal office of the Trustee at which at any time its corporate trust
business shall be administered, which office as of the date hereof is located at 555 SW Oak Street, PD-OR-P7TD, Portland, OR 97204, Attention: Corporate Trust
Department, or such other address as the Trustee may designate from time to time by notice to the Holders and the Company, or the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may
designate from time to time by notice to the Holders and the Company). 
 “Credit Agreement” means the Second Amended and
Restated Loan Agreement, dated as of June 25, 2018, by and among Lithia Motors, Inc., certain of its subsidiaries, the lenders party thereto from time to time, U.S. Bank National Association, as Administrative Agent, Agent and Co-Lead Arranger, JPMorgan Chase Bank, N.A., as Co-Syndication Agent and Co-Lead Arranger, Toyota Motor Credit Corporation, as Co-Syndication Agent, and American Honda Finance Corporation, T.D. Bank, N.A., Mercedes-Benz Financial Services USA LLC and Bank of America, N.A., as Co-Documentation Agents, as amended, modified, renewed, refunded, replaced or Refinanced or otherwise restructured in whole or in part from time to time, whether by the same or any other agent, lender or group of
lenders. 

  
 -6- 

 “Custodian” means the Trustee, as custodian with respect to the Notes in
global form, or any successor entity thereto. 
 “Debt Facility” or “Debt Facilities” means, one or more
debt facilities (including, without limitation, the Credit Agreement), indentures, debt instruments, security documents and other related agreements or commercial paper facilities, in each case with banks or other institutional lenders providing for
revolving credit loans, term loans, or letters of credit, in each case, as amended, extended, renewed, restated, supplemented, Refinanced, replaced or otherwise modified (in whole or in part, and without limitation as to amount, terms, conditions,
covenants and other provisions, or lenders or holders) from time to time. 
 “Default” means any event that is, or with the
passage of time or the giving of notice or both would be, an Event of Default. 
 “Definitive Note” means a certificated
Initial Note or Additional Note (bearing the Restricted Notes Legend if the transfer of such Note is restricted by applicable law) that does not include the Global Notes Legend. 

“Depositary” means, with respect to the Notes issuable or issued in whole or in part in global form, the Person specified in
Section 2.03 hereof as the Depositary with respect to the Notes, and any and all successors thereto appointed as Depositary hereunder and having become such pursuant to the applicable provision of this Indenture. 

“Designated Non-cash Consideration” means the fair market value of non-cash consideration received by the Company or any Restricted Subsidiary in connection with an Asset Sale that is so designated as Designated Non-cash Consideration
pursuant to an Officers’ Certificate, setting forth the basis for such valuation, executed by the principal financial officer of the Company, less the amount of cash or Cash Equivalents received in connection with a subsequent sale of or
collection on or distribution relating to such Designated Non-cash Consideration. 

“Disqualified Stock” means any Capital Stock that, by its terms (or by the terms of any security into which it is
convertible, or for which it is exchangeable, in each case at the option of the holder of the Capital Stock), or upon the happening of any event (other than any event solely within the control of the issuer thereof), matures or is mandatorily
redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the option of the holder of the Capital Stock, in whole or in part, on or prior to the date that is 91 days after the date on which the Notes mature. Notwithstanding
the preceding sentence, any Capital Stock that would constitute Disqualified Stock solely because the holders of the Capital Stock have the right to require the Company to repurchase such Capital Stock upon the occurrence of a change of control or
an asset sale will not constitute Disqualified Stock if the terms of such Capital Stock provide that the Company may not repurchase or redeem any such Capital Stock pursuant to such provisions unless such repurchase or redemption complies with
Section 4.07 hereof. 
 “Equity Interests” means Capital Stock and all warrants, options or other rights to acquire
Capital Stock (but excluding any debt security that is convertible into, or exchangeable for, Capital Stock). 

  
 -7- 

 “Equity Issuance” means any primary issuance of common stock of the
Company, other than issuances to a Subsidiary of the Company. 
 “Exchange Act” means the Securities Exchange Act of 1934,
as amended, and the rules and regulations of the SEC promulgated thereunder. 
 “Existing Indebtedness” means the
Indebtedness of the Company and its Restricted Subsidiaries (including, for the avoidance of doubt, Indebtedness under the 2025 Notes, but excluding Indebtedness under the Credit Agreement and under Floor Plan Facilities) in existence on the Issue
Date, until such amounts are repaid. 
 “Fixed Charges” means, with respect to any specified Person and its Restricted
Subsidiaries for any period, the sum, without duplication, of: (i) the consolidated interest expense of such Person and its Restricted Subsidiaries for such period, including, without limitation, amortization of debt issuance costs and original
issue discount, non-cash interest payments, the interest component of any deferred payment obligations, the interest component of all payments associated with Capital Lease Obligations, imputed interest with
respect to Attributable Debt, commissions, discounts and other fees and charges incurred in respect of letter of credit or bankers’ acceptance financings, amortization of capitalized interest, Securitization Fees and net of the effect of all
payments made or received pursuant to Hedging Obligations (but excluding interest expense attributable to Indebtedness incurred under Floor Plan Facilities); plus (ii) the consolidated interest of such Person and its Restricted Subsidiaries
that was capitalized during such period; plus (iii) any interest expense on Indebtedness of another Person that is guaranteed by such Person or one of its Restricted Subsidiaries or secured by a Lien on assets of such Person or one of its
Restricted Subsidiaries, whether or not such guarantee or Lien is called upon to the extent such expense is reflected as an expense on the balance sheet of such Person in accordance with GAAP; plus (iv) the product of (A) all dividends,
whether or not in cash, on any series of preferred stock of such Person or any of its Restricted Subsidiaries, other than dividends on Equity Interests payable solely in Equity Interests of the Company (other than Disqualified Stock) or the
applicable Restricted Subsidiary to the Company or a Restricted Subsidiary of the Company, times (B) a fraction, the numerator of which is one and the denominator of which is one minus the effective combined federal, state and local tax rate of
such Person for such period as specified by the principal financial officer of such Person in good faith, expressed as a decimal, in each case, on a consolidated basis and in accordance with GAAP. 

“Fixed Charge Coverage Ratio” means with respect to any specified Person for any four-quarter reference period, the ratio of
the Consolidated Cash Flow of such Person and its Restricted Subsidiaries for such period to the Fixed Charges of such Person and its Restricted Subsidiaries for such period. In the event that the specified Person or any of its Restricted
Subsidiaries incurs, assumes, guarantees, repays, repurchases or redeems any Indebtedness (other than ordinary working capital borrowings) or issues, repurchases or redeems preferred stock subsequent to the commencement of the period for which the
Fixed Charge Coverage Ratio is being calculated and on or prior to the date on which the event for which the calculation of the Fixed Charge Coverage Ratio is made (the “Calculation Date”), then the Fixed Charge Coverage Ratio will be
calculated giving pro forma effect to such incurrence, assumption, guarantee, repayment, repurchase or redemption of Indebtedness, or such issuance, repurchase or redemption of preferred stock, and the use of the proceeds therefrom as if the same
had occurred at the beginning of the applicable four-quarter reference period. In addition, for purposes of calculating the Fixed Charge Coverage Ratio: (i) acquisitions and dispositions that have been made by the specified Person or any of its
Restricted Subsidiaries, including through mergers or consolidations and including any related financing transactions, during the four-quarter reference period or subsequent to such reference period and on or prior to the Calculation Date will be
given pro forma effect as if they had occurred on the first day of the four-quarter reference period and Consolidated Cash 

  
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Flow for such reference period will be calculated on a pro forma basis, including giving effect to any Pro Forma Cost Savings; (ii) the Consolidated Cash Flow attributable to discontinued
operations, as determined in accordance with GAAP, and operations or businesses disposed of prior to the Calculation Date, will be excluded; and (iii) the Fixed Charges attributable to discontinued operations, as determined in accordance with
GAAP, and operations or businesses disposed of prior to the Calculation Date, will be excluded, but only to the extent that the obligations giving rise to such Fixed Charges will not be obligations of the specified Person or any of its Restricted
Subsidiaries following the Calculation Date. For purposes of this definition, whenever pro forma effect is to be given to an acquisition or disposition of assets, the amount of income or earnings relating thereto and the amount of Fixed Charges
associated with any Indebtedness incurred in connection therewith, the pro forma calculations shall be determined in good faith by the principal financial officer of the Company. If any Indebtedness bears a floating rate of interest and is being
given pro forma effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the date of determination had been the applicable rate for the entire period (taking into account any Hedging Obligation applicable to such
Indebtedness if such Hedging Obligation has a remaining term in excess of 12 months; provided that any Hedging Obligation with a remaining term of less than 12 months shall be taken into account solely for the number of months remaining).

 “Floor Plan Facility” or “Floor Plan Facilities” means one or more agreements with any lending
institution affiliated with a Manufacturer or any bank or asset-based lender under which the Company or its Restricted Subsidiaries incur Indebtedness, all of the net proceeds of which are used to purchase, finance or refinance vehicles and/or
vehicle parts and supplies to be sold in the ordinary course of the business of the Company and its Restricted Subsidiaries and which may not be secured except by a Lien that does not extend to or cover any property other than property of the
dealership(s) which use the proceeds of such Floor Plan Facility or other dealerships who have incurred Indebtedness from the same lender. 

“GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment
of the accounting profession, which are in effect as of the Issue Date. 
 “Government Securities” means direct obligations
(or certificates representing an ownership interest in such obligations) of the United States (including any agency or instrumentality thereof) for the payment of which the full faith and credit of the United States is pledged and which are not
callable at the issuer’s option. 
 “Guarantor Subordinated Obligations” means, with respect to a Subsidiary
Guarantor, any Indebtedness of such Subsidiary Guarantor (whether outstanding on the Issue Date or thereafter incurred) that is expressly subordinated in right of payment to the obligations of such Subsidiary Guarantor under its Subsidiary
Guarantee. 
 “Hedging Obligations” means, with respect to any specified Person, the obligations of such Person under:
(i) interest rate swap agreements, interest rate cap agreements, commodity price protection agreements, currency hedging agreements and interest rate collar agreements; and (ii) other agreements or arrangements of a similar character
designed to protect such Person against fluctuations in interest rates. 
 “Holder” means the Person in whose name a Note
is registered on the Registrar’s books. 

  
 -9- 

 “Indebtedness” means, with respect to any specified Person, any
indebtedness of such Person, whether or not contingent: (i) in respect of borrowed money; (ii) evidenced by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements in respect thereof);
(iii) in respect of banker’s acceptances; (iv) representing Capital Lease Obligations or Attributable Debt in respect of sale and leaseback transactions; (v) representing the balance deferred and unpaid of the purchase price of
any property, except any such balance that constitutes an accrued expense or trade payable; or (vi) representing any Hedging Obligations, if and to the extent any of the preceding items (other than letters of credit, Attributable Debt and
Hedging Obligations) would appear as a liability upon a balance sheet of the specified Person prepared in accordance with GAAP. In addition, the term “Indebtedness” includes all Indebtedness of others secured by a Lien on any asset
of the specified Person (whether or not such Indebtedness is assumed by the specified Person) and, to the extent not otherwise included, the guarantee by the specified Person of any Indebtedness of any other Person. The amount of any Indebtedness
outstanding as of any date will be: (1) the accreted value of the Indebtedness, in the case of any Indebtedness issued with original issue discount; or (2) the principal amount of the Indebtedness. The amount of any Indebtedness
represented by a Hedging Obligation as of any date will be equal to: (1) zero if such Hedging Obligation has been incurred pursuant to clause (viii) of the definition of “Permitted Debt;” or (2) the notional amount of such
Hedging Obligation if not incurred pursuant to such clause. In addition, for the purpose of avoiding duplication in calculating the outstanding principal amount of Indebtedness for purposes of Section 4.09 hereof, Indebtedness arising solely by
reason of the existence of a Lien to secure other Indebtedness permitted to be incurred under Section 4.09 hereof will not be considered incremental Indebtedness. Indebtedness shall not include (w) the obligations of any Person
(A) resulting from the endorsement of negotiable instruments for collection in the ordinary course of business and (B) under stand-by letters of credit to the extent collateralized by cash or Cash
Equivalents, (x) Indebtedness that has been defeased or satisfied and discharged in accordance with the terms of the documents governing such Indebtedness, (y) the obligations of any Person under a lease of (or other arrangement conveying
the right to use) real or personal property, or a combination thereof, which are not required to be classified and accounted for as “finance lease obligations” on the balance sheet of such Person in accordance with GAAP, including, without
limitation, Accounting Standards Codification 842 and related accounting rules and regulations, as such may be amended or re-codified from time to time, notwithstanding that GAAP and such accounting rules and
regulations (including Accounting Standards Codification 842) may require such operating lease obligations to be recognized on the balance sheet of such Person as a lease liability (along with the related right-of-use asset), and (z) in connection with the purchase by the Company or any Restricted Subsidiary of any business, (1) customary indemnification obligations or (2) post-closing payment
adjustments to which the seller may become entitled to the extent such payment is determined by a final closing balance sheet or such payment is otherwise contingent; provided, however, that, at the time of closing of such acquisition,
the amount of any such payment is not determinable and, to the extent such payment thereafter becomes fixed and determined, the amount is paid within 60 days thereafter. The payment of fees and premiums and additional payments with respect to
Indebtedness and the realization of any Permitted Lien will not be deemed to be an incurrence of Indebtedness for purposes of this Indenture. 

“Indenture” means this Indenture, as amended or supplemented from time to time. 

“Initial Notes” means the $400,000,000 aggregate principal amount of Notes issued under this Indenture on the date hereof.

 “Investments” means, with respect to any Person, all direct or indirect investments by such Person in other Persons
(including Affiliates thereof) in the forms of loans (including guarantees or other obligations), advances or capital contributions (excluding commission, travel and similar advances to officers and employees made in the ordinary course of
business), purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities, together with all items that are or 

  
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would be classified as investments on a balance sheet prepared in accordance with GAAP. If the Company or any Restricted Subsidiary of the Company sells or otherwise disposes of any Equity
Interests of any direct or indirect Restricted Subsidiary of the Company such that, after giving effect to any such sale or disposition, such Person is no longer a Subsidiary of the Company, the Company will be deemed to have made an Investment on
the date of any such sale or disposition equal to the fair market value of the Equity Interests of such Subsidiary not sold or disposed of in an amount determined as provided in the final paragraph of Section 4.07 hereof. The acquisition by the
Company or any Restricted Subsidiary of the Company of a Person that holds an Investment in a third Person will be deemed to be an Investment by the Company or such Subsidiary in such third Person in an amount equal to the fair market value of the
Investment held by the acquired Person in such third Person in an amount determined as provided in the final paragraph of Section 4.07 hereof. Except as otherwise provided for herein, the amount of an Investment shall be its fair value at the
time such Investment is made and without giving effect to subsequent changes in value. 
 “Issue Date” means
December 9, 2019. 
 “Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions in the City of
New York or at a place of payment are authorized by law, regulation or executive order to remain closed. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding day that is not a Legal
Holiday, and no interest shall accrue on such payment for the intervening period. 
 “Lien” means, with respect to any
asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention
agreement, any lease in the nature thereof, any option or other agreement to sell or give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any
jurisdiction. 
 “Manufacturer” means a vehicle manufacturer which is party to a dealership agreement, national framework
franchise agreement or similar agreement with the Company or any Restricted Subsidiary of the Company. 
 “Mortgage Loans”
mean (i) Indebtedness of the Company or any Subsidiary Guarantor secured solely by Liens on real property used by the Company or such Subsidiary Guarantor for the operation of a vehicle dealership, collision repair business or business
ancillary thereto, together with related real property rights, improvements, fixtures (other than trade fixtures), insurance payments, leases and rents related thereto and proceeds thereof and (ii) revolving real estate acquisition and
construction lines of credit and related mortgage refinancing facilities of the Company or any Subsidiary Guarantor, in each case, as amended, extended, renewed, restated, supplemented, Refinanced, replaced, or otherwise modified from time to time.

 “Net Proceeds” means the aggregate cash proceeds received by the Company or any of its Restricted Subsidiaries in
respect of any Asset Sale (including, without limitation, any cash received upon the sale or other disposition of any non-cash consideration received in any Asset Sale, but only as and when received), in each
case net of: (i) the direct costs relating to such Asset Sale, including, without limitation, legal, accounting and investment banking fees, and sales commissions, recording fees, title transfer fees, appraiser fees and any relocation expenses
incurred as a result of the Asset Sale; (ii) taxes paid or payable as a result of the Asset Sale, in each case, after taking into account any available tax credits or deductions and any tax sharing arrangements; (iii) amounts required to
be applied to the permanent repayment of Indebtedness secured by a Lien on the asset or assets that were the subject of such Asset Sale; (iv) all pro rata distributions and other pro rata payments required to be made to minority interest
holders in Restricted Subsidiaries of the Company or joint ventures as a result of such Asset Sale; and (v) any reserve for adjustment in respect of the sale price of such asset or assets established in accordance with GAAP. 

  
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 “Non-Guarantor Subsidiary” means
any Restricted Subsidiary that is not a Subsidiary Guarantor. 
 “Non-Recourse
Debt” means Indebtedness: (i) as to which neither the Company nor any of its Restricted Subsidiaries (a) provides credit support of any kind (including any undertaking, agreement or instrument that would constitute Indebtedness),
(b) is directly or indirectly liable as a guarantor or otherwise, or (c) constitutes the lender; and (ii) no default with respect to which (including any rights that the holders of the Indebtedness may have to take enforcement action
against an Unrestricted Subsidiary) would permit upon notice, lapse of time or both any holder of any other Indebtedness of the Company or any of its Restricted Subsidiaries to declare a default on such other Indebtedness or cause the payment of the
Indebtedness to be accelerated or payable prior to its stated maturity. 
 “Notes” means the Initial Notes and more
particularly means any Note authenticated and delivered under this Indenture. For all purposes of this Indenture, the term “Notes” shall also include any Additional Notes that may be issued under a supplemental indenture and Notes to be
issued or authenticated upon transfer, replacement or exchange of Notes. 
 “Obligations” means any principal, interest,
penalties, fees, indemnifications, reimbursements, damages and other liabilities payable under the documentation governing any Indebtedness. 

“Offering Memorandum” means the Offering Memorandum dated December 2, 2019, related to the Initial Notes. 

“Officer” means, with respect to any Person, the Chairman of the Board, the Chief Executive Officer, the President, the Chief
Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary or any Vice-President of such Person. 

“Officers’ Certificate” means a certificate signed by two officers of the Company, one of whom is the principal
executive officer, the principal financial officer, the treasurer or the principal accounting officer, that meets the requirements of Section 12.04 hereof. 

“Opinion of Counsel” means a written opinion from legal counsel who is acceptable to the Trustee that meets the requirements
of Section 12.04 hereof. The counsel may be an employee of or counsel to the Company or the Trustee. 
 “Pari Passu
Indebtedness” means Indebtedness that ranks equally in right of payment to the Notes, in the case of the Company, or the Subsidiary Guarantees, in the case of any Subsidiary Guarantor (without giving effect to collateral arrangements). 

“Permitted Acquisition Indebtedness” means (A) Indebtedness, Disqualified Stock or preferred stock (i) of the
Company or any of its Restricted Subsidiaries incurred or assumed in connection with an acquisition of any assets (including Capital Stock), business or Person and (ii) of any Person that is acquired by the Company or any of its Restricted
Subsidiaries or merged into or consolidated or amalgamated with the Company or a Restricted Subsidiary in accordance with the terms of this Indenture 

  
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and (B) Indebtedness incurred or Disqualified Stock or preferred stock issued or, in each case, assumed in anticipation of, or in connection with, an acquisition of any assets, business or
Person; provided, however, that after giving effect to such acquisition, merger, consolidation or amalgamation and the incurrence of such Indebtedness, Disqualified Stock or preferred Stock, either: (i) the Company would be permitted to
incur at least $1.00 of additional Indebtedness (other than Permitted Debt) pursuant to the first paragraph of Section 4.09 hereof; or (ii) the Fixed Charge Coverage Ratio of the Company is equal to or greater than such ratio immediately
prior to such acquisition, merger, consolidation or amalgamation. 
 “Permitted Business” means any business that derives a
majority of its revenues from the businesses engaged in by the Company and its Restricted Subsidiaries on the Issue Date and/or activities that are reasonably similar, ancillary, incidental, complementary or related to, or a reasonable extension,
development or expansion of, the businesses in which the Company and its Restricted Subsidiaries are engaged on the date of original issuance of the Notes. 

“Permitted Holders” means: (i) Sidney D. DeBoer and Bryan DeBoer, and each of their respective estates, guardians,
conservators, administrators, committees or personal representatives; (ii) immediate family members and lineal descendants of each of Sidney D. DeBoer and Bryan DeBoer, and their respective estates, guardians, conservators, administrators,
committees or personal representatives; and (iii) trusts or other entities created for the benefit of any of the persons listed in (i) or (ii) above or for the benefit of a trust covered by this clause (iii). 

“Permitted Investments” means (i) any Investment in the Company or in a Restricted Subsidiary of the Company;
(ii) any Investment in cash or Cash Equivalents; (iii) any Investment by the Company or any Restricted Subsidiary of the Company in a Person, if as a result of such Investment: (A) such Person becomes a Restricted Subsidiary of the
Company; or (B) such Person is merged, consolidated or amalgamated with or into, or transfers or conveys substantially all of its assets to, or is liquidated into, the Company or a Restricted Subsidiary of the Company; (iv) any Investment
made as a result of the receipt of non-cash consideration from an Asset Sale (or sales or other dispositions of assets not constituting an Asset Sale) that was made pursuant to and in compliance with
Section 4.10 hereof; (v) any Investment to the extent made in exchange for or net cash proceeds from the issuance of Equity Interests (other than Disqualified Stock) of the Company; (vi) Hedging Obligations; (vii) Investments in
prepaid expenses, negotiable instruments held for collection and lease, utility and workers’ compensation, performance and other similar deposits; (viii) transactions with officers, directors and employees of the Company or any of its
Restricted Subsidiaries entered into in the ordinary course of business (including compensation, employee benefit or indemnity arrangements with any such officer, director or employee) and consistent with past business practices; (ix) any
Investment consisting of a guarantee of Indebtedness of the Company or a Restricted Subsidiary permitted under Section 4.09 hereof; (x) advances, loans or extensions of credit to suppliers in the ordinary course of business by the Company
or any of its Restricted Subsidiaries; (xi) Investments (including debt obligations) received in connection with the bankruptcy or reorganization of suppliers and customers and in settlement of delinquent obligations of, and other disputes
with, customers and suppliers arising in the ordinary course of business; (xii) loans and advances to employees made in the ordinary course of business not to exceed $2.5 million in the aggregate at any one time outstanding;
(xiii) payroll, travel and similar advances to cover matters that are expected at the time of such advances ultimately to be treated as expenses for accounting purposes and that are made in the ordinary course of business;
(xiv) Investments in any Person to the extent such Investment existed on the Issue Date and any Investment that replaces, refinances or refunds such Investment; provided that any such new Investment is in an amount that does not exceed
that amount replaced, refinanced or refunded and is made in the same Person as the Investment replaced, refinanced or refunded; (xv) trade receivables and prepaid expenses, in each case arising in the ordinary course of business;
provided that such receivables and prepaid expenses would be recorded as assets in accordance with GAAP; (xvi) other Investments in any Person having an aggregate fair market value, when taken

  
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together with all other Investments made pursuant to this clause (xvi) since the Issue Date, not to exceed the greater of $140.0 million and 2.5% of Consolidated Total Assets of the
Company, plus, to the extent such other Investments pursuant to this clause (xvi) are made by the Company or any of its Restricted Subsidiaries in any Person and such Investment is sold for cash or otherwise liquidated or repaid, purchased or
redeemed for cash, an amount equal to the lesser of (1) such cash (less the cost of disposition, if any) and (2) the amount of such Investment; (xvii) Investments in Unrestricted Subsidiaries, not to exceed $50.0 million;
(xviii) Investments of a Restricted Subsidiary acquired after the Issue Date or of an entity merged or amalgamated into or consolidated with a Restricted Subsidiary in a transaction that is not prohibited by the covenant described under
Section 5.01 hereof or Section 10.04 hereof after the Issue Date to the extent that such Investments were not made in contemplation of such acquisition, merger, amalgamation or consolidation and were in existence on the date of such
acquisition, merger, amalgamation or consolidation; (xix) Investments in any of the Notes; (xx) any Investment to the extent the consideration therefor consists of Capital Stock (other than Disqualified Stock) of the Company or any
Unrestricted Subsidiary; (xxi) consumer loans and leases entered into, purchased or otherwise acquired by the Company or its Subsidiaries, as lender, lessor or assignee, as applicable, in the ordinary course of business consistent with past
practices; (xxii) (i) Investments arising in connection with a Qualified Securitization Financing or Receivables Facility and (ii) distributions or payments of Securitization Fees and purchases of Securitization Assets or Receivables
Assets in connection with a Qualified Securitization Financing or Receivables Facility; and (xxiii) Investments in joint ventures of the Company or any of its Restricted Subsidiaries, when taken together with all other Investments made pursuant
to this clause (23) since the Issue Date, not to exceed the greater of $100.0 million and 1.75% of Consolidated Total Assets of the Company, plus, to the extent such Investments pursuant to this clause (23) are made by the Company or
any of its Restricted Subsidiaries and such Investment is sold for cash or otherwise liquidated or repaid, purchased or redeemed for cash, an amount equal to the lesser of (i) such cash (less the cost of disposition, if any) and (ii) the
amount of such Investment. 
 “Permitted Liens” means (i) Liens securing Indebtedness permitted to be incurred
pursuant to Section 4.09 hereof in an amount not to exceed the greater of (x) the amount of Indebtedness permitted to be incurred pursuant to clause (i) of the definition of Permitted Debt and (y) the maximum amount of
Indebtedness such that the Consolidated Secured Debt Ratio (at the time of incurrence of such Indebtedness after giving pro forma effect thereto in a manner consistent with the calculation of the Fixed Charge Coverage Ratio) would not be
greater than 1.50 to 1.00; (ii) Liens securing Indebtedness permitted by clause (iv) of the definition of Permitted Debt; (iii) Liens in favor of the Company or any of its Restricted Subsidiaries; (iv) Liens on property or shares
of stock of a Person at the time such Person becomes a Restricted Subsidiary; provided, however, that such Liens are not created, incurred or assumed in connection with, or in contemplation of, such other Person becoming a Restricted
Subsidiary; provided, further, however, that any such Lien may not extend to any other property owned by the Company or any Restricted Subsidiary; (v) Liens on property at the time the Company or a Restricted Subsidiary
acquired the property, including any acquisition by means of a merger or consolidation with or into the Company or any Restricted Subsidiary; provided, however, that such Liens are not created, incurred or assumed in connection with,
or in contemplation of, such acquisition; provided, further, however, that such Liens may not extend to any other property owned by the Company or any Restricted Subsidiary; (vi) Liens to secure the performance of statutory
obligations, surety or appeal bonds, performance bonds or other obligations of a like nature incurred in the ordinary course of business; (vii) Liens to secure Indebtedness (including Capital Lease Obligations) permitted by clauses (v) or
(xv) of the definition of Permitted Debt covering only the property or assets acquired with such Indebtedness or such Capital Lease Obligation, as the case may be; (viii) Liens existing on the Issue Date (other than Liens permitted under
clause (i) of this definition); (ix) Liens for taxes, assessments or governmental charges or claims that are not yet delinquent or that are being contested in good faith by appropriate proceedings promptly instituted and diligently
concluded; provided that any reserve or other appropriate provision as is required in conformity with GAAP has been made therefor; (x) Liens incurred by the Company or any Restricted Subsidiary of the

  
 -14- 

 
Company with respect to obligations that do not exceed $50.0 million at any one time outstanding; (xi) zoning restrictions, easements, rights-of-way, restrictions on the use of real property, other similar encumbrances or real property incurred in the ordinary course of business and minor irregularities of title to real property that do not
(a) secure Indebtedness or (b) individually or in the aggregate materially impair the value of the real property affected thereby or the occupation, use and enjoyment in the ordinary course of business of the Company and the Restricted
Subsidiaries at such real property; (xii) Liens created by or resulting from any litigation or other proceedings or resulting from operation of law with respect to any judgments, awards or orders to the extent that such litigation, other
proceedings, judgments, awards or orders do not cause or constitute an Event of Default; (xiii) bankers’ Liens, rights of setoff and other similar Liens existing solely with respect to cash and cash equivalents on deposit in one or more
accounts maintained by the Company or any Restricted Subsidiary in accordance with the provisions of this Indenture in each case granted in the ordinary course of business in favor of the bank or banks with which such accounts are maintained,
securing amounts owing to such bank with respect to cash management and operating account arrangements; provided that in no case shall any such Liens secure (either directly or indirectly) the repayment of any Indebtedness; (xiv) Liens
securing Hedging Obligations of the type permitted by clause (viii) of the definition of Permitted Debt; (xv) Liens securing Indebtedness of a Restricted Subsidiary owed to and held by the Company or a Restricted Subsidiary;
(xvi) Liens in the form of licenses, leases or subleases on any asset incurred by the Company or any Restricted Subsidiary, which licenses, leases or subleases do not interfere, individually or in the aggregate, in any material respect with the
business of the Company or such Restricted Subsidiary and is incurred in the ordinary course of business; (xvii) Liens imposed by law, including carriers’, warehousemen’s and mechanics’ Liens, in each case for sums not yet due or
being contested in good faith by appropriate proceedings if a reserve or other appropriate provisions, if any, as shall be required by GAAP shall have been made in respect thereof; (xviii) Liens under the Company’s joint collateral
accounts, concentration accounts, deposit accounts or other funds maintained with a depositary institution or bank; provided that such deposit account is not a dedicated cash collateral account and is not subject to restrictions against
access by the Company in excess of those set forth by regulations issued by the Federal Reserve Board; (xix) Liens on assets of Non-Guarantor Subsidiaries to secure Indebtedness of Non-Guarantor Subsidiaries incurred pursuant to Section 4.09 hereof; provided, however, that such Liens do not extend to the property or assets of the Company or any Subsidiary Guarantor; (xx) Liens
to secure Indebtedness incurred pursuant to clause (xix) of the definition of Permitted Debt on assets consisting of consumer loans and leases entered into, purchased or otherwise acquired by the Company or its Subsidiaries, as lender, lessor
or assignee, as applicable, in the ordinary course of business consistent with past practices; and (xxi) Liens arising in connection with a Qualified Securitization Financing or a Receivables Facility. 

“Permitted Refinancing Indebtedness” means any Indebtedness of the Company or any of its Restricted Subsidiaries issued to
Refinance other Indebtedness of the Company or any of its Restricted Subsidiaries (other than intercompany Indebtedness); provided that: (i) the principal amount (or accreted value, if applicable) of such Permitted Refinancing
Indebtedness does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness being Refinanced (plus all accrued interest on such Indebtedness being Refinanced and the amount of all expenses and premiums incurred in
connection therewith); (ii) such Permitted Refinancing Indebtedness has a final maturity date later than the final maturity date of, and has a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of,
the Indebtedness being Refinanced; (iii) if the Indebtedness being Refinanced is subordinated in right of payment to the Notes or a Subsidiary Guarantee, such Permitted Refinancing Indebtedness has a final maturity date later than the final
maturity date of, and is subordinated in right of payment to, the Notes or such Subsidiary Guarantee on terms at least as favorable to the Holders of Notes as those contained in the documentation governing such Indebtedness being Refinanced; and
(iv) such Indebtedness is incurred either by the Company or by the Restricted Subsidiary, as the case may be, that is the obligor of the Indebtedness being Refinanced. 

  
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 “Person” means any individual, corporation, partnership, joint venture,
association, joint-stock company, trust, unincorporated organization, limited liability company or government or other entity. 

“Pro Forma Cost Savings” means, with respect to any period, the amount of “run rate” cost savings, synergies and
operating expense reductions projected in good faith by the Chief Financial Officer of the Company to result from actions taken, committed to be taken or with respect to which substantial steps have been taken or are expected in good faith to be
taken no later than twelve months after the end of such period (calculated on a pro forma basis as though such cost savings, operating expense reductions and synergies had been realized on the first day of such period for which Consolidated Cash
Flow is being determined and if such cost savings, operating expense reductions and synergies were realized during the entirety of such period), net of the amount of actual benefits realized during such period from such actions, in each case during
the four-quarter reference period or subsequent to such reference period and on or prior to the Calculation Date; provided that such cost savings, operating expense reductions and synergies are reasonably identifiable and factually supportable in
the good faith judgment of the Chief Financial Officer of the Company (it is understood and agreed that “run-rate” means the full recurring benefit for a period that is associated with any action
taken, committed to be taken or with respect to which substantial steps have been taken or are expected to be taken); provided, further, that such cost savings, operating expense reductions and synergies during any four-quarter reference period
shall not exceed 15% of Consolidated Cash Flow for such period prior to giving effect to any such cost savings, operating expense reductions or synergies. Pro Forma Cost Savings described in the preceding sentence shall be accompanied by an
Officers’ Certificate delivered to the Trustee that outlines the specific actions taken or to be taken and the net cost reductions and other operating improvements or synergies achieved or to be achieved from each such action and certifies that
such cost reductions and other operating improvements or synergies meet the criteria set forth in the preceding sentence. 

“Qualified Securitization Financing” means any Securitization Facility that meets the following conditions: (i) the
Board of Directors shall have determined in good faith that such Securitization Facility (including financing terms, covenants, termination events and other provisions) is in the aggregate economically fair and reasonable to the Company and its
Restricted Subsidiaries, (ii) all sales of Securitization Assets and related assets by the Company or any Restricted Subsidiary to the Securitization Subsidiary or any other Person are made for fair consideration (as determined in good faith by
the Company) and (iii) the financing terms, covenants, termination events and other provisions thereof shall be fair and reasonable terms (as determined in good faith by the Company) and may include Standard Securitization Undertakings. The
grant of a security interest in any accounts receivable of the Company or any of its Restricted Subsidiaries (other than a Securitization Subsidiary) to secure any Debt Facility shall not be deemed a Qualified Securitization Financing. 

“Receivables Assets” means (a) any accounts receivable owed to the Company or a Restricted Subsidiary subject to a
Receivables Facility and the proceeds thereof and (b) all collateral securing such accounts receivable, all contracts and contract rights, guarantees or other obligations in respect of such accounts receivable, all records with respect to such
accounts receivable and any other assets customarily transferred together with accounts receivable in connection with a non-recourse accounts receivable factoring arrangement. 

“Receivables Facility” means an arrangement between the Company or a Restricted Subsidiary and any third party pursuant to
which (a) the Company or such Restricted Subsidiary, as applicable, sells (directly or indirectly) to such third party Receivables Assets and (b) the obligations of the Company or such Restricted Subsidiary, as applicable, thereunder are non-recourse (except for Securitization Repurchase Obligations) to the Company and such Restricted Subsidiary and (c) the financing terms, covenants, termination events and other provisions thereof shall be on
market terms (as determined in good faith by the Company) and may include Standard Securitization Undertakings in respect of such arrangements. 

  
 -16- 

 “Record Date” for the interest payable on any applicable interest payment
date means the June 1 or December 1 (whether or not a Business Day) next preceding such interest payment date. 

“Refinance” means, in respect of any Indebtedness, to refinance, extend, renew, refund, repay, prepay, redeem, defease or
retire, or to issue other Indebtedness in exchange or replacement for, such Indebtedness. “Refinanced” and “Refinancing” shall have correlative meanings. 

“Regulation S-X” means Regulation S-X
promulgated under the Securities Act. 
 “Replacement Assets” means (x) properties and assets (other than cash or any
Capital Stock or other security) that will be used in a Permitted Business of the Company and its Restricted Subsidiaries or (y) Capital Stock of any Person that will become on the date of acquisition thereof a Restricted Subsidiary as a result
of such acquisition and that is involved principally in Permitted Businesses. 
 “Responsible Officer,” when used with
respect to the Trustee, means any officer within the corporate trust department of the Trustee (or any successor group of the Trustee) including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or
any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is
referred because of his knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of this Indenture. 

“Restricted Investment” means an Investment other than a Permitted Investment. 

“Restricted Subsidiary” of a Person means any Subsidiary of such Person that is not an Unrestricted Subsidiary. 

“Sale/Leaseback Transaction” means an arrangement relating to property now owned or hereafter acquired whereby the Company or
a Restricted Subsidiary transfers such property to a Person (other than the Company or any of its Restricted Subsidiaries) and the Company or a Restricted Subsidiary leases it from such Person. 

“SEC” means the U.S. Securities and Exchange Commission. 

“Secured Indebtedness” means any Indebtedness of the Company or any of its Restricted Subsidiaries secured by a Lien. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “Securitization Asset” means (a) any accounts receivable, mortgage receivables, loan receivables,
equipment, royalty, franchise fee, license fee, patent or other revenue streams and other rights to payment or related assets and the proceeds thereof and any securities backed by such assets and (b) all collateral securing such receivable or
asset, all contracts and contract rights, guarantees or other obligations in respect of such receivable or asset, lockbox accounts and records with respect to such account or asset and any other assets customarily transferred (or in respect of which
security interests are customarily granted) together with accounts or assets in connection with a securitization, factoring or receivable sale transaction. 

  
 -17- 

 “Securitization Facility” means any of one or more securitization,
financing, factoring or sales transactions, as amended, supplemented, modified, extended, renewed, restated or refunded from time to time, pursuant to which the Company or any of the Restricted Subsidiaries sells, transfers, pledges or otherwise
conveys any Securitization Assets (whether now existing or arising in the future) to a Securitization Subsidiary. 
 “Securitization
Fees” means distributions or payments made directly or by means of discounts with respect to any Securitization Asset or Receivables Asset or participation interest therein issued or sold in connection with, and other fees and expenses
(including reasonable fees and expenses of legal counsel) paid in connection with, any Qualified Securitization Financing or Receivables Facility. 

“Securitization Repurchase Obligation” means any obligation of a seller of Securitization Assets or Receivables Assets in a
Qualified Securitization Financing or a Receivables Facility to repurchase or otherwise make payments with respect to Securitization Assets arising as a result of a breach of a representation, warranty or covenant or otherwise, including as a result
of a receivable or portion thereof becoming subject to any asserted defense, dispute, offset or counterclaim of any kind as a result of any action taken by, any failure to take action by or any other event relating to the seller. 

“Securitization Subsidiary” means any Subsidiary of the Company in each case formed for the purpose of and that solely
engages in one or more Qualified Securitization Financings or Receivables Facilities and other activities reasonably related thereto or another Person formed for this purpose. 

“Significant Subsidiary” means any Subsidiary that would be a “significant subsidiary” as defined in Article 1,
Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act. 

“Standard Securitization Undertakings” means representations, warranties, covenants, guarantees and indemnities entered into
by the Company or any Subsidiary of the Company which the Company has determined in good faith to be economically fair and reasonable to the Company and its Subsidiaries and otherwise consistent with an arms-length transaction with non-affiliates, including, without limitation, those relating to the servicing of the assets of a Securitization Subsidiary, it being understood that any Securitization Repurchase Obligation shall be deemed to be a
Standard Securitization Undertaking or, in the case of a Receivables Facility, a non-credit related recourse accounts receivable factoring arrangement. 

“Stated Maturity” means, with respect to any installment of interest or principal on any series of Indebtedness, the date on
which the payment of interest or principal was scheduled to be paid in the original documentation governing such Indebtedness, and will not include any contingent obligations to repay, redeem or repurchase any such interest or principal prior to the
date originally scheduled for the payment thereof. 
 “Subordinated Obligations” means any Indebtedness of the Company
(whether outstanding on the Issue Date or thereafter incurred) that is subordinated or junior in right of payment to the Notes pursuant to its terms. 

  
 -18- 

 “Subsidiary” means, with respect to any specified Person: (i) any
corporation, limited liability company, association or other business entity whether now existing or hereafter formed or acquired of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence
of any contingency) to vote in the election of directors, managers or trustees of the corporation, association or other business entity is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other
Subsidiaries of that Person (or a combination thereof); and (ii) any partnership whether now existing or hereafter formed or acquired (A) the sole general partner or the managing general partner of which is such Person or a Subsidiary of
such Person or (B) the only general partners of which are that Person or one or more Subsidiaries of that Person (or any combination thereof). 

“Subsidiary Guarantee” means the guarantee of the Notes by each Subsidiary Guarantor under this Indenture. 

“Subsidiary Guarantor” means each of the Company’s Subsidiaries that guarantees the Notes pursuant to the provisions of
this Indenture. 
 “Treasury Rate” means the yield to maturity at a time of computation of United States Treasury
securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) which has become publicly available at least two business days prior to the Redemption Date (or, if such
Statistical Release is no longer published, any publicly available source similar market data)) most nearly equal to the period from the Redemption Date to December 15, 2022, provided, however, that if the period from the
Redemption Date to December 15, 2022 is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year shall be used. 

“Trustee” means the party named as such above until a successor replaces it in accordance with the applicable provisions of
this Indenture and thereafter means the successor serving hereunder. 
 “Unrestricted Subsidiary” means any Subsidiary of
the Company that is designated by the Board of Directors as an Unrestricted Subsidiary pursuant to a Board Resolution and any Subsidiary of an Unrestricted Subsidiary, but only to the extent that such Subsidiary: (i) has no Indebtedness other
than Non-Recourse Debt; (ii) is not party to any agreement, contract, arrangement or understanding with the Company or any Restricted Subsidiary of the Company unless the terms of any such agreement,
contract, arrangement or understanding are not materially less favorable to the Company or such Restricted Subsidiary than those that could have been obtained at the time from Persons who are not Affiliates of the Company; (iii) is a Person
with respect to which neither the Company nor any of its Restricted Subsidiaries has any direct or indirect obligation (A) to subscribe for additional Equity Interests or (B) to maintain or preserve such Person’s financial condition
or to cause such Person to achieve any specified levels of operating results; and (iv) has not guaranteed or otherwise directly or indirectly provided credit support for any Indebtedness of the Company or any of its Restricted Subsidiaries. Any
designation of a Subsidiary of the Company as an Unrestricted Subsidiary will be evidenced to the Trustee by filing with the Trustee a certified copy of the Board Resolution giving effect to such designation and an Officers’ Certificate
certifying that such designation complied with the preceding conditions and was permitted by Section 4.13 hereof. If, at any time, any Unrestricted Subsidiary would fail to meet the preceding requirements as an Unrestricted Subsidiary, it will
thereafter cease to be an Unrestricted Subsidiary for purposes of this Indenture and any Indebtedness of such Subsidiary will be deemed to be incurred by a Restricted Subsidiary of the Company as of such date and, if such Indebtedness is not
permitted to be incurred as of such date under Section 4.09 hereof, the Company will be in default of Section 4.09 hereof. The Board of Directors of the Company may at any time designate any Unrestricted Subsidiary to be a Restricted
Subsidiary; provided that such designation will be deemed to be an incurrence of Indebtedness by a Restricted Subsidiary of the Company of any outstanding Indebtedness of such Unrestricted Subsidiary and such designation will only be
permitted if: (x) such Indebtedness is permitted under Section 4.09 hereof, calculated on a pro forma basis as if such designation had occurred at the beginning of the four-quarter reference period; and (y) no Default or Event of
Default would be in existence following such designation. 

  
 -19- 

 “Voting Stock” of any Person as of any date means the Capital Stock of such
Person that is at the time entitled to vote in the election of the Board of Directors of such Person. 
 “Weighted Average Life to
Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by dividing: (i) the sum of the products obtained by multiplying (A) the amount of each then remaining installment, sinking fund, serial
maturity or other required payments of principal, including payment at final maturity, in respect of the Indebtedness, by (B) the number of years (calculated to the nearest one-twelfth) that will elapse
between such date and the making of such payment; by (ii) the then outstanding principal amount of such Indebtedness. 

“Wholly Owned Subsidiary” means a Restricted Subsidiary, all of the Capital Stock of which (other than directors’
qualifying shares) is owned by the Company or another Wholly Owned Subsidiary. 
 Section 1.02 Other Definitions. 

 

			
	 Term
	  	 Defined

in Section

	 “Affiliate Transaction”
	  	4.11
	 “Applicable Procedures”
	  	1.1(a) of Appendix A
	 “Asset Sale Offer”
	  	4.10
	 “Asset Sale Offer Price”
	  	4.10
	 “Authentication Order”
	  	2.02
	 “Change of Control Offer”
	  	4.15
	 “Change of Control Payment”
	  	4.15
	 “Change of Control Payment Date”
	  	4.15
	 “Clearstream”
	  	1.1(a) of Appendix A
	 “Covenant Defeasance”
	  	8.03
	 “Definitive Notes Legend”
	  	2.2(e) of Appendix A
	 “Distribution Compliance Period”
	  	1.1(a) of Appendix A
	 “DTC”
	  	2.03
	 “Event of Default”
	  	6.01
	 “Excess Proceeds”
	  	4.10
	 “Expiration Date”
	  	1.04(j)
	 “Global Note”
	  	2.1(b) of Appendix A
	 “Global Notes Legend”
	  	2.2(e) of Appendix A
	 “incur”
	  	4.09
	 “Legal Defeasance”
	  	8.02
	 “Moody’s”
	  	4.17
	 “Note Register”
	  	2.03
	 “Offer Amount”
	  	3.09
	 “Offer Period”
	  	3.09
	 “Option of Holder to Elect Purchase”
	  	4.15
	 “Paying Agent”
	  	2.03
	 “Payment Default”
	  	6.01
	 “Permitted Debt”
	  	4.09
	 “Purchase Date”
	  	3.09
	 “QIB”
	  	1.1(a) of Appendix A
	 “Redemption Date”
	  	3.07

  
 -20- 

			
	 “Registrar”
	  	2.03
	 “Regulation S”
	  	1.1(a) of Appendix A
	 “Regulation S Global Note”
	  	2.1(b) of Appendix A
	 “Regulation S Notes”
	  	2.1(a) of Appendix A
	 “Replacement Rating Agency”
	  	4.17
	 “Restricted Notes Legend”
	  	2.2(e) of Appendix A
	 “Restricted Payments”
	  	4.07
	 “Rule 144”
	  	1.1(a) of Appendix A
	 “Rule 144A”
	  	1.1(a) of Appendix A
	 “Rule 144A Global Note”
	  	2.1(b) of Appendix A
	 “Rule 144A Notes”
	  	2.1(a) of Appendix A
	 “S&P”
	  	4.17
	 “Successor Company”
	  	5.01
	 “Unrestricted Global Note”
	  	1.1(a) of Appendix A

 Section 1.03 Rules of Construction. 

Unless the context otherwise requires: 

(1) a term defined in Section 1.01 or 1.02 hereof has the meaning assigned to it therein; 

(2) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 

(3) “or” is not exclusive; 

(4) words in the singular include the plural, and words in the plural include the singular; 

(5) provisions apply to successive events and transactions; 

(6) unless the context otherwise requires, any reference to an “Appendix,” “Article,” “Section,”
“clause,” “Schedule” or “Exhibit” refers to an Appendix, Article, Section, clause, Schedule or Exhibit, as the case may be, of this Indenture; 

(7) the words “herein,” “hereof” and other words of similar import refer to this Indenture as a whole and
not any particular Article, Section, clause or other subdivision; 
 (8) “including” means including without
limitation; 
 (9) references to sections of, or rules under, the Securities Act or the Exchange Act shall be deemed to
include substitute, replacement or successor sections or rules adopted by the SEC from time to time; 
 (10) unless otherwise
provided, references to agreements and other instruments shall be deemed to include all amendments and other modifications to such agreements or instruments, but only to the extent such amendments and other modifications are not prohibited by the
terms of this Indenture; and 

  
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 (11) in the event that a transaction meets the criteria of more than one
category of permitted transactions or listed exceptions, the Company may classify such transaction as it, in its sole discretion, determines. 

Section 1.04 Acts of Holders. 
 (a)
Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by
such Holders in person or by an agent duly appointed in writing. Except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments or record or both are delivered to the Trustee and, where it is
hereby expressly required, to the Company and the Subsidiary Guarantors. Proof of execution of any such instrument or of a writing appointing any such agent, or the holding by any Person of a Note, shall be sufficient for any purpose of this
Indenture and (subject to Section 7.01 hereof) conclusive in favor of the Trustee, the Company and the Subsidiary Guarantors, if made in the manner provided in this Section 1.04 hereof. 

(b) The fact and date of the execution by any Person of any such instrument or writing may be proved (1) by the affidavit of a witness of
such execution or by the certificate of any notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof or (2) in
any other manner deemed reasonably sufficient by the Trustee. Where such execution is by or on behalf of any legal entity other than an individual, such certificate or affidavit shall also constitute proof of the authority of the Person executing
the same. The fact and date of the execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner that the Trustee deems sufficient. 

(c) The ownership of Notes shall be proved by the Note Register. 

(d) Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Note shall bind every future
Holder of the same Note and the Holder of every Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, in respect of any action taken, suffered or omitted by the Trustee, the Company or the Subsidiary
Guarantors in reliance thereon, whether or not notation of such action is made upon such Note. 
 (e) The Company may set a record date for
purposes of determining the identity of Holders entitled to make, give or take any request, demand, authorization, direction, notice, consent, waiver or other action provided in this Indenture to be made, or to vote on or consent to any action
authorized or permitted to be taken by Holders; provided that the Company may also choose not to set a record date for, and the provisions of this paragraph shall not apply with respect to, the giving or making of any notice, declaration,
request or direction referred to in clause (f) below. Unless otherwise specified, if not set by the Company prior to the first solicitation of a Holder made by any Person in respect of any such action, or in the case of any such vote, prior to
such vote, any such record date shall be the later of 30 days prior to the first solicitation of such consent or vote or the date of the most recent list of Holders furnished to the Trustee prior to such solicitation or vote. If any record date is
set pursuant to this clause (e), the Holders on such record date, and only such Holders, shall be entitled to make, give or take such request, demand, authorization, direction, notice, consent, waiver or other action (including revocation of any
action), whether or not such Holders remain Holders after such record date; provided that no such action shall be effective hereunder unless made, given or taken on or prior to the applicable Expiration Date by Holders of the requisite
principal amount of Notes, or each affected Holder, as applicable, on such record date. Promptly after any record date is set pursuant to this paragraph, the Company, at its own expense, shall cause notice of such record date, the proposed action by
Holders and the applicable Expiration Date to be given to the Trustee in writing and to each Holder in the manner set forth in Section 12.01 hereof. 

  
 -22- 

 (f) The Trustee may set any day as a record date for the purpose of determining the Holders
entitled to join in the giving or making of (1) any notice of default under Section 6.01 hereof, (2) any declaration of acceleration referred to in Section 6.02 hereof, (3) any direction referred to in Section 6.05
hereof or (4) any request to pursue a remedy as permitted in Section 6.06 hereof. If any record date is set pursuant to this paragraph, the Holders on such record date, and no other Holders, shall be entitled to join in such notice,
declaration, request or direction, whether or not such Holders remain Holders after such record date; provided that no such action shall be effective hereunder unless made, given or taken on or prior to the applicable Expiration Date by
Holders of the requisite principal amount of Notes or each affected Holder, as applicable, on such record date. Promptly after any record date is set pursuant to this paragraph, the Trustee, at the Company’s expense, shall cause notice of such
record date, the proposed action by Holders and the applicable Expiration Date to be given to the Company and to each Holder in the manner set forth in Section 12.01 hereof. 

(g) Without limiting the foregoing, a Holder entitled to take any action hereunder with regard to any particular Note may do so with regard to
all or any part of the principal amount of such Note or by one or more duly appointed agents, each of which may do so pursuant to such appointment with regard to all or any part of such principal amount. Any notice given or action taken by a Holder
or its agents with regard to different parts of such principal amount pursuant to this paragraph shall have the same effect as if given or taken by separate Holders of each such different part. 

(h) Without limiting the generality of the foregoing, a Holder, including a Depositary that is the Holder of a Global Note, may make, give or
take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided in this Indenture to be made, given or taken by Holders, and a Depositary that is the Holder of a
Global Note may provide its proxy or proxies to the beneficial owners of interests in any such Global Note through such Depositary’s standing instructions and customary practices. 

(i) The Company may fix a record date for the purpose of determining the Persons who are beneficial owners of interests in any Global Note held
by a Depositary entitled under the procedures of such Depositary, if any, to make, give or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided in this
Indenture to be made, given or taken by Holders; provided that if such a record date is fixed, only the beneficial owners of interests in such Global Note on such record date or their duly appointed proxy or proxies shall be entitled to make,
give or take such request, demand, authorization, direction, notice, consent, waiver or other action, whether or not such beneficial owners remain beneficial owners of interests in such Global Note after such record date. No such request, demand,
authorization, direction, notice, consent, waiver or other action shall be effective hereunder unless made, given or taken on or prior to the applicable Expiration Date. 

(j) With respect to any record date set pursuant to this Section 1.04, the party hereto that sets such record date may designate any day
as the “Expiration Date” and from time to time may change the Expiration Date to any earlier or later day; provided that no such change shall be effective unless notice of the proposed new Expiration Date is given to the
other party hereto in writing, and to each Holder of Notes in the manner set forth in Section 12.01 hereof, on or prior to both the existing and the new Expiration Date. If an Expiration Date is not designated with respect to any record date
set pursuant to this Section 1.04, the party hereto which set such record date shall be deemed to have initially designated the 90th day after such record date as the Expiration Date with respect thereto, subject to its right to change the
Expiration Date as provided in this clause (j). 

  
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 ARTICLE 2 

THE NOTES 
 Section 2.01 Form and Dating;
Terms. 
 (a) Provisions relating to the Initial Notes, Additional Notes and any other Notes issued under this Indenture are set forth in
Appendix A, which is hereby incorporated in and expressly made a part of this Indenture. The Notes and the Trustee’s certificate of authentication shall each be substantially in the form of Exhibit A hereto, which is hereby
incorporated in and expressly made a part of this Indenture. The Notes may have notations, legends or endorsements required by law, rules or agreements with national securities exchanges to which the Company or any Subsidiary Guarantor is subject,
if any, or usage (provided that any such notation, legend or endorsement is in a form acceptable to the Company). Each Note shall be dated the date of its authentication. The Notes shall be in denominations of $2,000 and integral multiples of
$1,000 in excess thereof. 
 (b) The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is
unlimited. 
 The terms and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this Indenture, and
the Company, the Subsidiary Guarantors and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the
express provisions of this Indenture, the provisions of this Indenture shall govern and be controlling. 
 The Notes shall be subject to
repurchase by the Company pursuant to an Asset Sale Offer as provided in Section 4.10 hereof or a Change of Control Offer as provided in Section 4.15 hereof, and otherwise as not prohibited by this Indenture. The Notes shall not be
redeemable, other than as provided in Article 3. 
 Additional Notes ranking pari passu with the Initial Notes may be created and
issued from time to time by the Company without notice to or consent of the Holders and shall be consolidated with and form a single class with the Initial Notes and shall have the same terms as to status, redemption or otherwise (other than issue
date, issue price and, if applicable, the first interest payment date and the first date from which interest will accrue) as the Initial Notes; provided that if any Additional Notes are not fungible with the Initial Notes for U.S. federal
income tax purposes, such Additional Notes will be issued as a separate series under this Indenture and will have a separate CUSIP number and ISIN from the Initial Notes; and provided, further, that the Company’s ability to issue
Additional Notes shall be subject to the Company’s compliance with Section 4.09 hereof. Any Additional Notes shall be issued with the benefit of an indenture supplemental to this Indenture. 

Section 2.02 Execution and Authentication. 

(a) At least one Officer shall execute the Notes on behalf of the Company by manual or facsimile signature. If an Officer whose signature is on
a Note no longer holds that office at the time a Note is authenticated, the Note shall nevertheless be valid. 
 (b) A Note shall not be
entitled to any benefit under this Indenture or be valid or obligatory for any purpose until authenticated substantially in the form of Exhibit A attached hereto by the manual signature of an authorized signatory of the Trustee. The signature
shall be conclusive evidence that the Note has been duly authenticated and delivered under this Indenture. 

  
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 (c) On the Issue Date, the Trustee shall, upon receipt of a written order of the Company
signed by an Officer (an “Authentication Order”), authenticate and deliver the Initial Notes. In addition, at any time and from time to time, the Trustee shall, upon receipt of an Authentication Order, authenticate and deliver any
Additional Notes in an aggregate principal amount specified in such Authentication Order for such Additional Notes issued hereunder. 
 (d)
The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Notes. An authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee
includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with Holders, the Company or an Affiliate of the Company. 

(e) The Trustee shall authenticate and make available for delivery upon a written order of the Company signed by one Officer of the Company
(a) Initial Notes for original issue on the Issue Date in an aggregate principal amount of $400,000,000, (b) subject to the terms of this Indenture, Additional Notes, and (c) any Unrestricted Global Notes issued in exchange for any of
the foregoing in accordance with this Indenture. Such order shall specify the amount of the Notes to be authenticated, the date on which the original issue of Notes is to be authenticated and whether the Notes are to be Initial Notes, Additional
Notes or other Unrestricted Global Notes. 
 Section 2.03 Registrar and Paying Agent. 

(a) The Company shall maintain an office or agency where Notes may be presented for registration of transfer or for exchange
(“Registrar”) and at least one office or agency where Notes may be presented for payment (“Paying Agent”). The Registrar shall keep a register of the Notes (“Note Register”) and of their transfer
and exchange. The Company may appoint one or more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrar, and
the term “Paying Agent” includes any additional paying agent. The Company may change any Paying Agent or Registrar without prior notice to any Holder. The Company shall notify the Trustee in writing of the name and address of any Agent not
a party to this Indenture. If the Company fails to appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall act as such. The Company or any of its Subsidiaries may act as Paying Agent or Registrar. 

(b) The Company initially appoints The Depository Trust Company (“DTC”) to act as Depositary with respect to the Global Notes. The
Company initially appoints the Trustee to act as Paying Agent and Registrar for the Notes and to act as Custodian with respect to the Global Notes. 

Section 2.04 Paying Agent to Hold Money in Trust. 

The Company shall, no later than 11:00 a.m. (New York City time) on each due date for the payment of principal, premium, if any, and interest
on any of the Notes, deposit with a Paying Agent a sum sufficient to pay such amount, such sum to be held in trust for the Holders entitled to the same, and (unless such Paying Agent is the Trustee) the Company shall promptly notify the Trustee of
its action or failure so to act. The Company shall require each Paying Agent other than the Trustee to agree in writing that such Paying Agent shall hold in trust for the benefit of Holders or the Trustee all money held by such Paying Agent for the
payment of principal, premium, if any, and interest on the Notes, and shall notify the Trustee of any default by the Company in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held
by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, a Paying Agent shall have no further liability for the money. If the Company or a Subsidiary acts
as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. Upon any bankruptcy or reorganization proceedings relating to the Company, the Trustee shall serve as Paying
Agent for the Notes. 

  
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 Section 2.05 Holder Lists. 

The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of
all Holders. If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least two Business Days before each interest payment date and at such other times as the Trustee may request in writing, a list in such form and as of such
date as the Trustee may reasonably require of the names and addresses of the Holders. 
 Section 2.06 Transfer and Exchange. 

(a) The Notes shall be issued in registered form and shall be transferable only upon the surrender of a Note for registration of transfer and
in compliance with Appendix A. 
 (b) To permit registrations of transfers and exchanges, the Company shall execute and the Trustee shall
authenticate Global Notes and Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.02 hereof or at the Registrar’s request. 

(c) No service charge shall be imposed in connection with any registration of transfer or exchange (other than pursuant to Section 2.07
hereof), but the Holders shall be required to pay any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to
Sections 2.10, 3.06, 3.09, 4.10, 4.15 and 9.04). 
 (d) All Global Notes and Definitive Notes issued upon any registration of transfer or
exchange of Global Notes or Definitive Notes shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global Notes or Definitive Notes surrendered upon such registration
of transfer or exchange. 
 (e) Neither the Company nor the Registrar shall be required (1) to issue, to register the transfer of or to
exchange any Note during a period beginning at the opening of business 15 days before the day of any selection of Notes for redemption under Section 3.02 hereof and ending at the close of business on the day of selection, (2) to register
the transfer of or to exchange any Note so selected for redemption, or tendered for repurchase (and not withdrawn) in connection with a Change of Control Offer or an Asset Sale Offer, in whole or in part, except the unredeemed or unpurchased portion
of any Note being redeemed or repurchased in part or (3) to register the transfer of or to exchange any Note between a Record Date and the next succeeding interest payment date. 

(f) Prior to due presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Company shall deem and treat the
Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal, premium, if any, and (subject to the Record Date provisions of the Notes) interest on such Notes and for all other
purposes, and none of the Trustee, any Agent or the Company shall be affected by notice to the contrary. 
 (g) Upon surrender for
registration of transfer of any Note at the office or agency of the Company designated pursuant to Section 4.02 hereof, the Company shall execute, and the Trustee shall authenticate and mail, in the name of the designated transferee or
transferees, one or more replacement Notes of any authorized denomination or denominations of a like aggregate principal amount. 

  
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 (h) At the option of the Holder, Notes may be exchanged for other Notes of any authorized
denomination or denominations of a like aggregate principal amount upon surrender of the Notes to be exchanged at such office or agency. Whenever any Global Notes or Definitive Notes are so surrendered for exchange, the Company shall execute, and
the Trustee shall authenticate and mail, the replacement Global Notes and Definitive Notes which the Holder making the exchange is entitled to in accordance with the provisions of Appendix A. 

(i) All certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this Section 2.06 to
effect a registration of transfer or exchange may be submitted by mail or by facsimile or electronic transmission. 
 Section 2.07 Replacement
Notes. 
 If a mutilated Note is surrendered to the Trustee or if a Holder claims that its Note has been lost, destroyed or wrongfully
taken and the Trustee receives evidence to its satisfaction of the ownership and loss, destruction or theft of such Note, the Company shall issue and the Trustee, upon receipt of an Authentication Order, shall authenticate a replacement Note if the
Trustee’s requirements are otherwise met. If required by the Trustee or the Company, an indemnity bond must be provided by the Holder that is sufficient in the judgment of the Trustee and the Company to protect the Company, the Trustee, any
Agent and any authenticating agent from any loss that any of them may suffer if a Note is replaced. The Company or the Trustee may charge the Holder for the expenses of the Company and the Trustee in replacing a Note. Every replacement Note is a
contractual obligation of the Company and shall be entitled to all of the benefits of this Indenture equally and proportionately with all other Notes duly issued hereunder. Notwithstanding the foregoing provisions of this Section 2.07, in case
any mutilated, lost, destroyed or wrongfully taken Note has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Note, pay such Note. 

Section 2.08 Outstanding Notes. 
 (a)
The Notes outstanding at any time are all the Notes authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance with
the provisions hereof, and those described in this Section 2.08 as not outstanding. Except as set forth in Section 2.09 hereof, a Note does not cease to be outstanding because the Company or an Affiliate of the Company holds the Note;
provided that Notes held by the Company or a Subsidiary of the Company will not be deemed to be outstanding for purposes of Section 3.07(b) hereof. 

(b) If a Note is replaced pursuant to Section 2.07 hereof, it ceases to be outstanding unless the Trustee receives proof satisfactory to
it that the replaced Note is held by a protected purchaser, as such term is defined in Section 8-303 of the Uniform Commercial Code in effect in the State of New York. 

(c) If the principal amount of any Note is considered paid under Section 4.01 hereof, it ceases to be outstanding and interest on it
ceases to accrue from and after the date of such payment. 
 (d) If a Paying Agent (other than the Company, a Subsidiary or an Affiliate of
any thereof) holds, on the maturity date, any redemption date or any date of purchase pursuant to an offer to purchase, money sufficient to pay Notes payable or to be redeemed or purchased on that date, then on and after that date such Notes shall
be deemed to be no longer outstanding and shall cease to accrue interest. 

  
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 Section 2.09 Treasury Notes. 

In determining whether the Holders of the requisite principal amount of Notes have concurred in any direction, waiver or consent, Notes
beneficially owned by the Company shall be considered as though not outstanding, except that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes that a Responsible
Officer of the Trustee knows are so owned shall be so disregarded. Notes so owned which have been pledged in good faith shall not be disregarded if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right to deliver any
such direction, waiver or consent with respect to the Notes and that the pledgee is not the Company or any obligor upon the Notes or any Affiliate of the Company or of such other obligor. 

Section 2.10 Temporary Notes. 
 Until
definitive Notes are ready for delivery, the Company may prepare and the Trustee, upon receipt of an Authentication Order, shall authenticate temporary Notes. Temporary Notes shall be substantially in the form of definitive Notes but may have
variations that the Company considers appropriate for temporary Notes and as shall be reasonably acceptable to the Trustee. Without unreasonable delay, the Company shall prepare and the Trustee shall authenticate definitive Notes in exchange for
temporary Notes. Holders and beneficial holders, as the case may be, of temporary Notes shall be entitled to all of the benefits accorded to Holders, or beneficial holders, respectively, of Notes under this Indenture. 

Section 2.11 Cancellation. 
 The
Company at any time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee or, at the direction of
the Trustee, the Registrar or the Paying Agent and no one else shall cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and shall destroy cancelled Notes in accordance with its customary
procedures (subject to the record retention requirement of the Exchange Act). Certification of the destruction of all cancelled Notes shall, upon the written request of the Company, be delivered to the Company. The Company may not issue new Notes to
replace Notes that it has paid or that have been delivered to the Trustee for cancellation. 
 Section 2.12 Defaulted Interest. 

(a) If the Company defaults in a payment of interest on the Notes, it shall pay the defaulted interest in any lawful manner plus, to the extent
lawful, interest payable on the defaulted interest, to the Persons who are Holders on a subsequent special record date, in each case at the rate provided in the Notes and in Section 4.01 hereof. The Company shall notify the Trustee in writing
of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in
respect of such defaulted interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such
defaulted interest as provided in this Section 2.12. The Trustee shall fix or cause to be fixed each such special record date and payment date; provided that no such special record date shall be less than 10 days prior to the related
payment date for such defaulted interest. The Trustee shall promptly notify the Company of such special record date. At least 15 days before the special record date, the Company (or, upon the written request of the Company, the Trustee in the name
and at the expense of the Company) shall mail or deliver by electronic transmission in accordance with the Applicable Procedures of the Depositary, or cause to be mailed or delivered by electronic transmission in accordance with the Applicable
Procedures of the Depositary to each Holder a notice that states the special record date, the related payment date and the amount of such interest to be paid. 

  
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 (b) Subject to the foregoing provisions of this Section 2.12 and for greater certainty,
each Note delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Note shall carry the rights to interest accrued and unpaid, and to accrue interest, which were carried by such other Note. 

Section 2.13 CUSIP and ISIN Numbers 

The Company in issuing the Notes may use CUSIP or ISIN numbers (if then generally in use) and, if so, the Trustee shall use CUSIP or ISIN
numbers in notices of redemption or exchange or in Offers to Purchase as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Notes or
as contained in any notice of redemption or exchange or in Offers to Purchase and that reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption or exchange or offer to purchase shall not be
affected by any defect in or omission of such numbers. The Company shall as promptly as practicable notify the Trustee in writing of any change in the CUSIP or ISIN numbers. 

ARTICLE 3 
 REDEMPTION AND
PREPAYMENT 
 Section 3.01 Notices to Trustee. 

If the Company elects to redeem Notes pursuant to the optional redemption provisions of Section 3.07 hereof, it shall furnish to the
Trustee, at least 30 days but not more than 60 days before a Redemption Date, an Officers’ Certificate setting forth (i) the clause of this Indenture pursuant to which the redemption shall occur, (ii) the Redemption Date,
(iii) the principal amount of Notes to be redeemed and (iv) the redemption price. 
 Section 3.02 Selection of Notes to Be Redeemed.

 If less than all of the Notes are to be redeemed in connection with any redemption, the Trustee shall select the Notes (or portions
thereof) to be redeemed among the Holders of the Notes in compliance with the requirements of the principal national securities exchange, if any, on which the Notes are listed or, if the Notes are not so listed, on a pro rata basis, by lot or in
accordance with any other method the Trustee deems fair and appropriate. In the event of partial redemption by lot, the particular Notes to be redeemed shall be selected, unless otherwise provided herein, not less than 30 nor more than 60 days prior
to the redemption date by the Trustee from the outstanding Notes not previously called for redemption. 
 The Trustee shall promptly notify
the Company in writing of the Notes selected for redemption and, in the case of any Note selected for partial redemption, the principal amount thereof to be redeemed. Notes and portions of Notes selected shall be in principal amounts of $2,000 or
whole multiples of $1,000 in excess thereof; except that (i) if all of the Notes of a Holder are to be redeemed, the entire outstanding amount of Notes held by such Holder, even if not a multiple of $1,000, shall be redeemed and (ii) if
only a portion of the Notes of a Holder is to be redeemed, the unredeemed portion of the Notes of such Holder must be equal to $2,000 in principal amount or an integral multiple of $1,000 in excess thereof. Except as provided in the preceding
sentence, provisions of this Indenture that apply to Notes called for redemption also apply to portions of Notes called for redemption. The Trustee shall notify the Company promptly of the Notes or portions of Notes to be redeemed. 

  
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 The provisions in this Section 3.02 relating to a redemption of the notes shall also be
applicable to a repurchase of the Notes made in accordance with Section 3.09 hereof. 
 Section 3.03 Notice of Redemption. 

Subject to the provisions of Section 3.09 hereof, at least 30 days but not more than 60 days before a Redemption Date (except that a
notice of redemption may be electronically sent or mailed more than 60 days prior to the redemption date if the notice is issued in connection with a conditional redemption, Article 8 or Article 11 hereof), the Company shall deliver a notice of
redemption to each Holder whose Notes are to be redeemed at such Holder’s registered address. 
 The notice shall identify the Notes to
be redeemed, including applicable CUSIP numbers, and shall state: 
 (a) the Redemption Date; 

(b) the redemption price (or manner of calculation if not then known); 

(c) whether such redemption is revocable; 

(d) if any Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed and that, after the redemption date
upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion shall be issued upon cancellation of the original Note; 

(e) the name and address of the Paying Agent; 

(f) that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price; 

(g) that, unless the Company defaults in making such redemption payment or the Paying Agent is prohibited from making such payment pursuant to
the terms of this Indenture, interest on Notes called for redemption ceases to accrue on and after the Redemption Date; 
 (h) the paragraph
of the Notes and/or Section of this Indenture pursuant to which the Notes called for redemption are being redeemed; 
 (i) that no
representation is made as to the correctness or accuracy of the CUSIP number, if any, listed in such notice or printed on the Notes; and 

(j) any condition to such redemption as permitted by Section 3.04 hereof. 

At the Company’s written request delivered at least 15 days prior to the date such notice is to be given (unless a shorter period shall
be acceptable to the Trustee), the Trustee shall give the notice of redemption as prepared by the Company in the Company’s name and at its expense. 

  
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 Section 3.04 Effect of Notice of Redemption. 

Once a notice of redemption is delivered in accordance with Section 3.03 hereof, Notes called for redemption become irrevocably due and
payable on the redemption date at the redemption price stated in the notice unless such redemption is conditioned on the happening of a future event and all such conditions have not been satisfied. A notice of a redemption to be effected pursuant to
Section 3.07 hereof may, at the Company’s discretion, be subject to one or more conditions precedent, including, but not limited to, completion of an Equity Issuance, other offering or other corporate transaction or event. The Redemption
Date of any redemption that is subject to satisfaction of one or more conditions precedent may, in the Company’s discretion, be delayed until such time as any or all such conditions shall be satisfied (or waived by the Company in its sole
discretion), or such redemption may not occur and any notice with respect to such redemption may be modified or rescinded in the event that any or all such conditions shall not have been satisfied (or waived by the Company in its sole discretion) by
the Redemption Date, or by the redemption date so delayed (which may exceed 60 days from the date of the redemption notice in such case). In addition, such notice of redemption may be extended, if such conditions precedent have not been satisfied or
waived by the Company, by providing notice to the Holders. 
 If the optional Redemption Date is on or after an interest record date but on
or prior to the related interest payment date, then any accrued and unpaid interest, if any, in respect of Notes subject to redemption will be paid on the Redemption Date to the Person in whose name the Note is registered at the close of business,
on such record date, and no additional interest will be payable to Holders whose Notes will be subject to redemption by the Company. 
 If
any Note is to be redeemed in part only, the notice of redemption that relates to that Note will state the portion of the principal amount of that Note that is to be redeemed. A new Note in principal amount equal to the unredeemed portion of the
original Note will be issued in the name of the Holder of Notes upon cancellation of the original Note. Notes called for redemption become due on the date fixed for redemption, unless such redemption is conditioned on the happening of a future event
and all such conditions have not been satisfied. On and after the Redemption Date, interest will cease to accrue on Notes or portions of them called for redemption. 

Section 3.05 Deposit of Redemption Price. 

Prior to 10:00 a.m. on the Redemption Date, the Company shall deposit with the Trustee or with the Paying Agent money sufficient to pay
the redemption price of and accrued interest on all Notes to be redeemed on that date. The Trustee or the Paying Agent shall promptly return to the Company any money deposited with the Trustee or the Paying Agent by the Company in excess of the
amounts necessary to pay the redemption price of, and accrued interest on, all Notes to be redeemed. 
 If the Company complies with the
provisions of the preceding paragraph, on and after the redemption date, unless such redemption is conditioned on the happening of a future event and all such conditions have not been satisfied, interest shall cease to accrue on the Notes or the
portions of Notes called for redemption. If a Note is redeemed on or after an interest record date but on or prior to the related interest payment date, then any accrued and unpaid interest shall be paid to the Person in whose name such Note was
registered at the close of business on such record date. If any Note called for redemption shall not be so paid upon surrender for redemption because of the failure of the Company to comply with the preceding paragraph, interest shall be paid on the
unpaid principal, from the redemption date until such principal is paid, and to the extent lawful on any interest not paid on such unpaid principal, in each case at the rate provided in the Notes and in Section 4.01 hereof. 

  
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 Section 3.06 Notes Redeemed in Part. 

Upon surrender of a Note that is redeemed in part, the Company shall issue and, upon the Company’s written request, the Trustee shall
authenticate for the Holder at the expense of the Company a new Note equal in principal amount to the unredeemed portion of the Note surrendered. 

Section 3.07 Optional Redemption. 

(a) On and after December 15, 2022, the Company shall have the option to redeem all or a portion of the Notes, at the redemption prices
(expressed as percentages of principal amount) set forth below plus accrued and unpaid interest thereon, if any, on the Notes redeemed, to, but excluding, the date of redemption (the “Redemption Date”) (subject to the right of
Holders of record on the relevant Record Date to receive interest due on the relevant interest payment date), if redeemed during the twelve-month period beginning on December 15 of the years indicated below: 

 

					
	 Year
	  	Percentage	 
	 2022
	  	 	103.469	% 
	 2023
	  	 	102.313	% 
	 2024
	  	 	101.156	% 
	 2025 and thereafter
	  	 	100.000	% 

 (b) Notwithstanding the provisions of clause (a) of this Section 3.07, at any time prior to
December 15, 2022, the Company may, at its option, on any one or more occasions redeem Notes (which includes Additional Notes, if any) in an aggregate principal amount not to exceed 40% of the aggregate principal amount of Notes (which includes
Additional Notes, if any) issued under this Indenture at a redemption price of 104.625% of the principal amount, plus accrued and unpaid interest, if any, to, but excluding, the Redemption Date (subject to the right of Holders of record on the
relevant Record Date to receive interest due on the relevant interest payment date) with funds in an aggregate amount up to the net cash proceeds from one or more Equity Issuances; provided that: 

(1) at least 60% of the aggregate principal amount of the Notes (which includes Additional Notes, if any) issued under this
Indenture remains outstanding immediately after such redemption (excluding any Notes held by the Company or any of its Subsidiaries or Affiliates), unless all such Notes are otherwise redeemed substantially concurrently in accordance with this
Indenture; and 
 (2) the redemption occurs within 120 days of the date of the closing of such Equity Issuance. 

(c) At any time prior to December 15, 2022, all or part of the Notes may also be redeemed at the option of the Company, at a redemption
price equal to 100% of the principal amount thereof plus the Applicable Premium as of, and accrued and unpaid interest thereon, if any, to, but excluding, the Redemption Date (subject to the right of Holders of record on the relevant Record Date to
receive interest due on the relevant interest payment date). 
 (d) Notwithstanding the foregoing, in connection with any tender offer for
the Notes (including, without limitation, any Change of Control Offer or Asset Sale Offer), if Holders of not less than 90% in aggregate principal amount of the outstanding Notes validly tender and do not withdraw such Notes in such tender offer and
the Company, or any third party making such tender offer in lieu of the Company, purchases all of the Notes validly tendered and not withdrawn by such Holders, the Company or such third party will have the right upon not less than 30 nor more than
60 days’ prior notice (provided that such notice is not given more than 30 days following such purchase date) to redeem all Notes that 

  
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remain outstanding following such purchase at a price equal to the price offered to each other Holder in such tender offer plus, to the extent not included in the tender offer payment, accrued
and unpaid interest, if any, thereon, to, but excluding, the applicable Redemption Date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date). 

(e) Any redemption pursuant to this Section 3.07 shall be made pursuant to the provisions of Sections 3.01 through 3.06 hereof. 

Section 3.08 Mandatory Redemption. 

The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes. 

Section 3.09 Offer to Purchase by Application of Excess Proceeds. 

In the event that, pursuant to Section 4.10 hereof, the Company shall be required to commence an Asset Sale Offer, it shall follow the
procedures specified below. 
 The Company shall complete the Asset Sale Offer no earlier than 30 days and no later than 60 days after
notice of the Asset Sale Offer is provided to the Holders or such later date as may be required by applicable law. 
 The Asset Sale Offer
shall remain open for a period of 20 Business Days following its commencement, or longer to the extent that a longer period is required by applicable law (the “Offer Period”). No later than five Business Days after the termination
of the Offer Period (the “Purchase Date”), the Company shall apply all Excess Proceeds to the purchase of the aggregate principal amount of Notes and, if applicable, Pari Passu Indebtedness (on a pro rata basis, if
applicable) required to be offered for purchase pursuant to Section 4.10 hereof (the “Offer Amount”) or, if less than the Asset Sale Offer Amount has been so validly tendered, all notes and Pari Passu Indebtedness validly
tendered in response to the Asset Sale Offer. Payment for any notes so purchased shall be made in the same manner as interest payments are made. 

If the Purchase Date is on or after an interest record date and on or before the related interest payment date, any accrued and unpaid
interest to the Purchase Date shall be paid to the Person in whose name a Note is registered at the close of business on such record date, and no additional interest shall be payable to Holders who tender Notes pursuant to the Asset Sale Offer. 

Upon the commencement of an Asset Sale Offer, the Company shall send, electronically or by first class mail, a notice to the Trustee and each
of the Holders, with a copy to the Trustee. The notice shall contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Asset Sale Offer. The Asset Sale Offer shall be made to all Holders. The notice,
which shall govern the terms of the Asset Sale Offer, shall state: 
 (a) that the Asset Sale Offer is being made pursuant to this
Section 3.09 and Section 4.10 hereof and the length of time the Asset Sale Offer shall remain open; 
 (b) the Offer Amount, the
Asset Sale Offer Price and the Purchase Date; 
 (c) that any Note not tendered or accepted for payment shall continue to accrete or accrue
interest; 

  
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 (d) that, unless the Company defaults in making such payment, any Note accepted for payment
pursuant to the Asset Sale Offer shall cease to accrete or accrue interest after the Purchase Date; 
 (e) that Holders electing to have a
Note purchased pursuant to an Asset Sale Offer may elect to have Notes purchased in integral multiples of $1,000 only; provided that, if only a portion of the Notes of any Holder is to be purchased, the unpurchased portion of the Notes of
such Holder must be equal to $2,000 in principal amount or an integral multiple of $1,000 in excess thereof; 
 (f) that Holders electing to
have a Note purchased pursuant to any Asset Sale Offer shall be required to surrender the Note, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Note completed, or transfer by book-entry transfer, to the
Company, a depositary, if appointed by the Company, or a Paying Agent at the address specified in the notice at least three days before the Purchase Date; 

(g) that Holders shall be entitled to withdraw their election if the Company, the depositary or the Paying Agent, as the case may be, receives,
not later than the closing, a facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Note the Holder delivered for purchase and a statement that such Holder is withdrawing his election to have such Note
purchased; 
 (h) that, if the aggregate principal amount of Notes surrendered by Holders exceeds the Offer Amount, the Company shall select
Notes to be purchased on a pro rata basis (with such adjustments as may be deemed appropriate by the Company so that (i) only Notes in principal amounts of $2,000, or integral multiples of $1,000 in excess thereof, shall be purchased and
(ii) the unpurchased portion of the Notes of any Holder shall be equal to $2,000 in principal amount or an integral multiple of $1,000 in excess thereof); and 

(i) that Holders whose Notes were purchased only in part shall be issued new Notes equal in principal amount to the unpurchased portion of the
Notes surrendered (or transferred by book-entry transfer). 
 On or before the Purchase Date, the Company shall, to the extent lawful,
accept for payment, on a pro rata basis to the extent necessary, the Offer Amount of Notes and Pari Passu Indebtedness or portions thereof validly tendered and not properly withdrawn pursuant to the Asset Sale Offer, or, if less than the
Asset Sale Offer Amount has been validly tendered and not properly withdrawn, all Notes and Pari Passu Indebtedness so tendered, in the case of the Notes in integral multiples of $1,000; provided that if, following repurchase of a portion of
a Note, the remaining principal amount of such Note outstanding immediately after such repurchase would be less than $2,000, then the portion of such Note so repurchased shall be reduced so that the remaining principal amount of such Note
outstanding immediately after such repurchase is $2,000. If the aggregate purchase price of the Notes tendered exceeds the Net Proceeds allotted to their purchase, the Company will select the Notes to be purchased on a pro rata basis but in
round denominations, which in the case of the Notes will be denominations of integral multiples of $1,000; provided that the unpurchased portion of the Notes of any Holder must be equal to $2,000 in principal amount or integral multiples of
$1,000 in excess thereof. The Company shall deliver, or cause to be delivered, to the Trustee the Notes so accepted and an Officers’ Certificate stating the aggregate principal amount of Notes so accepted and that such Notes were accepted for
payment by the Company in accordance with the terms of this Section 3.09 and Section 4.10 hereof. In addition, the Company shall deliver all certificates and instruments required, if any, by the agreements governing the Pari Passu
Indebtedness. The paying agent or the Company, as the case may be, shall promptly, but in no event later than five Business Days after termination of the Offer Period, mail (or otherwise deliver in accordance with the Applicable Procedures of DTC)
to each tendering Holder or holder or lender of Pari 

  
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Passu Indebtedness, as the case may be, an amount equal to the purchase price of the Notes or Pari Passu Indebtedness so validly tendered and not properly withdrawn by such holder or lender, as
the case may be, and accepted by the Company for purchase, and the Company shall promptly issue a new Note, and the Trustee, upon delivery of an Authentication Order from the Company, shall authenticate and mail (or otherwise deliver in accordance
with the Applicable Procedures of DTC) (or cause to be transferred by book entry) such new Note to such Holder (it being understood that, notwithstanding anything in this Indenture to the contrary, no Opinion of Counsel or Officers’ Certificate
shall be required for the Trustee to authenticate and mail or deliver such new Note) in a principal amount equal to any unpurchased portion of the Note surrendered; provided that each such new Note will be in a principal amount of $2,000 or
an integral multiple of $1,000 in excess thereof. In addition, the Company shall take any and all other actions required by the agreements governing the Pari Passu Indebtedness. Any Note not so accepted shall be promptly mailed or delivered by the
Company to the Holder thereof. 
 The Company will comply with the requirements of Section 14(e) of and Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with each repurchase of Notes pursuant to an Asset Sale
Offer. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Indenture relating to an Asset Sale, the Company will comply with the applicable securities laws and regulations and will not be
deemed to have breached its obligations under the Asset Sale provisions of this Indenture by virtue of such conflict. 
 ARTICLE 4 

COVENANTS 
 Section 4.01 Payment of
Notes. 
 The Company shall pay or cause to be paid the principal of, premium, if any, and interest on, the Notes on the dates and in the
manner provided in the Notes. Principal, premium, if any, and interest shall be considered paid on the date due if the Paying Agent, other than the Company or a Subsidiary thereof or an Affiliate of any thereof, holds as of 10:00 a.m. Eastern Time
on the due date money deposited by the Company in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest then due. 

Interest on the Notes shall be computed on the basis of a 360 day year of twelve 30-day months. 

The Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium,
if any, at the rate equal to the then applicable interest rate on the Notes to the extent lawful; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard
to any applicable grace period) at the same rate to the extent lawful. 
 Section 4.02 Maintenance of Office or Agency. 

The Company shall maintain an office or agency (which may be an office of the Trustee or an affiliate of the Trustee, Registrar or co-registrar) where Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Company in respect of the Notes and this Indenture may be served. The Company
shall give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with
the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee. 

  
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 The Company may also from time to time designate one or more other offices or agencies where
the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations. The Company shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the
location of any such other office or agency. 
 The Company hereby designates the Corporate Trust Office of the Trustee as one such office
or agency of the Company in accordance with Section 2.03 hereof. 
 Section 4.03 Reports. 

(a) Whether or not required by the SEC, so long as any Notes are outstanding, the Company shall furnish to the Holders of Notes, within 15 days
after the date by which the Company would have been required by the SEC’s rules and regulations to file such documents: (i) all quarterly and annual financial information that would be required to be contained in a filing with the SEC on
Forms 10-Q and 10-K if the Company were required to file such Forms, including a “Management’s Discussion and Analysis of Financial Condition and Results of
Operations” and, with respect to the annual information only, a report on the annual financial statements by the Company’s certified independent accountants; and (ii) all current reports that would be required to be filed with the SEC
on Form 8-K, or any successor or comparable form, if the Company were required to file such reports, in each case in a manner that complies in all material respects with the requirements specified in such
form. Notwithstanding the foregoing, the Company will not be obligated to file such reports with the SEC if the SEC does not permit such filing, so long as the Company provides such information to the Trustee and the Holders and makes available such
information to prospective purchasers of the Notes, in each case at the Company’s expense and by the applicable date the Company would be required to file such information pursuant to the preceding paragraph. The Company will be deemed to have
furnished the reports referred to in clauses (i) and (ii) above and the preceding sentence if the Company has filed such reports with the SEC (and such reports are publicly available). 

(b) To the extent not satisfied by Section 4.03(a) hereof, for so long as any Notes are outstanding, the Company will furnish to Holders
and to securities analysts and prospective purchasers of the Notes, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. The requirements set forth in this Section 4.03(b) and
Section 4.03(a) hereof may be satisfied by delivering such information to the Trustee and posting copies of such information on a website (which may be nonpublic and may be maintained by the Company or a third party) to which access will be
given to Holders, prospective purchasers of the Notes (which prospective purchasers will be limited to “qualified institutional buyers” within the meaning of Rule 144A of the Securities Act) or
non-U.S. persons (as defined in Regulation S under the Securities Act), securities analysts and market making institutions that certify their status as such to the reasonable satisfaction of the Company. In
addition, no later than five Business Days after the date the annual and quarterly financial information for the prior fiscal period have been filed or furnished pursuant to clauses (i) or (ii) above, the Company shall also hold live quarterly
conference calls with the opportunity to ask questions of management; provided that the Company’s regularly scheduled conference calls with investors may satisfy this obligation. No fewer than ten Business Days prior to the date such
conference call is to be held, the Company shall issue a press release to the appropriate U.S. wire services announcing such quarterly conference call for the benefit of the Trustee, the Holders, beneficial owners of the Notes, prospective
purchasers of the Notes, securities analysts and market making financial institutions, which press release shall contain the time and the date of such conference call and direct the recipients thereof to contact an individual at the Company (for
whom contact information shall be provided in such notice) to obtain information on how to access such quarterly conference call. 

  
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 (c) If the Company has designated any of its Subsidiaries as Unrestricted Subsidiaries and
such Unrestricted Subsidiaries, either individually or collectively, would otherwise have been a Significant Subsidiary, then the annual and quarterly financial information required by the preceding paragraphs shall include a reasonably detailed
presentation, as determined in good faith by senior management of the Company, either on the face of the financial statements or in the footnotes to the financial statements and in the “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” section, of the financial condition and results of operations of the Company and its Restricted Subsidiaries separate from the financial condition and results of operations of the Unrestricted Subsidiaries.

 (d) Notwithstanding anything herein to the contrary, the Company shall not be deemed to have failed to comply with any of its obligations
hereunder for purposes of Section 6.01(e) hereof until 120 days after the date any report hereunder is due, and failure to comply with this covenant shall be automatically cured when the Company provides all required reports to the Holders
(including, without limitation, to the Trustee for delivery to the Holders) or files all required reports with the SEC. 
 (e) Delivery of
such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute actual or constructive notice of any information contained therein or determinable from information
contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on an Officers’ Certificate or certificates). The Trustee shall have no duty to determine
whether the posting of such reports, information and documents has occurred or to review or analyze reports delivered to it. 
 Section 4.04
Compliance Certificate. 
 (a) The Company shall deliver to the Trustee, within 90 days after the end of each fiscal year commencing
December 31, 2019, an Officers’ Certificate stating that to his or her knowledge the Company complied with all conditions and covenants contained in this Indenture or, if a Default or Event of Default shall have occurred, describing all
such Defaults or Events of Default of which he or she may have knowledge. 
 (b) The Company shall, so long as any of the Notes are
outstanding, deliver to the Trustee, within 30 Business Days of any Officer becoming aware of any Default or Event of Default that has not been cured, an Officers’ Certificate specifying such Default or Event of Default and what action the
Company is taking or proposes to take with respect thereto. 
 Section 4.05 Payment of Taxes and Other Claims. 

The Company shall pay, and shall cause each of its Restricted Subsidiaries to pay, prior to delinquency, all material taxes, assessments, and
governmental levies except such as are contested in good faith and by appropriate proceedings or where the failure to effect such payment would not reasonably be expected to have a material adverse effect on the ability of the Company or any
Subsidiary Guarantor to perform its obligations under the Notes. 

  
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 Section 4.06 Stay, Extension and Usury Laws. 

The Company and each of the Subsidiary Guarantors covenants (to the extent that it may lawfully do so) that it shall not at any time insist
upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the
Company and each of the Subsidiary Guarantors (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it shall not, by resort to any such law, hinder, delay or impede the
execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every such power as though no such law has been enacted. 

Section 4.07 Restricted Payments. 

The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly: (i) pay any dividend on, or
make any other payment or distribution (whether made in cash, securities or other property) on account of, the Company’s or any of its Restricted Subsidiaries’ Equity Interests (including, without limitation, any payment in connection with
any merger or consolidation involving the Company or any of its Restricted Subsidiaries) or to the direct or indirect holders of the Company’s or any of its Restricted Subsidiaries’ Equity Interests in their capacity as such (other than
dividends or distributions (A) payable in solely Equity Interests (other than Disqualified Stock) of the Company or (B) by a Restricted Subsidiary, so long as, (1) in the case of any dividend or distribution payable on or in respect
of any Equity Interests issued by a Restricted Subsidiary that is not a Wholly Owned Subsidiary, the Company or the Restricted Subsidiary holding such Equity Interests receives at least its pro rata share of such dividend or distribution, or
(2) such Restricted Subsidiary is organized as a partnership, limited liability company or similar pass-through entity for U.S. federal income tax purposes and such dividends or distributions are payable to the holders of its Capital Stock in
amounts sufficient to satisfy the tax liabilities arising from their ownership of such Capital Stock); (ii) purchase, redeem or otherwise acquire or retire for value (including, without limitation, in connection with any merger or consolidation
involving the Company) any Equity Interests of the Company or any direct or indirect parent of the Company (other than any such Equity Interests owned by the Company or any of its Restricted Subsidiaries); (iii) make any payment on or with
respect to, or repurchase, redeem, defease or otherwise acquire or retire for value, in each case, prior to any scheduled repayment, sinking fund payment or maturity, any Subordinated Obligations or Guarantor Subordinated Obligations, other than
(A) Indebtedness of the Company owing to and held by any Subsidiary Guarantor or Indebtedness of a Subsidiary Guarantor owing to and held by the Company or any other Subsidiary Guarantor permitted under clause (vii) of the definition of
Permitted Debt or (B) the payment, repurchase, purchase, redemption, defeasance or other acquisition or retirement of Subordinated Obligations or Guarantor Subordinated Obligations of any Subsidiary purchased in anticipation of satisfying a
sinking fund obligation, principal installment or final maturity, in each case due within one year of the date of such payment, purchase, repurchase, redemption, defeasance or other acquisition or retirement for value; or (iv) make any
Restricted Investment (all such payments and other actions set forth in clauses (i) through (iv) above (other than any exception thereto) being collectively referred to as “Restricted Payments”), unless, at the time of and
after giving effect to such Restricted Payment: 
 (a) no Default shall have occurred and be continuing or would occur as a consequence of
such Restricted Payment; 
 (b) the Company would, after giving pro forma effect thereto as if such Restricted Payment had been made at the
beginning of the applicable four-quarter period, have been permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in the first paragraph of Section 4.09 hereof; and 

  
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 (c) such Restricted Payment, together with the aggregate amount of all other Restricted
Payments made by the Company and its Restricted Subsidiaries beginning on the Issue Date (excluding Restricted Payments permitted by clauses (ii), (iii), (iv), (v), (vi), (viii), (x), (xii) and (xiii) of the next succeeding
paragraph), is less than the sum, without duplication, of: (i) 50% of the Consolidated Net Income of the Company for the period (taken as one accounting period) beginning on July 1, 2017 and ending on the Company’s most recently ended
fiscal quarter for which internal financial statements are available at the time of such Restricted Payment (or, if such Consolidated Net Income for such period is a deficit, less 100% of such deficit), plus (ii) 100% of the aggregate net cash
proceeds (including the fair market value of property other than cash) received by the Company on or after the Issue Date as a contribution to its common equity capital or from the issue or sale of Equity Interests of the Company (other than
Disqualified Stock) or from the issue or sale of convertible or exchangeable Disqualified Stock or convertible or exchangeable debt securities of the Company that have been converted into or exchanged for such Equity Interests (other than Equity
Interests, Disqualified Stock or debt securities sold to a Subsidiary of the Company), plus (iii) the amount by which Indebtedness or Disqualified Stock incurred or issued subsequent to the Issue Date is reduced on the Company’s
consolidated balance sheet upon the conversion or exchange (other than by a Subsidiary of the Company) into Equity Interests of the Company (other than Disqualified Stock) (less the amount of any cash, or the fair market value of any other asset,
distributed by the Company or any Restricted Subsidiary upon such conversion or exchange); provided that such amount shall not exceed the aggregate net proceeds received by the Company or any Restricted Subsidiary after the Issue Date from
the issuance and sale (other than to a Subsidiary of the Company) of such Indebtedness or Disqualified Stock; plus (iv) to the extent that any Restricted Investment that was made on or after the Issue Date (other than Restricted Investments
made pursuant to clause (x) of the next succeeding paragraph) has been or is sold for cash or otherwise liquidated or repaid, purchased or redeemed for cash, the lesser of (A) such cash (less the cost of disposition, if any) and
(B) the amount of such Restricted Investment, plus (v) to the extent not otherwise included in the calculation of Consolidated Net Income of the Company for such period, 100% of the net reduction in Investments (other than Permitted
Investments) in any Person other than the Company or a Restricted Subsidiary of the Company resulting from dividends, repayment of loans or advances or other transfers of assets, in each case to the Company or any Restricted Subsidiary of the
Company, plus (vi) to the extent not otherwise included in the calculation of Consolidated Net Income of the Company for such period, 100% of any dividends or interest payments received by the Company or a Restricted Subsidiary of the Company
on and after the Issue Date from an Unrestricted Subsidiary or other Investment (other than a Permitted Investment), plus (vii) to the extent that any Unrestricted Subsidiary of the Company has been or is redesignated as a Restricted Subsidiary
on or after the Issue Date (other than pursuant to clause (x) of the next succeeding paragraph), the lesser of (A) the fair market value of the Company’s Investment in such Subsidiary as of the date of such redesignation and
(B) such fair market value as of the date on which such Subsidiary was originally designated as an Unrestricted Subsidiary, plus (viii) any amount which previously qualified as a Restricted Payment on account of any guarantee entered into
by the Company or any Restricted Subsidiary (excluding any Restricted Payment permitted by the next succeeding paragraph); provided that such guarantee has not been called upon and the obligation arising under such guarantee no longer exists.

 So long as no Default has occurred and is continuing or would be caused thereby (except in the case of clause (i) of this
paragraph), the preceding provisions will not prohibit: (i) the payment of any dividend or distribution on, or redemption of, Equity Interests, within 60 days after the date of declaration of the dividend or the giving of notice thereof, if, at
the date of such declaration or the giving of such notice the payment would have complied with the provisions of this Indenture; (ii) any purchase, repurchase, redemption, defeasance or other acquisition or retirement of Capital Stock,
Disqualified Stock or Subordinated Obligations of the Company or Guarantor Subordinated Obligations of any Subsidiary Guarantor made by exchange for, or out of the proceeds of the substantially concurrent sale of, Capital Stock of the Company (other
than Disqualified Stock and other than Capital Stock issued or sold to a Subsidiary or an employee stock ownership plan or similar trust to the extent such sale to an employee stock ownership plan or similar trust is financed by loans from or
guaranteed by the Company or any Restricted Subsidiary unless such loans have been repaid with cash on or prior to the date of 

  
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determination); provided, however, that the Net Cash Proceeds from such sale of Capital Stock will be excluded from clause (c)(ii) of the preceding paragraph; (iii) the
redemption, purchase, repurchase, retirement, defeasance or other acquisition or retirement for value of any Subordinated Obligation (a) at a purchase price not greater than 101% of the principal amount of such Subordinated Obligation in the
event of a Change of Control in accordance with provisions similar to Section 4.15 hereof or (b) at a purchase price not greater than 100% of the principal amount thereof in accordance with provisions similar to Section 4.10 hereof;
provided that, prior to or simultaneously with such purchase, repurchase, redemption, defeasance or other acquisition or retirement, the Company has made the Change of Control Offer or Asset Sale Offer, as applicable, as provided in such
covenant with respect to the Notes and has completed the repurchase or redemption of all Notes validly tendered for payment in connection with such Change of Control Offer or Asset Sale Offer; (iv)(a) the defeasance, redemption, purchase, repurchase
or other acquisition or retirement of Subordinated Obligations of the Company or Guarantor Subordinated Obligations of any Subsidiary Guarantor made by exchange for, or out of the proceeds of the substantially concurrent sale of, Subordinated
Obligations of the Company or (b) any defeasance, redemption, purchase, repurchase or other acquisition or retirement of Guarantor Subordinated Obligations of any Subsidiary Guarantor made by exchange for or out of the proceeds of the
substantially concurrent sale of Guarantor Subordinated Obligations of a Subsidiary Guarantor, in each case so long as such refinancing Subordinated Obligations or Guarantor Subordinated Obligations are permitted to be incurred pursuant
Section 4.09 hereof and constitute Permitted Refinancing Indebtedness; (v) the payment of any dividend or other payment or distribution by a Restricted Subsidiary of the Company to the holders of its Equity Interests on a pro rata basis;
(vi) repurchases of Equity Interests deemed to occur upon exercise of stock options if those Equity Interests represent all or a portion of the exercise price of those options; (vii) the repurchase, redemption or other acquisition or
retirement for value of any Equity Interests of the Company or any Restricted Subsidiary of the Company (in the event such Equity Interests are not owned by the Company or any of its Restricted Subsidiaries) in an amount not to exceed
$50.0 million in the aggregate in any fiscal year; (viii) the purchase by the Company of fractional shares arising out of stock dividends, splits, the conversion of convertible securities or combinations or business combinations;
(ix) the declaration and payment of dividends to holders of any class or series of preferred stock of the Company issued or incurred in compliance with Section 4.09 hereof to the extent such dividends are included in the definition of
“Fixed Charges”; (x) Restricted Payments not to exceed $50.0 million under this clause (x) in the aggregate, plus, to the extent Restricted Payments made pursuant to this clause (x) are Investments made by the Company
or any of its Restricted Subsidiaries in any Person and such Investment is sold for cash or otherwise liquidated or repaid, purchased or redeemed for cash, an amount equal to the lesser of (A) such cash (less the cost of disposition, if any)
and (B) the amount of such Restricted Payment (it being understood that, for purposes of this clause (x), Investments made in minority-owned dealerships pursuant to this clause (x) shall be determined by excluding the dollar amount of
vehicle and parts inventory of such dealerships); provided that the amount of such cash will be excluded from clauses (c)(iv) and (c)(vii) of the immediately preceding paragraph; (xi) the payment of dividends on the Company’s shares
of Common Stock in the aggregate amount per fiscal year equal to $1.75 per share for each share of Common Stock (or any securities convertible into Common Stock to the extent they are entitled to such a dividend) of the Company outstanding as of the
applicable record date for such dividends (as such $1.75 shall be adjusted for specified changes in the capitalization of the Company upon recapitalizations, reclassifications, stock splits, stock dividends, reverse stock splits, stock
consolidations and similar transactions); (xii) other Restricted Payments, so long as the Consolidated Total Leverage Ratio of the Company and its Restricted Subsidiaries on a consolidated basis is no greater than 2.5 to 1.0 determined on a pro
forma basis for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date of such Restricted Payment; or (xiii) distributions or payments of Securitization Fees,
sales, contributions and other transfers of Securitization Assets or Receivables Assets and purchases of Securitization Assets or Receivables Assets pursuant to a Securitization Repurchase Obligation, in each case in connection with a Qualified
Securitization Financing or Receivables Facility. 

  
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 The amount of all Restricted Payments (other than cash) will be the fair market value on the
date of the Restricted Payment of the asset(s) or securities proposed to be transferred or issued by the Company or such Restricted Subsidiary, as the case may be, pursuant to the Restricted Payment. The fair market value of any assets or securities
that are required to be valued by this Section 4.07 will be determined by the Company. 
 Section 4.08 Dividend and Other Payment Restrictions
Affecting Restricted Subsidiaries. 
 The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or
indirectly, create any consensual encumbrance or restriction on the ability of any of its Restricted Subsidiaries to: (i) pay dividends or make any other distributions on its Capital Stock to the Company or any of its Restricted Subsidiaries,
or with respect to any other interest or participation in, or measured by, its profits, or pay any indebtedness owed to the Company or any of its Restricted Subsidiaries; (ii) make loans or advances to the Company or any of its Restricted
Subsidiaries; or (iii) transfer any of its properties or assets to the Company or any of its Restricted Subsidiaries. 
 However, the
preceding restrictions will not apply to encumbrances or restrictions existing under or by reason of: (1) any agreement in effect or entered into on the Issue Date, including agreements governing Existing Indebtedness, Hedging Obligations, the
Credit Agreement and Floor Plan Facilities as in effect on the Issue Date and any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of those agreements; provided that the
amendments, modifications, restatements, renewals, increases, supplements, refundings, replacement or refinancings of such instrument are not materially more restrictive, taken as a whole, with respect to such dividend and other payment restrictions
than those contained in such agreement on the Issue Date; (2) this Indenture, the Notes and the Subsidiary Guarantees; (3) applicable law and any applicable rule, regulation or order; (4) any instrument governing Indebtedness or
Capital Stock of a Person acquired by the Company or any of its Restricted Subsidiaries as in effect at the time of such acquisition (except to the extent such Indebtedness or Capital Stock was incurred in connection with or in contemplation of such
acquisition), which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person, or the property or assets of the Person, so acquired; provided that, in the case of
Indebtedness, such Indebtedness was permitted by the terms of this Indenture to be incurred; (5) any encumbrance or restriction pursuant to an agreement effecting a permitted renewal, refunding, replacement, refinancing or extension of
Indebtedness issued pursuant to an agreement containing any encumbrance or restriction referred to in the foregoing clauses (2) and (4), so long as the encumbrances and restrictions contained in any such renewal, refunding, replacement,
refinancing or extension agreement are no less favorable in any material respect to the Holders than the encumbrances and restrictions contained in the agreements governing the Indebtedness being renewed, refunded, replaced, Refinanced or extended
in the good faith judgment of the Company; (6) customary non-assignment provisions in leases entered into in the ordinary course of business; (7) purchase money obligations for property acquired and
Capital Lease Obligations permitted under this Indenture, in each case that impose encumbrances or restrictions on the transfer of that property of the nature described in clause (iii) of the preceding paragraph; provided that any such
encumbrance or restriction is released to the extent the underlying Lien is released or the related Indebtedness is repaid; (8) any agreement for the sale or other disposition of assets, including, without limitation, customary restrictions
with respect to a Subsidiary of the Company pursuant to an agreement that has been entered into for the sale or disposition of substantially all of the Capital Stock or substantially all of the assets of such Subsidiary; (9) (x) other
Indebtedness incurred or preferred stock issued by a Subsidiary Guarantor permitted to be incurred pursuant Section 4.09 hereof that, in the good faith judgment of the Company, are not more restrictive, taken as a whole, than those applicable
to the Company in this Indenture or the Credit Agreement on the Issue Date (which results in encumbrances or restrictions at a Restricted Subsidiary level comparable to those applicable to the Company) or (y) other Indebtedness incurred or
preferred stock issued by a 

  
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Non-Guarantor Subsidiary permitted to be incurred subsequent to the Issue Date pursuant to Section 4.09 hereof; provided that with respect to clause (y), such encumbrances or
restrictions will not materially affect the Company’s ability to make anticipated principal and interest payments on the Notes (in the good faith judgment of the Company); (10) Liens that limit the right of the debtor to dispose of the
assets subject to such Liens; (11) contained in a franchise or other agreement entered into in the ordinary course of business with a Manufacturer and which has terms reasonably customary for such agreements between or among such Manufacturer,
its dealers and/or the owners of such dealers; (12) provisions in joint venture agreements, asset sale agreements, stock sale agreements and other similar agreements entered into in the ordinary course of business and, in each case, permitted
under the terms of this Indenture; (13) customary provisions restricting subletting or assignment of any lease, contract or license of the Company or any Restricted Subsidiary or provisions in agreements that restrict the assignment of such
agreement or any rights thereunder; (14) restrictions on cash or other deposits or net worth, total assets, liquidity and similar financial responsibility covenants imposed by customers under contracts entered into in the ordinary course of
business; (15) covenants in Floor Plan Facilities customary for inventory and floor plan financing in the automobile retailing industry; and (16) restrictions created in connection with any Qualified Securitization Financing or Receivables
Facility that, in the good faith determination of the Company, are necessary or advisable to effect such Securitization Facility or Receivables Facility. 

Section 4.09 Incurrence of Indebtedness and Issuance of Preferred Stock. 

The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume,
guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”) any Indebtedness (including any Acquired Debt), and the Company shall not issue any Disqualified Stock
and will not permit any of its Restricted Subsidiaries to issue any shares of preferred stock; provided, however, that the Company may incur Indebtedness (including any Acquired Debt) or issue Disqualified Stock, and the Company’s
Restricted Subsidiaries may incur Indebtedness (including any Acquired Debt) or issue preferred stock, in each case, if the Fixed Charge Coverage Ratio for the Company’s most recently ended four full fiscal quarters for which internal financial
statements prepared on a consolidated basis in accordance with GAAP are available immediately preceding the date on which such additional Indebtedness is incurred or such Disqualified Stock or preferred stock is issued would have been at least 2.0
to 1.0, determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been incurred or the preferred stock or Disqualified Stock had been issued, as the case may be, at the
beginning of such four-quarter period; provided, further, that the aggregate amount of Indebtedness (including Acquired Debt) that may be incurred and Disqualified Stock or preferred stock that may be issued pursuant to the foregoing
by Non-Guarantor Subsidiaries shall not exceed the greater of $85.0 million and 1.5% of Consolidated Total Assets of the Company at any one time outstanding. 

The first paragraph of this Section 4.09 shall not prohibit the incurrence of any of the following items of Indebtedness (collectively,
“Permitted Debt”): (i) the incurrence by the Company or any of its Restricted Subsidiaries of term and/or revolving credit Indebtedness and letters of credit under Debt Facilities (excluding, for the avoidance of doubt,
Indebtedness incurred under clauses (iv) or (xv) below), in an aggregate principal amount at any one time outstanding under this clause (i) (with letters of credit being deemed to have a principal amount equal to the maximum potential
liability of the Company and its Restricted Subsidiaries thereunder) not to exceed the greater of: (A) $860.0 million; and (B) 15.0% of the Consolidated Total Assets of the Company as of the date of such incurrence; (ii) the
incurrence by the Company or any of its Restricted Subsidiaries of Existing Indebtedness; (iii) the incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness represented by the Notes (other than any Additional Notes) and
the related Subsidiary Guarantees to be issued on the Issue Date; (iv) the incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness under Floor Plan Facilities; (v) the incurrence by the Company or any of its
Restricted Subsidiaries of Indebtedness 

  
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represented by Capital Lease Obligations, mortgage financings or purchase money obligations, in each case, incurred for the purpose of financing all or any part of the purchase price or cost of
construction or improvement of property, plant or equipment used in the business of the Company or such Restricted Subsidiary, in an aggregate principal amount, including all Permitted Refinancing Indebtedness incurred to refund or Refinance any
Indebtedness incurred pursuant to this clause (v), not to exceed, at any time outstanding, the greater of (x) $170.0 million and (y) 3.0% of Consolidated Total Assets of the Company; (vi) the incurrence by the Company or any of
its Restricted Subsidiaries of Permitted Refinancing Indebtedness in exchange for, or the net proceeds of which are used to refund, Refinance or replace Indebtedness (other than intercompany Indebtedness) that was permitted by this Indenture to be
incurred under the first paragraph of this Section 4.09 or clauses (ii), (iii), (vi) or (xvi) of this paragraph; (vii) the incurrence by the Company or any of its Restricted Subsidiaries of intercompany Indebtedness between or among
the Company and its Restricted Subsidiaries; provided, that (A) any subsequent issuance or transfer of Equity Interests that results in any such Indebtedness being held by a Person other than the Company or a Restricted Subsidiary of the
Company and (B) any sale or other transfer of any such Indebtedness to a Person that is not either the Company or a Restricted Subsidiary of the Company will be deemed, in each case, to constitute an incurrence of such Indebtedness by the
Company or such Restricted Subsidiary, as the case may be, that was not permitted by this clause (vii); (viii) the incurrence by the Company or any of its Restricted Subsidiaries of Hedging Obligations in the ordinary course of business and not
for speculative purposes; (ix) the guarantee by the Company or any of its Restricted Subsidiaries of Indebtedness of the Company or a Restricted Subsidiary that was permitted to be incurred by another provision of this Section 4.09;
(x) Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business, provided that such Indebtedness is
extinguished within five Business Days of its incurrence; (xi) Obligations in respect of (A) performance, bid and surety bonds and completion guarantees provided by the Company or any of its Restricted Subsidiaries in the ordinary course
of business and (B) agreements providing for indemnification, adjustment of purchase price, earn-outs or similar obligations incurred in connection with the acquisition or disposition of any business, assets or subsidiary;
(xii) Indebtedness arising in connection with endorsement of instruments for deposit in the ordinary course of business; (xiii) Indebtedness consisting of the financing of insurance premiums; (xiv) Indebtedness consisting of
Guarantees incurred in the ordinary course of business under repurchase agreements or similar agreements in connection with the financing of sales of goods in the ordinary course of business; (xv) the incurrence by the Company or any of its
Restricted Subsidiaries of Indebtedness under Mortgage Loans in an amount incurred pursuant to this clause (xv) not to exceed the greater of $685.0 million and 12.0% of Consolidated Total Assets of the Company at any time outstanding;
(xvi) Permitted Acquisition Indebtedness; (xvii) the incurrence by the Company or any of its Restricted Subsidiaries of additional Indebtedness in an aggregate principal amount (or accreted value, as applicable) which, when taken together
with all other Indebtedness of the Company and its Restricted Subsidiaries outstanding on the date of such incurrence and incurred pursuant to this clause (xvii) does not exceed the greater of (x) $370.0 million and (y) 6.5% of
Consolidated Total Assets of the Company; (xviii) Indebtedness incurred or Disqualified Stock issued by the Company or Indebtedness incurred or preferred stock issued by a Restricted Subsidiary, in each case, to the extent the net proceeds
thereof are promptly deposited to defease, redeem or satisfy and discharge the Notes in accordance with this Indenture; (xix) the incurrence of Indebtedness of the Company or any of its Restricted Subsidiaries to finance consumer loans and
leases entered into, purchased or otherwise acquired by the Company or its Restricted Subsidiaries, as lender, lessor or assignee, as applicable, in the ordinary course of business consistent with past practices; provided that the aggregate
principal amount of such Indebtedness shall not exceed 70.0% of the aggregate principal amount of such consumer loans and leases at any one time outstanding; (xx) shares of preferred stock of a Restricted Subsidiary issued to the Company or a
Wholly Owned Subsidiary of the Company; provided that any subsequent transfer of any such shares of preferred stock (except to the Company or a Wholly Owned Subsidiary of the Company) shall be deemed to be an issuance of preferred stock that
was not permitted by this clause (xx); and Indebtedness in respect of any Qualified Securitization Financing or any Receivables Facility. 

  
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 For purposes of determining compliance with this Section 4.09, in the event that an
item of proposed Indebtedness (or portion thereof) meets the criteria of more than one of the categories of Permitted Debt described in clauses (i) through (xxi) of the preceding paragraph, and may also be entitled to be incurred in whole
or in part pursuant to the first paragraph of this Section 4.09, the Company will be permitted to divide and classify such item of Indebtedness (or portion thereof) on the date of its incurrence and later divide and reclassify all or a portion
of such item of Indebtedness, in any manner that complies with this Section 4.09. Indebtedness that was outstanding on the Issue Date under the Credit Agreement is deemed to have been incurred on such date in reliance on the exception provided
by clause (i) of the definition of “Permitted Debt” and unless repaid may not be reclassified at any time. 
 Accrual of
interest and dividends, accretion or amortization of original issue discount, the payment of interest on any Indebtedness in the form of additional Indebtedness with the same terms, changes to amounts outstanding in respect of Hedging Obligations
solely as a result of fluctuations in interest rates, the assumption or guarantee of Indebtedness of a Restricted Subsidiary by the Company or another Restricted Subsidiary and the payment of dividends on Disqualified Stock or preferred stock of
Restricted Subsidiaries in the form of additional shares of the same class of Disqualified Stock or preferred stock of Restricted Subsidiaries shall not be deemed to be an incurrence of Indebtedness or an issuance of Disqualified Stock or preferred
stock of Restricted Subsidiaries for purpose of this Section 4.09. 
 The Company will not, and will not permit any Subsidiary
Guarantor to, directly or indirectly, incur any Indebtedness (including Acquired Debt) that is or purports to be by its terms (or by the terms of any agreement governing such Indebtedness) subordinated or junior in right of payment to any other
Indebtedness (including Acquired Debt) of the Company or such Subsidiary Guarantor, as the case may be, unless such Indebtedness is expressly subordinated in right of payment to the Notes or such Subsidiary Guarantor’s Subsidiary Guarantee, as
the case may be, to the same extent and in the same manner as such Indebtedness is subordinated to such other Indebtedness of the Company or such Subsidiary Guarantor, as the case may be. For purposes of the foregoing, no Indebtedness will be deemed
to be contractually subordinate or junior in right of payment to any other Indebtedness solely by virtue of (i) being unsecured or (ii) its having a junior priority with respect to the same collateral. 

Section 4.10 Asset Sales. 
 The
Company shall not, and shall not permit any of its Restricted Subsidiaries to, consummate an Asset Sale unless: (i) the Company (or such Restricted Subsidiary, as the case may be) receives consideration at the time of the Asset Sale at least
equal to the fair market value of the assets disposed of or the Equity Interests of the Restricted Subsidiary issued or sold or otherwise disposed of; and (ii) at least 75% of the consideration received in the Asset Sale, together with the
consideration received in all other Asset Sales since the Issue Date (on a cumulative basis), by the Company or such Restricted Subsidiary is in the form of cash or Cash Equivalents. 

For purposes of this covenant, each of the following will be deemed to be cash: (a) any liabilities, as shown on the Company’s or
such Restricted Subsidiary’s most recent balance sheet (other than contingent liabilities and liabilities that are by their terms subordinated to the Notes or any Subsidiary Guarantee) that are assumed by the transferee of any such assets or
terminated by the holder of such liability and the Company or such Restricted Subsidiary is released from further liability; (b) any securities, notes or other obligations received by the Company or any such Restricted Subsidiary from such
transferee that are converted by the Company or such Restricted Subsidiary into cash or Cash 

  
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Equivalents within 90 days after receipt, to the extent of the cash or Cash Equivalents received in that conversion; (c) any Designated Non-cash
Consideration received by the Company or any such Restricted Subsidiary in such Asset Sale having an aggregate fair market value, taken together with all other Designated Non-cash Consideration received
pursuant to this clause (c) that at that time has not been converted to cash, not to exceed the greater of (x) $55.0 million and (y) 1.0% of Consolidated Total Assets of the Company at the time of receipt of such Designated Non-cash Consideration, with the fair market value of each item of Designated Non-cash Consideration being measured at the time received and without giving effect to
subsequent changes in value; and (d) Replacement Assets. 
 Within 365 days after the receipt of any Net Proceeds from an Asset Sale,
the Company or the Restricted Subsidiary, as the case may be, may apply an amount equal to such Net Proceeds at its option: 

(i) to permanently reduce (and permanently reduce commitments with respect thereto) (a) Secured Indebtedness under the
Credit Agreement and (b) Secured Indebtedness of the Company (other than any Disqualified Stock or Subordinated Obligations) or Secured Indebtedness of a Subsidiary Guarantor or Indebtedness of a
Non-Guarantor Subsidiary (other than any Disqualified Stock or Guarantor Subordinated Obligations), in each case other than Indebtedness owed to the Company or an Affiliate of the Company; 

(ii) to permanently reduce obligations under other Indebtedness of the Company (other than any Disqualified Stock or
Subordinated Obligations) or Indebtedness of a Subsidiary Guarantor (other than any Disqualified Stock or Guarantor Subordinated Obligations), in each case other than Indebtedness owed to the Company or an Affiliate of the Company; provided
that the Company shall equally and ratably reduce Obligations under the Notes, as provided under Section 3.07 hereof, through open market purchases at or above 100% of the principal amount thereof or by making an offer (in accordance with the
procedures set forth below for an Asset Sale Offer) to all Holders to purchase their Notes at 100% of the principal amount thereof, in each case plus the amount of accrued but unpaid interest on the Notes that are purchased or redeemed; 

(iii) (a) to acquire all or substantially all of, or a majority of the Voting Stock of, another Permitted Business,
(b) to make a capital expenditure or (c) to acquire long-term assets that are used for or useful in a Permitted Business or, in each case of (a), (b) and (c) of this clause (iii), enter into a binding commitment for any such
acquisition, investment or expenditure; provided that such binding commitment shall be treated as a permitted application of the Net Proceeds from the date of such commitment unless earlier completed, only until the 180th day following the
expiration of the aforementioned 365-day period; provided, further, that, if the acquisition, investment or expenditure contemplated by such binding commitment is not consummated on or before the
180th day following the expiration of the aforementioned 365-day period, such commitment shall be deemed not to have been a permitted application of Net Proceeds; or 

(iv) any combination of the foregoing; 

provided that pending the final application of any Net Proceeds in accordance with clauses (i), (ii), (iii) or (iv) above, the
Company may temporarily reduce any revolving credit borrowings under the Credit Agreement or invest the Net Proceeds in any manner that is not otherwise prohibited by this Indenture. The Company or such Restricted Subsidiary will be deemed to have
complied with its obligations under this paragraph if it enters into a binding commitment to acquire Replacement Assets prior to 365 days after the receipt of the applicable Net Proceeds and such acquisition of Replacement Assets is consummated
prior to 545 days after the date of receipt of the applicable Net Proceeds, provided that upon any abandonment or termination of such commitment, the Net Proceeds not so applied shall constitute Excess Proceeds and be applied as set forth
below. 

  
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 If any portion of the Net Proceeds from Asset Sales is not applied or invested as provided
in clauses (i), (ii), (iii) or (iv) of the paragraph above or the Company otherwise determines not to apply such Net Proceeds as so provided, such amount will constitute “Excess Proceeds.” When the aggregate amount of Excess
Proceeds exceeds $75.0 million (or such lesser amount as the Company determines), the Company will (and at any time the Company may) make an offer to Holders of the Notes (and to the extent required by the terms of any outstanding Pari Passu
Indebtedness, to all holders of such Pari Passu Indebtedness) to purchase the maximum aggregate principal amount of Notes and any such Pari Passu Indebtedness that may be purchased out of such Excess Proceeds, pursuant to and subject to the
conditions contained in this Indenture and the agreements governing any such Pari Passu Indebtedness (the “Asset Sale Offer”). The Company will purchase Notes tendered pursuant to the Asset Sale Offer at a purchase price of 100% of
their principal amount (or, in the event such other Pari Passu Indebtedness of the Company was issued with significant original issue discount, 100% of the accreted value thereof) without premium, plus accrued but unpaid interest (or, in the event
such other Pari Passu Indebtedness of the Company was issued with significant original issue discount, 100% of the accreted value thereof), if any, to but excluding the date of purchase (subject to the right of Holders of record on a record date to
receive interest due on the Asset Sale Purchase Date (defined below)) (the “Asset Sale Offer Price”) in accordance with the procedures set forth in Section 3.09 hereof or the agreements governing such Pari Passu Indebtedness.
If any Excess Proceeds remain after consummation of an Asset Sale Offer, the Company may use those Excess Proceeds for any purpose not otherwise prohibited by this Indenture. Upon completion of each Asset Sale Offer, the amount of Excess Proceeds
will be reset at zero. 
 Section 4.11 Transactions with Affiliates. 

The Company shall not, and shall not permit any of its Restricted Subsidiaries to, make any payment to, or sell, lease, transfer or otherwise
dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction, contract, agreement, understanding, loan, advance or guarantee involving aggregate consideration in excess of
$5.0 million with, or for the benefit of, any Affiliate (each, an “Affiliate Transaction”), unless: (a) the Affiliate Transaction is on terms that are not materially less favorable to the Company or the relevant Restricted
Subsidiary than those that could have been obtained in a comparable transaction by the Company or such Restricted Subsidiary with an unrelated Person; and (b) the Company delivers to the Trustee, with respect to any Affiliate Transaction
or series of related Affiliate Transactions involving aggregate consideration in excess of $10.0 million, a resolution of the Board of Directors of the Company set forth in an Officers’ Certificate certifying that such Affiliate
Transaction complies with this Section 4.11 and that such Affiliate Transaction has been approved by a majority of the disinterested members of the Board of Directors of the Company. 

Notwithstanding the foregoing, the following items will not be deemed to be Affiliate Transactions and, therefore, will not be subject to the
provisions of the prior paragraph: 
 (i) any employment agreement or any compensation and employee benefit arrangements (or
amendment thereto) entered into by the Company or any of its Restricted Subsidiaries in the ordinary course of business of the Company or such Restricted Subsidiary, including the payment of indemnities provided for the benefit of employees party to
such employment agreements; 
 (ii) transactions between or among the Company and/or its Restricted Subsidiaries; 

  
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 (iii) transactions with a Person that is an Affiliate of the Company solely
because the Company or any of its Restricted Subsidiaries owns an Equity Interest in, or controls, such Person; 
 (iv)
payment of directors’ fees and indemnities provided for the benefit of directors; 
 (v) issuances or sales of Equity
Interests (other than Disqualified Stock) of the Company; 
 (vi) the pledge of Equity Interests of Unrestricted Subsidiaries
to support the Indebtedness thereof; 
 (vii) Permitted Investments and Restricted Payments that are permitted by the
provisions of Section 4.07 hereof; 
 (viii) loans or advances to officers of the Company in the ordinary course of
business not to exceed $1.0 million in any calendar year; 
 (ix) agreements and transactions with customers, clients,
suppliers or purchasers and sellers of goods or services, in each case in the ordinary course of business and otherwise in compliance with this Indenture, which are fair to the Company or its Restricted Subsidiaries, or are on terms, taken as a
whole, at least as favorable as might reasonably have been obtained at that time from a Person who is not an Affiliate of the Company; 

(x) transactions with joint ventures entered into in the ordinary course of business, including, without limitation, joint
ventures in the form of minority or majority interests in dealerships, provided that no other Affiliate of the Company (other than a Subsidiary thereof) directly or indirectly holds any Capital Stock of such joint venture; and 

(xi) any transaction effected as part of a Qualified Securitization Financing, Floor Plan Facility or Receivables Facility, any
disposition or acquisition of Securitization Assets, Receivables Assets or related assets in connection with any Qualified Securitization Financing or Receivables Facility and any repurchase of Securitization Assets or Receivable Assets pursuant to
a Securitization Repurchase Obligation. 
 Section 4.12 Limitation on Liens. 

The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur or assume any Lien
(other than Permitted Liens) upon any of its property or assets (including Capital Stock of Subsidiaries), or income or profits therefrom, or assign or convey any right to receive income therefrom, whether owned on the Issue Date or acquired after
that date, which Lien is securing any Indebtedness, unless contemporaneously with the incurrence of such Liens: 
 (a) in the case of Liens
securing Subordinated Obligations or Guarantor Subordinated Obligations, the Notes and related Subsidiary Guarantees are secured by a Lien on such property, assets or proceeds that is senior in priority to such Liens; or 

(b) in all other cases, the Notes and related Subsidiary Guarantees are equally and ratably secured or are secured by a Lien on such property,
assets or proceeds that is senior in priority to such Liens. 

  
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 Any Lien created for the benefit of Holders pursuant to this Section 4.12 shall be
automatically and unconditionally released and discharged upon the release and discharge of each of the related Liens described in clauses (a) and (b) above. 

Section 4.13 Designation of Restricted and Unrestricted Subsidiaries. 

The Board of Directors may designate any Restricted Subsidiary of the Company to be an Unrestricted Subsidiary if no Default has occurred and
is continuing at the time of such designation and if that designation would not cause a Default. If a Restricted Subsidiary of the Company is designated as an Unrestricted Subsidiary, the aggregate fair market value of all outstanding Investments
owned by the Company and its Restricted Subsidiaries in the Subsidiary properly designated shall be deemed to be an Investment made as of the time of the designation and shall reduce the amount available for Restricted Payments under the first or
second paragraphs of Section 4.07 hereof or Permitted Investments, as determined by the Company. That designation shall only be permitted if the Investment would be permitted at that time and if the Restricted Subsidiary of the Company
otherwise meets the definition of an “Unrestricted Subsidiary.” In addition, no such designation may be made unless the proposed Unrestricted Subsidiary does not own any Capital Stock in any Restricted Subsidiary that is not simultaneously
subject to designation as an Unrestricted Subsidiary. The Board of Directors may redesignate any Unrestricted Subsidiary to be a Restricted Subsidiary in accordance with the definition of “Unrestricted Subsidiary.” 

Section 4.14 Corporate Existence. 

Subject to Section 4.10 and Article 5 hereof, the Company shall do or cause to be done all things necessary to preserve and keep in full
force and effect (i) its corporate existence, and the corporate, partnership or other existence of each of its Restricted Subsidiaries, in accordance with the respective organizational documents (as the same may be amended from time to time) of
the Company or any such Restricted Subsidiary and (ii) the rights (charter and statutory), licenses and franchises of the Company and its Restricted Subsidiaries; provided that the Company shall not be required to preserve any such
right, license or franchise, or the corporate, partnership or other existence of any of its Restricted Subsidiaries, if the Company shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company
and its Subsidiaries, taken as a whole, and that the loss thereof is not materially adverse to the Holders of the Notes. 
 Section 4.15 Offer to
Repurchase Upon Change of Control. 
 (a) Upon the occurrence of a Change of Control, the Company shall make an offer (a “Change
of Control Offer”) to each Holder to repurchase all or any part (equal to an integral multiple of $1,000) of each Holder’s Notes at a purchase price equal to 101% of the aggregate principal amount thereof plus accrued and unpaid
interest thereon, if any, to the date of purchase (the “Change of Control Payment”). Within 30 days following any Change of Control, the Company shall electronically send or mail a notice to each Holder (with a copy to the Trustee)
stating: (1) that the Change of Control Offer is being made pursuant to this Section 4.15 and that all Notes tendered will be accepted for payment; (2) the purchase price and the purchase date, which shall be no earlier than 30 days
and no later than 60 days from the date such notice is sent or mailed (the “Change of Control Payment Date”); (3) that any Note not promptly tendered will continue to accrue interest; (4) that, unless the Company defaults
in the payment of the Change of Control Payment, all Notes accepted for payment pursuant to the Change of Control Offer shall cease to accrue interest after the Change of Control Payment Date; (5) that Holders electing to have any Notes
purchased pursuant to a Change of Control Offer will be required to surrender the Notes, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Notes completed, to the Paying Agent at the address specified
in the notice prior to the close of business on the third Business Day 

  
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preceding the Change of Control Payment Date; (6) that Holders will be entitled to withdraw their election if the Paying Agent receives, not later than the close of business on the second
Business Day preceding the Change of Control Payment Date, a telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the principal amount of Notes delivered for purchase, and a statement that such Holder is
withdrawing his election to have the Notes purchased; and (7) that Holders whose Notes are being purchased only in part will be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered, which unpurchased
portion must be equal to $2,000 in principal amount or an integral multiple of $1,000 in excess thereof. Notwithstanding anything to the contrary in this Indenture, a Change of Control Offer may be made in advance of a Change of Control, conditional
upon such Change of Control, if a definitive agreement is in place for the Change of Control at the time of making the Change of Control Offer. The Company shall comply with the requirements of Section 14(e) of and Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws and regulations are applicable in connection with the repurchase of Notes in connection with a Change of
Control. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Indenture relating to a Change of Control Offer, the Company shall comply with the applicable securities laws and regulations and
shall not be deemed to have breached its obligations under this Indenture by virtue of such conflict. 
 (b) On the Change of Control Payment
Date, the Company shall, to the extent lawful, (1) accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer, (2) deposit with the Paying Agent an amount equal to the Change of Control
Payment in respect of all Notes or portions of Notes properly tendered and (3) deliver or cause to be delivered to the Trustee for cancellation the Notes properly accepted together with an Officers’ Certificate stating the aggregate
principal amount of Notes or portions thereof being purchased by the Company in accordance with this Section 4.15. The Paying Agent shall promptly mail to each Holder of Notes so tendered the Change of Control Payment for the Notes, and the
Trustee shall promptly authenticate and deliver (or cause to be transferred by book entry) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered by such Holder, if any; provided that each such
new Note shall be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. The Company shall publicly announce the results of the Change of Control Offer on or as soon as practicable after the Change of Control Payment
Date. If the Change of Control Payment Date is on or after an interest record date and on or before the related interest payment date, any accrued and unpaid interest to the Change of Control Payment Date will be paid on the Change of Control
Payment Date to the Person in whose name a note is registered at the close of business on such record date. 
 (c) Notwithstanding anything
to the contrary in this Section 4.15, the Company shall not be required to make a Change of Control Offer upon a Change of Control if (i) a third party makes the Change of Control Offer in the manner, at the times and otherwise in
compliance with the requirements set forth in this Indenture applicable to a Change of Control Offer made by the Company and purchases all Notes properly tendered and not withdrawn under such Change of Control Offer or (ii) a notice of
redemption has been thereafter given pursuant to Article 3 hereof and all Notes properly tendered and not withdrawn are redeemed in accordance with the terms of such notice. 

(d) Notwithstanding anything to the contrary in this Section 4.15, a Change of Control Offer may be made in advance of a Change of
Control, conditional upon such Change of Control, if a definitive agreement is in place for the Change of Control at the time of making the Change of Control Offer. 

  
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 Section 4.16 Future Subsidiary Guarantors. 

The Company shall cause each Restricted Subsidiary (other than a Securitization Subsidiary) that becomes a borrower under the Credit Agreement
or that guarantees, on the Issue Date or any time thereafter, the Obligations under the Credit Agreement or any other Indebtedness of the Company or any Subsidiary Guarantor (including Obligations under the 2025 Notes) to execute and deliver to the
Trustee a supplemental indenture to this Indenture pursuant to which such Restricted Subsidiary will irrevocably and unconditionally guarantee, on a joint and several basis, the full and prompt payment of the principal of, premium, if any, and
interest in respect of the Notes on a senior basis and all other Obligations under this Indenture. 
 The obligations of each Subsidiary
Guarantor will be limited to the maximum amount as will, after giving effect to all other contingent and fixed liabilities of such Subsidiary Guarantor (including, without limitation, any guarantees under the Credit Agreement and the 2025 Notes) and
after giving effect to any collections from or payments made by or on behalf of any other Subsidiary Guarantor in respect of the Obligations of such other Subsidiary Guarantor under its Subsidiary Guarantee or pursuant to its contribution
Obligations under this Indenture, result in the Obligations of such Subsidiary Guarantor under its Subsidiary Guarantee not constituting a fraudulent conveyance or fraudulent transfer under federal or state law. 

Section 4.17 Suspension of Certain Covenants. 

If on any date following the Issue Date: 

(a) the Notes are rated Baa3 (or the equivalent) or better by Moody’s Investors Service, Inc. (“Moody’s”) and BBB- (or the equivalent) or better by Standard & Poor’s Ratings Services (“S&P”) (or, if either such rating agency ceases to rate the Notes for reasons outside of the control of
the Company, the equivalent investment grade credit rating from any other “nationally recognized statistical rating organization” within the meaning of Section 3 under the Exchange Act selected by the Company as a replacement agency)
(each, a “Replacement Rating Agency”); and 
 (b) no Default or Event of Default shall have occurred and be continuing, 

then, beginning on that day and subject to the provisions of the following paragraph, the provisions of this Indenture described under
Sections 4.07, 4.08, 4.09, 4.10, 4.11, 4.16 hereof and clause (a)(iv) of Section 5.01 hereof shall be suspended. 
 During any period
that the foregoing covenants have been suspended, the Board of Directors of the Company may not designate any of the Company’s Subsidiaries as Unrestricted Subsidiaries. 

Notwithstanding the foregoing, if the rating assigned by either such rating agency should subsequently decline to below Baa3 (or the
equivalent), in the case of Moody’s, or BBB- (or the equivalent), in the case of S&P, or, if either such rating agency ceases to rate the Notes for reasons outside of the control of the Company, the
equivalent investment grade credit rating from any Replacement Rating Agency, the foregoing covenants shall be reinstated as of and from the date of such rating decline. Any Indebtedness incurred during the period when the covenants are suspended
shall be classified as having been incurred pursuant to the first paragraph of Section 4.09 hereof. To the extent such Indebtedness would not be so permitted to be incurred, such Indebtedness shall be deemed to have been outstanding on the
Issue Date, so that it is classified as permitted under clause (ii) of the second paragraph under Section 4.09 hereof. Calculations under the reinstated Section 4.07 hereof shall be made as if Section 4.07 hereof had been in
effect since the Issue Date. However, no Default or Event of Default shall be deemed to have occurred as a result of any actions taken by the Company or its Restricted Subsidiaries during the period when such covenants are suspended. 

  
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 Promptly following the occurrence of any suspension or reinstatement of the covenants as
described above, the Company shall provide an Officers’ Certificate to the Trustee regarding such occurrence. The Trustee shall have no obligation to independently determine or verify if a suspension or reinstatement has occurred or notify the
Holders of any suspension or reinstatement. The Trustee may provide a copy of such Officers’ Certificate to any Holder of the Notes upon request. 

ARTICLE 5 
 SUCCESSORS 

Section 5.01 Merger, Consolidation, or Sale of Assets. 

(a) The Company shall not consolidate with or merge with or into or wind up into (whether or not the Company is the surviving
corporation), or sell, assign, convey, transfer, lease or otherwise dispose of all or substantially all of its properties and assets, in one or more related transactions, to any Person unless: (i) the resulting, surviving or transferee
Person (the “Successor Company”) is a corporation or limited liability company organized and existing under the laws of the United States, any state or territory thereof or the District of Columbia, and if such entity is not a
corporation, a co-obligor of the Notes is a corporation organized or existing under such laws; (ii) the Successor Company (if other than the Company) expressly assumes all of the obligations of the
Company under the Notes and this Indenture pursuant to a supplemental indenture or other documents or instruments in form reasonably satisfactory to the Trustee; (iii) immediately after giving effect to such transaction, no Default or Event of
Default shall have occurred and be continuing; (iv) immediately after giving pro forma effect to such transaction and any related financing transactions, as if such transactions had occurred at the beginning of the applicable
four-quarter period, (A) the Successor Company would be permitted to incur at least $1.00 of additional Indebtedness pursuant to the first paragraph of Section 4.09 hereof; or (B) the Fixed Charge Coverage Ratio of the Successor
Company and its Restricted Subsidiaries would be equal to or greater than the Fixed Charge Coverage Ratio of the Company and its Restricted Subsidiaries immediately prior to such transaction; (v) each Subsidiary Guarantor (unless it is the
other party to the transactions described above, in which case clause (b)(i) of the first paragraph of Section 10.04 hereof shall apply) shall have by supplemental indenture confirmed that its guarantee shall apply to such Successor
Company’s obligations under this Indenture and the Notes; and (vi) the Successor Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger, winding up
or disposition, and such supplemental indenture, if any, comply with this Indenture. 
 (b) Notwithstanding clause (iv) of the preceding
paragraph, (x) any Restricted Subsidiary may consolidate with, merge with or into or transfer all or part of its properties and assets to the Company or any Subsidiary Guarantor; and (y) the Company may merge with an Affiliate of the
Company solely for the purpose of reincorporating or forming the Company in another state or territory of the United States or the District of Columbia, so long as the amount of Indebtedness of the Company and its Restricted Subsidiaries is not
increased thereby. 
 (c) For purposes of this Section 5.01 and Article 10 of this Indenture, the sale, assignment, conveyance,
transfer, lease or other disposition of all or substantially all of the properties and assets of one or more Subsidiaries of the Company or a Subsidiary Guarantor, as the case may be, which properties and assets, if held by the Company or such
Subsidiary Guarantor instead of such Subsidiaries, would constitute all or substantially all of the properties and assets of the Company or such Subsidiary Guarantor on a consolidated basis, will be deemed to be the disposition of all or
substantially all of the properties and assets of the Company or such Subsidiary Guarantor, as applicable. 

  
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 Section 5.02 Successor Company Substituted. 

Upon any consolidation, merger, winding up, sale, assignment, conveyance, transfer, lease or other disposition of all or substantially all of
the assets of the Company or a Subsidiary Guarantor in accordance with this Article 5 or Article 10 of this Indenture, as the case may be, the Company and such Subsidiary Guarantor, as the case may be, will be released from its obligations under
this Indenture and the Notes or its Subsidiary Guarantee, as the case may be, and the Successor Company and the successor Subsidiary Guarantor, as the case may be, will succeed to, and be substituted for, and may exercise every right and power of,
the Company or a Subsidiary Guarantor, as the case may be, under this Indenture, the Notes and such Subsidiary Guarantee; provided that, in the case of a lease of all or substantially all its assets, the Company will not be released from the
obligation to pay the principal of and interest on the Notes, and a Subsidiary Guarantor will not be released from its obligations under its Subsidiary Guarantee. 

ARTICLE 6 
 DEFAULTS AND REMEDIES

 Section 6.01 Events of Default. 

An “Event of Default” occurs if: 

(a) the Company defaults in the payment when due of interest on the Notes and such default continues for a period of 30 days; 

(b) the Company defaults in the payment when due of principal of, or premium, if any, on, the Notes when the same becomes due and payable at
maturity, upon redemption (including in connection with an offer to purchase) or otherwise; 
 (c) the Company fails to comply with any of
the provisions of Article 5 hereof; 
 (d) the Company or any of its Restricted Subsidiaries fails to comply with any of the provisions of
Section 4.10 or 4.15 hereof for a period of 30 days after receipt of notice to the Company by the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes (including Additional Notes, if any) then outstanding voting as
a single class; 
 (e) the Company or any of its Restricted Subsidiaries fails to observe or perform any other covenant or other agreement in
this Indenture for 60 days after notice to the Company by the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes (including Additional Notes, if any) then outstanding voting as a single class; 

(f) a default occurs under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced
any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), whether such Indebtedness or guarantee exists as of the Issue
Date, or is created after the Issue Date, which default is caused by a failure to pay principal at its stated maturity (after giving effect to any applicable grace period provided in such Indebtedness) (a “Payment Default”) or
results in the acceleration of such Indebtedness prior to its express maturity and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment
Default or the maturity of which has been so accelerated, aggregates $50.0 million or more and such Indebtedness has not been discharged or such acceleration has not been rescinded or annulled within 30 days; 

  
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 (g) a final judgment or final judgments for the payment of money are entered by a court or
courts of competent jurisdiction against the Company or any of its Restricted Subsidiaries, and such judgment or judgments remain not paid, discharged or stayed for a period of 60 days, provided that the aggregate of all such not paid,
discharged or stayed judgments exceeds $50.0 million (exclusive of any portion of any such payment covered by insurance or bonded, treating any deductible, self-insurance or retention as not so covered); 

(h) except as permitted by this Indenture, the Subsidiary Guarantee of any Subsidiary Guarantor that is a Significant Subsidiary, or the
Subsidiary Guarantees of any group of Subsidiary Guarantors that, taken together, would constitute a Significant Subsidiary, is held in any judicial proceeding to be unenforceable or invalid or shall cease for any reason to be in full force and
effect or any Subsidiary Guarantor that is a Significant Subsidiary or any group of Subsidiary Guarantors that, taken together, would constitute a Significant Subsidiary, or any Person acting on behalf of any Subsidiary Guarantor that is a
Significant Subsidiary or any group of Subsidiary Guarantors that, taken together, would constitute a Significant Subsidiary, shall deny or disaffirm its obligations under its or their respective Subsidiary Guarantees other than any Subsidiary
Guarantees released in accordance with the provisions of this Indenture; 
 (i) the Company or any Subsidiary Guarantor that is a Significant
Subsidiary, or any group of Subsidiary Guarantors that, taken together, would constitute a Significant Subsidiary of the Company: 

(1) commences a voluntary case, 

(2) consents to the entry of an order for relief against it in an involuntary case, 

(3) consents to the appointment of a custodian of it or for all or substantially all of its property, 

(4) makes a general assignment for the benefit of its creditors, or 

(5) generally is not paying its debts as they become due; or 

(j) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 

(1) is for relief against the Company or any Subsidiary Guarantor that is a Significant Subsidiary or any group of Subsidiary
Guarantors that, taken together, would constitute a Significant Subsidiary of the Company in an involuntary case; 
 (2)
appoints a custodian of the Company or any Subsidiary Guarantor that is a Significant Subsidiary or any group of Subsidiary Guarantors that, taken together, would constitute a Significant Subsidiary of the Company or for all or substantially all of
the property of the Company or any Subsidiary Guarantor that is a Significant Subsidiary or any group of Subsidiary Guarantors that, taken together, would constitute a Significant Subsidiary of the Company; or 

  
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 (3) orders the liquidation of the Company or any Subsidiary Guarantor that
is a Significant Subsidiary or any group of Subsidiary Guarantors that, taken together, would constitute a Significant Subsidiary of the Company; 
 and the
order or decree remains unstayed and in effect for 60 consecutive days. 
 Section 6.02 Acceleration. 

If any Event of Default (other than an Event of Default specified in clause (i) or (j) of Section 6.01 hereof with respect to
the Company or any Subsidiary Guarantor that is a Significant Subsidiary or any group of Subsidiary Guarantors that, taken together, would constitute a Significant Subsidiary) occurs and is continuing, the Trustee or the Holders of at least 25% in
principal amount of the then outstanding Notes may declare all the Notes to be due and payable immediately. Upon any such declaration, the Notes shall become due and payable immediately. 

Notwithstanding the foregoing, if an Event of Default specified in clause (i) or (j) of Section 6.01 hereof occurs with respect
to the Company, any Subsidiary Guarantor that is a Significant Subsidiary or any group of Guarantors that, taken together, would constitute a Significant Subsidiary, all outstanding Notes shall be due and payable immediately without further action
or notice. The Holders of a majority in aggregate principal amount of the then outstanding Notes by written notice to the Trustee may on behalf of all of the Holders rescind an acceleration and its consequences if the rescission would not conflict
with any judgment or decree and if all existing Events of Default (except nonpayment of principal, interest or premium that has become due solely because of the acceleration) have been cured or waived. 

Section 6.03 Other Remedies. 
 If an
Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal of, and premium, if any, and interest on, the Notes or to enforce the performance of any provision of the Notes or this
Indenture. 
 The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the
proceeding. A delay or omission by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. Every
right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 

No right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or
remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any
right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

Section 6.04 Waiver of Past Defaults. 

Holders of not less than a majority in aggregate principal amount of the then outstanding Notes by notice to the Trustee may on behalf of the
Holders of all of the Notes waive an existing Default or Event of Default and its consequences hereunder, except a continuing Default or Event of Default in the payment of the principal of, premium or interest on, the Notes including in connection
with an offer to purchase (other than the non-payment of principal of or interest on the Notes that became due solely 

  
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because of the acceleration of the Notes) (provided that the Holders of a majority in aggregate principal amount of the then outstanding Notes may rescind an acceleration and its
consequences, including any related payment default that resulted from such acceleration). Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of
this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon. 
 Section 6.05 Control
by Majority. 
 The holders of a majority in principal amount of the Notes then outstanding shall have the right to direct the time,
method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee, with respect to the Notes; provided that 

(1) such direction shall not be in conflict with any rule of law or with this Indenture, and 

(2) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction. 

Section 6.06 Limitation on Suits. 
 A
Holder of a Note may pursue a remedy with respect to this Indenture or the Notes only if: 
 (a) the Holder of a Note gives to the Trustee
written notice of a continuing Event of Default; 
 (b) the Holders of at least 25% in principal amount of the then outstanding Notes make a
written request to the Trustee to pursue the remedy; 
 (c) such Holder of a Note or Holders of Notes offer and, if requested, provide to the
Trustee indemnity satisfactory to the Trustee against any loss, liability or expense; 
 (d) the Trustee does not comply with the request
within 60 days after receipt of the request and the offer and, if requested, the provision of indemnity; and 
 (e) during such 60-day period the Holders of a majority in principal amount of the then outstanding Notes do not give the Trustee a direction inconsistent with the request. 

A Holder of a Note may not use this Indenture to prejudice the rights of another Holder of a Note or to obtain a preference or priority over
another Holder of a Note. 
 Section 6.07 Rights of Holders of Notes to Institute Suit to Receive Payment. 

Notwithstanding any other provision of this Indenture, the right of any Holder of a Note to institute suit for the enforcement of any payment
of principal of, and premium and interest on, the Note, on or after the respective due dates expressed in the Note (including in connection with an offer to purchase) shall not be impaired or affected without the consent of such Holder. 

  
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 Section 6.08 Collection Suit by Trustee. 

If an Event of Default specified in Section 6.01(a) or (b) hereof occurs and is continuing, the Trustee is authorized to recover
judgment in its own name and as trustee of an express trust against the Company for the whole amount of principal of, and premium and interest remaining unpaid on, the Notes and interest on overdue principal and, to the extent lawful, interest and
such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 

Section 6.09 Trustee May File Proofs of Claim. 

The Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the
claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders of the Notes allowed in any judicial proceedings relative to the Company (or any
other obligor upon the Notes), its creditors or its property and shall be entitled and empowered to collect, receive and distribute any money or other property payable or deliverable on any such claims and any custodian in any such judicial
proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof. To the extent that the payment of any such compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by
a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or
arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes
or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 
 Section 6.10
Priorities. 
 If the Trustee collects any money pursuant to this Article, it shall pay out the money in the following order: 

First: to the Trustee, its agents and attorneys for amounts due under Section 7.07 hereof, including payment of all compensation,
expense and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection; 
 Second: to
Holders of Notes for amounts due and unpaid on the Notes for principal, premium and interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium and interest,
respectively; and 
 Third: to the Company or to such party as a court of competent jurisdiction shall direct. 

The Trustee may fix a record date and payment date for any payment to Holders of Notes pursuant to this Section 6.10. 

  
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 Section 6.11 Undertaking for Costs. 

In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted
by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’
fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder of a
Note pursuant to Section 6.07 hereof, or a suit by Holders of more than 10% in principal amount of the then outstanding Notes. 

ARTICLE 7 
 TRUSTEE 

Section 7.01 Duties of Trustee. 
 (a)
If an Event of Default has occurred and is continuing, the Trustee will exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care in its exercise, as a prudent person would exercise or use under the
circumstances in the conduct of such person’s own affairs. 
 (b) Except during the continuance of an Event of Default: 

(1) the duties of the Trustee shall be determined solely by the express provisions of this Indenture and the Trustee need
perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

(2) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, in the case of any such certificates or opinions which by any provision hereof are
specifically required to be furnished to the Trustee, the Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of
mathematical calculations or other facts stated therein). 
 (c) The Trustee may not be relieved from liabilities for its own negligent
action, its own negligent failure to act, or its own willful misconduct, except that: 
 (1) this paragraph does not limit
the effect of paragraph (b) of this Section 7.01; 
 (2) the Trustee shall not be liable for any error of judgment
made in good faith by a Responsible Officer, unless it is proved in a court of competent jurisdiction that the Trustee was negligent in ascertaining the pertinent facts; and 

(3) the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a
direction received by it pursuant to Section 6.05 hereof. 
 (d) Whether or not therein expressly so provided, every provision of this
Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b) and (c) of this Section 7.01. 

  
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 (e) Subject to this Article 7, if an Event of Default occurs and is continuing, the
Trustee will be under no obligation to exercise any of the rights or powers under this Indenture, the Notes and the Subsidiary Guarantees at the request or direction of any of the Holders unless such Holders have offered to the Trustee indemnity or
security reasonably satisfactory to it against any loss, liability or expense. 
 (f) The Trustee shall not be liable for interest on any
money received by it except as the Trustee may agree in writing with the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 

Section 7.02 Rights of Trustee. 
 (a)
The Trustee may conclusively rely upon any document believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document, but the Trustee, in its
discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine in good faith to make such further inquiry or investigation, it shall be entitled to examine the books,
records and premises of the Company, personally or by agent or attorney at the sole cost of the Company and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation. 

(b) Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both subject to
the other provisions of this Indenture. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel. The Trustee may consult with counsel of its
selection and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. 

(c) The Trustee may act through its attorneys and agents and shall not be responsible for the misconduct or negligence of any agent or attorney
appointed with due care. 
 (d) The Trustee shall not be liable for any action it takes or omits to take in good faith that it believes to be
authorized or within the rights or powers conferred upon it by this Indenture. 
 (e) Unless otherwise specifically provided in this
Indenture, any demand, request, direction or notice from the Company or a Subsidiary Guarantor shall be sufficient if signed by an Officer of the Company or such Subsidiary Guarantor. 

(f) None of the provisions of this Indenture shall require the Trustee to expend or risk its own funds or otherwise to incur any liability,
financial or otherwise, in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers if it shall have reasonable grounds for believing that repayment of such funds or indemnity reasonably satisfactory to it
against such risk or liability is not assured to it. 
 (g) The Trustee shall not be deemed to have notice or knowledge of any Default or
Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a Default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice
references the existence of a Default or Event of Default, the Notes and this Indenture. 
 (h) In no event shall the Trustee be responsible
or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of
the form of action. 

  
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 (i) The rights, privileges, protections, immunities and benefits given to the Trustee,
including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder. 

(j) The Trustee may request that the Company deliver an Officers’ Certificate setting forth the names of individuals or titles of officers
authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by any person authorized to sign an Officers’ Certificate, including any Person specified as so authorized in any such
certificate previously delivered and not superseded. 
 (k) The Trustee shall not be required to give any bond or surety in respect of the
performance of its powers and duties hereunder. 
 Section 7.03 Individual Rights of Trustee. 

The Trustee or any Agent in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the
Company or any Affiliate of the Company with the same rights it would have if it were not Trustee or such Agent. However, in the event that the Trustee acquires any conflicting interest, it must eliminate such conflict within 90 days, apply to the
SEC for permission to continue as trustee or resign. Any Agent may do the same with like rights and duties. The Trustee is also subject to Section 7.09 hereof. 

Section 7.04 Trustee’s Disclaimer. 

The Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall
not be accountable for the Company’s use of the proceeds from the Notes or any money paid to the Company or upon the Company’s direction under any provision of this Indenture, it shall not be responsible for the use or application of any
money received by any Paying Agent other than the Trustee, and it shall not be responsible for any statement or recital herein or any statement in the Notes or any other document in connection with the sale of the Notes or pursuant to this Indenture
other than its certificate of authentication on the Notes. 
 Section 7.05 Notice of Defaults. 

If a Default occurs and is continuing and is known to the Trustee, the Trustee will mail to each Holder a notice of the Default within 90 days
after it occurs. Except in the case of an Event of Default specified in clauses (a) or (b) of Section 6.01 hereof, the Trustee may withhold from the Holders notice of any continuing Default if the Trustee determines in good faith that
withholding the notice is in the interest of the Holders. 
 Section 7.06 Compensation and Indemnity. 

(a) The Company and the Subsidiary Guarantors, jointly and severally, shall pay to the Trustee from time to time such compensation for its
acceptance of this Indenture and services hereunder as the parties shall agree in writing from time to time. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall
reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it in addition to the compensation for its services. Such expenses shall include the reasonable compensation, disbursements and
expenses of the Trustee’s agents and counsel. The Trustee shall provide the Company reasonable notice of any expenditure not in the ordinary course of business. 

  
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 (b) The Company and the Subsidiary Guarantors, jointly and severally, shall indemnify the
Trustee for, and hold each of the Trustee and any predecessor harmless against, any and all loss, damage, claims, liability or expense (including attorneys’ fees and expenses) incurred by it in connection with the acceptance or administration
of this trust and the performance of its duties hereunder (including the costs and expenses of enforcing this Indenture against the Company or any Subsidiary Guarantor (including this Section 7.06)) or defending itself against any claim whether
asserted by any Holder, the Company or any Subsidiary Guarantor, or liability in connection with the acceptance, exercise or performance of any of its powers or duties hereunder). The Trustee shall notify the Company promptly of any claim for which
it may seek indemnity. Failure by the Trustee to so notify the Company shall not relieve the Company of its obligations hereunder. The Company shall defend the claim and the Trustee may have separate counsel and the Company shall pay the fees and
expenses of such counsel. The Company need not reimburse any expense or indemnify against any loss, liability or expense incurred by the Trustee through the Trustee’s own willful misconduct, negligence or bad faith. 

(c) The obligations of the Company and the Subsidiary Guarantors under this Section 7.06 shall survive the satisfaction and discharge of
this Indenture or the earlier resignation or removal of the Trustee. 
 (d) To secure the payment obligations of the Company and the
Subsidiary Guarantors in this Section 7.06, the Trustee shall have a Lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal and interest on particular Notes. Such Lien shall
survive the satisfaction and discharge of this Indenture. 
 (e) When the Trustee incurs expenses or renders services after an Event of
Default specified in Section 6.01(i) hereof occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law.

 Section 7.07 Replacement of Trustee. 

(a) A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor
Trustee’s acceptance of appointment as provided in this Section 7.07. The Trustee may resign in writing at any time by giving 30 days’ prior notice of such resignation to the Company and be discharged from the trust hereby created by
so notifying the Company. The Holders of a majority in aggregate principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Company in writing. The Company may remove the Trustee if: 

(1) the Trustee fails to comply with Section 7.09 hereof; 

(2) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any
Bankruptcy Law; 
 (3) a receiver or public officer takes charge of the Trustee or its property; or 

(4) the Trustee becomes incapable of acting. 

  
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 (b) If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for
any reason, the Company shall promptly appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in aggregate principal amount of the then outstanding Notes may remove the successor Trustee to
replace it with another successor Trustee appointed by the Company. 
 (c) If a successor Trustee does not take office within 60 days after
the retiring Trustee resigns or is removed, the retiring Trustee (at the Company’s expense), the Company or the Holders of at least 10% in aggregate principal amount of the then outstanding Notes may petition any court of competent jurisdiction
for the appointment of a successor Trustee. 
 (d) If the Trustee, after written request by any Holder who has been a Holder for at least six
months, fails to comply with Section 7.09 hereof, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

(e) A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon, the
resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to
Holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee; provided that all sums owing to the Trustee hereunder have been paid and such transfer shall be subject to the Lien provided
for in Section 7.06 hereof. Notwithstanding replacement of the Trustee pursuant to this Section 7.07, the Company’s obligations under Section 7.06 hereof shall continue for the benefit of the retiring Trustee. 

(f) As used in this Section 7.07, the term “Trustee” shall also include each Agent. 

Section 7.08 Successor Trustee by Merger, etc. 

If the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to, another
corporation or national banking association, the successor corporation or national banking association without any further act shall be the successor Trustee, subject to Section 7.09 hereof. 

Section 7.09 Eligibility; Disqualification. 

(a) There shall at all times be a Trustee hereunder that is a corporation or national banking association organized and doing business under
the laws of the United States or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and surplus
of at least $50,000,000 as set forth in its most recent published annual report of condition. 
 ARTICLE 8 

LEGAL DEFEASANCE AND COVENANT DEFEASANCE 

Section 8.01 Option to Effect Legal Defeasance or Covenant Defeasance. 

The Company may, at the option of its Board of Directors evidenced by a resolution set forth in an Officers’ Certificate, at any time,
elect to have either Section 8.02 or 8.03 hereof be applied to all outstanding Notes upon compliance with the conditions set forth below in this Article 8. If the Company exercises its option under this Section 8.01 with respect to either
Section 8.02 or 8.03 hereof, each Subsidiary Guarantor will be released from all of its obligations with respect to its Guarantee. 

  
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 Section 8.02 Legal Defeasance and Discharge. 

Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.02, the Company shall, subject
to the satisfaction of the conditions set forth in Section 8.04 hereof, be deemed to have been discharged from its obligations with respect to all outstanding Notes on the date the conditions set forth below are satisfied (hereinafter,
“Legal Defeasance”). For this purpose, Legal Defeasance means that the Company shall be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes, which shall thereafter be deemed to be
“outstanding” only for the purposes of Section 8.05 hereof and the other Sections of this Indenture referred to in (a) and (b) below, and to have satisfied all its other obligations under such Notes and this Indenture (and
the Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging the same), except for the following provisions which shall survive until otherwise terminated or discharged hereunder: 

(a) the rights of Holders of outstanding Notes to receive solely from the amounts deposited in trust as described in Section 8.04 hereof,
and as more fully set forth in such Section, payments in respect of the principal of premium, if any, and interest on such Notes when such payments are due; 

(b) the Company’s obligations with respect to the Notes concerning issuing temporary Notes, registration of Notes, mutilated, destroyed,
lost or stolen Notes and the maintenance of an office or agency for payment and money for Note payments held in trust; 
 (c) the rights,
powers, trusts, duties and immunities of the Trustee hereunder and the Company’s and the Subsidiary Guarantors’ obligations in connection therewith; and 

(d) this Article 8. 
 Subject to
compliance with this Article 8, the Company may exercise its option under this Section 8.02 notwithstanding the prior exercise of its option under Section 8.03 hereof. 

Section 8.03 Covenant Defeasance. 

Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03, the Company shall, subject
to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from its obligations under the covenants contained in Sections 4.03, 4.05, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.13, 4.15 and 4.16 hereof and clause
(a)(iv) of Section 5.01 hereof with respect to the outstanding Notes on and after the date the conditions set forth in Section 8.04 hereof are satisfied (hereinafter, “Covenant Defeasance”), and the Notes shall
thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed
“outstanding” for all other purposes hereunder (it being understood that such Notes shall not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes,
the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant enumerated above, whether directly or indirectly, by reason of any reference elsewhere herein to any such
covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default under Section 6.01 hereof, but, except as
specified above, the remainder of this Indenture and such Notes shall be unaffected thereby. In addition, upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03 hereof, subject to the
satisfaction of the conditions set forth in Section 8.04 hereof, Section 6.01(c) through 6.01(h) and, with respect to the Subsidiary Guarantors, Section 6.01(i) and 6.01(j), hereof shall not constitute Events of Default. 

  
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 Section 8.04 Conditions to Legal or Covenant Defeasance. 

The following shall be the conditions to the application of either Section 8.02 or 8.03 hereof to the outstanding Notes: 

In order to exercise either Legal Defeasance or Covenant Defeasance: 

(a) the Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders, cash in United States dollars, non-callable Government Securities, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized firm of independent public accountants, a nationally recognized
investment bank, or a nationally recognized appraisal or valuation firm, to pay the principal of, premium, if any, and interest on the outstanding Notes on the stated date for payment thereof or on the applicable redemption date, as the case may be,
and the Company must specify whether the Notes are being defeased to maturity or to a particular redemption date; 
 (b) in the case of an
election under Section 8.02 hereof, the Company shall have delivered to the Trustee an Opinion of Counsel in the United States reasonably acceptable to the Trustee confirming that (A) the Company has received from, or there has been
published by, the Internal Revenue Service a ruling or (B) since the Issue Date, there has been a change in the applicable federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that,
the Holders and beneficial owners of the outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a result of such Legal Defeasance and will be subject to federal income tax on the same amounts, in the same manner
and at the same times as would have been the case if such Legal Defeasance had not occurred; 
 (c) in the case of an election under
Section 8.03 hereof, the Company shall have delivered to the Trustee an Opinion of Counsel in the United States reasonably acceptable to the Trustee confirming that the Holders and beneficial owners of the outstanding Notes will not recognize
income, gain or loss for federal income tax purposes as a result of such Covenant Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant
Defeasance had not occurred; 
 (d) no Default shall have occurred and be continuing on the date of such deposit (other than a Default
resulting from any incurrence of Indebtedness all or a portion of the proceeds of which will be used to defease the Notes pursuant to this Article 8 concurrently with such incurrence and any similar and simultaneous deposit relating to other
Indebtedness and, in each case, the granting of Liens in connection therewith); 
 (e) such Legal Defeasance or Covenant Defeasance shall not
result in a breach or violation of, or constitute a default under, any material agreement or instrument (other than this Indenture) to which the Company or any of its Restricted Subsidiaries is a party or by which the Company or any of its
Restricted Subsidiaries is bound (other than a Default resulting from any borrowing of funds to be applied to such deposit and any similar and simultaneous deposit relating to other Indebtedness and, in each case, the granting of Liens in connection
therewith); 
 (f) the Company shall have delivered to the Trustee an Officers’ Certificate stating that the deposit was not made by the
Company with the intent of preferring the Holders over any other creditors of the Company or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and 

  
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 (g) the Company shall have delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel, each stating that all conditions precedent provided for or relating to the Legal Defeasance or the Covenant Defeasance have been complied with. 

Section 8.05 Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions. 

Subject to Section 8.06 hereof, all money and non-callable Government Securities (including the
proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04 hereof in respect of the outstanding Notes shall be held in
trust and applied by the Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as Paying Agent) as the Trustee may determine, to the
Holders of such Notes of all sums due and to become due thereon in respect of principal, premium, if any, and interest, but such money need not be segregated from other funds except to the extent required by law. 

The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable Government Securities deposited pursuant to Section 8.04 hereof or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the
account of the Holders of the outstanding Notes. 
 Anything in this Article 8 to the contrary notwithstanding, the Trustee shall deliver or
pay to the Company from time to time upon the request of the Company any money or non-callable Government Securities held by it as provided in Section 8.04 hereof which, in the opinion of a nationally
recognized firm of independent public accountants, a nationally recognized investment bank, or a nationally recognized appraisal or valuation firm expressed in a written certification thereof delivered to the Trustee (which may be the opinion
delivered under Section 8.04(a) hereof), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance. 

Section 8.06 Repayment to Company. 

Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of, premium,
if any, or interest on any Note and remaining unclaimed for two years after such principal, and premium, if any, or interest has become due and payable shall be paid to the Company on its request or (if then held by the Company) shall be discharged
from such trust; and the Holder of such Note shall thereafter look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof,
shall thereupon cease; provided that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published once, in the New York Times and The Wall Street Journal (national
edition), notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such notification or publication, any unclaimed balance of such money then remaining will be repaid to
the Company. 
 Section 8.07 Reinstatement. 

If the Trustee or Paying Agent is unable to apply any United States dollars or non-callable Government
Securities in accordance with Section 8.02 or 8.03 hereof, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Company’s
obligations under this Indenture and the 

  
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Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 hereof until such time as the Trustee or Paying Agent is permitted to apply all such
money in accordance with Section 8.02 or 8.03 hereof, as the case may be; provided that, if the Company makes any payment of principal of, premium, if any, or interest on any Note following the reinstatement of its obligations, the
Company shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money held by the Trustee or Paying Agent. 

ARTICLE 9 
 AMENDMENT, SUPPLEMENT
AND WAIVER 
 Section 9.01 Without Consent of Holders of Notes. 

Notwithstanding Section 9.02 of this Indenture, the Company, the Subsidiary Guarantors (except that existing Subsidiary Guarantors need
not execute a supplemental indenture entered into for the purposes of Section 9.01(d)) and the Trustee may amend or supplement this Indenture, the Subsidiary Guarantees or the Notes without the consent of any Holder of a Note: 

(a) to cure any ambiguity, defect or inconsistency or to make a modification of a formal, minor or technical nature or to correct a manifest
error; 
 (b) to provide for uncertificated Notes in addition to or in place of certificated Notes or to alter the provisions of Article 2
hereof or Appendix A hereto (including the related definitions) in a manner that does not materially adversely affect any Holder; 
 (c) to
provide for the assumption of the Company’s or any Subsidiary Guarantor’s obligations to the Holders of the Notes in the case of a merger or consolidation or sale of all or substantially all of the Company’s assets in accordance with
requirements set forth under Article 5 and Section 10.04 hereof; 
 (d) to add guarantees with respect to the Notes or to secure the
Notes (which supplemental indenture need not be executed by existing Subsidiary Guarantors) or to release any Subsidiary Guarantees in accordance with the provisions of this Indenture; 

(e) to add to the covenants of the Company or any Subsidiary Guarantor for the benefit of the Holders of the Notes or surrender any right or
power conferred upon the Company or any Subsidiary Guarantor; 
 (f) to make any change that would provide any additional rights or benefits
to the Holders of the Notes or that does not adversely affect the legal rights hereunder of any Holder of a Note; 
 (g) to evidence and
provide for the acceptance and appointment under this Indenture of a successor Trustee pursuant to the requirements hereof; 
 (h) to conform
the text of this Indenture, the Notes or the Subsidiary Guarantees to any provision of the “Description of notes” section of the Offering Memorandum to the extent that such provision was intended to be a substantially verbatim recitation
of this Indenture, the Notes or the Subsidiary Guarantees; 
 (i) to provide for the issuance of Additional Notes in accordance with this
Indenture; 

  
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 (j) to amend the provisions of this Indenture relating to the transfer and legending of
Notes as permitted herein, including, without limitation, to facilitate the issuance and administration of the Notes; provided that (i) compliance with this Indenture as so amended would not result in Notes being transferred in violation
of the Securities Act or any applicable securities law and (ii) such amendment does not materially and adversely affect the rights of Holders to transfer Notes; 

(k) to provide for the succession of any parties to this Indenture (and other amendments that are administrative or ministerial in nature); or

 (l) to comply with the rules of any applicable securities depositary. 

Upon the request of the Company accompanied by a resolution of its Board of Directors authorizing the execution of any such amended or
supplemental indenture, and upon receipt by the Trustee of the documents described in Sections 7.02 and 12.03 hereof, the Trustee shall join with the Company and the Subsidiary Guarantors in the execution of any amended or supplemental
indenture authorized or permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into such amended or supplemental
indenture that affects its own rights, duties or immunities under this Indenture or otherwise. 
 Section 9.02 With Consent of Holders of Notes.

 Except as provided below in this Section 9.02, the Company and the Trustee may amend or supplement this Indenture (including
Section 3.09, 4.10 and 4.15 hereof), the Subsidiary Guarantees and the Notes with the consent of the Holders of at least a majority in principal amount of the Notes (including Additional Notes, if any) then outstanding voting as a single class
(including consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes), and, subject to Sections 6.04 and 6.07 hereof, any existing Default or Event of Default (other than a Default or Event of Default in
the payment of the principal of, premium, if any, or interest on the Notes, except a payment default resulting from an acceleration that has been rescinded) or compliance with any provision of this Indenture, the Subsidiary Guarantees or the Notes
may be waived with the consent of the Holders of a majority in principal amount of the then outstanding Notes (including Additional Notes, if any) voting as a single class (including consents obtained in connection with a tender offer or exchange
offer for, or purchase of, the Notes). Section 2.08 hereof shall determine which Notes are considered to be “outstanding” for purposes of this Section 9.02. 

Upon the request of the Company accompanied by a resolution of its Board of Directors authorizing the execution of any such amended or
supplemental indenture, and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of Notes as aforesaid, and upon receipt by the Trustee of the documents described in Sections 7.02 and 12.03
hereof, the Trustee shall join with the Company in the execution of such amended or supplemental indenture unless such amended or supplemental indenture directly affects the Trustee’s own rights, duties or immunities under this Indenture or
otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such amended or supplemental indenture. 

It shall not be necessary for the consent of the Holders of Notes under this Section 9.02 to approve the particular form of any proposed
amendment or waiver, but it shall be sufficient if such consent approves the substance thereof. 
 After an amendment, supplement or waiver
under this Section becomes effective, the Company shall send electronically or mail to the Holders of Notes affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Company to send electronically or mail
such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any 

  
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such amended or supplemental indenture or waiver. Subject to Sections 6.04 and 6.07 hereof, the Holders of a majority in aggregate principal amount of the Notes (including Additional Notes, if
any) then outstanding voting as a single class may waive compliance in a particular instance by the Company with any provision of this Indenture or the Notes. However, without the consent of each Holder affected, an amendment or waiver under this
Section 9.02 may not (with respect to any Notes held by a non-consenting Holder): 
 (a) reduce
the principal amount of Notes whose Holders must consent to an amendment, supplement or waiver; 
 (b) reduce the principal of or change the
fixed maturity of any Note or reduce any amount payable on any redemption of the Notes (other than the provisions of Sections 3.09, 4.10 and 4.15 hereof relating to the obligation of the Company to make an offer to repurchase Notes); 

(c) reduce the rate of or change the time for payment of interest, including default interest, on any Note; 

(d) waive a Default or Event of Default in the payment of principal of or interest or premium, if any, on the Notes (except a rescission of
acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the then outstanding Notes (including Additional Notes, if any) and a waiver of the Payment Default that resulted from such acceleration); 

(e) make any Note payable in money other than that stated in the Notes; 

(f) make any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of Holders of Notes to institute
suit for the enforcement of any payments of principal of, or interest or premium on, the Notes; 
 (g) waive a redemption payment with
respect to any Note (other than a payment required by any of Sections 3.09, 4.10 and 4.15 hereof); or 
 (h) make any change in the foregoing
amendment and waiver provisions. 
 Section 9.03 Revocation and Effect of Consents. 

Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a
Note and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note. However, any such Holder of a Note or subsequent Holder of a
Note may revoke the consent as to its Note if the Trustee receives written notice of revocation before the date the waiver, supplement or amendment becomes effective. An amendment, supplement or waiver becomes effective in accordance with its terms
and thereafter binds every Holder. 
 Section 9.04 Notation on or Exchange of Notes. 

The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Company in
exchange for all Notes may issue and the Trustee shall, upon receipt of an Authentication Order, authenticate new Notes that reflect the amendment, supplement or waiver. 

Failure to make the appropriate notation or issue a new Note shall not affect the validity and effect of such amendment, supplement or waiver.

  
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 Section 9.05 Trustee to Sign Amendments, etc. 

The Trustee shall sign any amended or supplemental indenture authorized pursuant to this Article 9 if the amendment or supplement does not
affect the rights, duties, liabilities or immunities of the Trustee. The Company may not sign an amendment or supplemental indenture until the Board of Directors approves it. In executing any amended or supplemental indenture, the Trustee shall be
provided with and (subject to Section 7.01 hereof) shall be fully protected in relying upon, in addition to the documents required by Section 12.03 hereof, an Officers’ Certificate and an Opinion of Counsel stating that the execution
of such amended or supplemental indenture is authorized or permitted by this Indenture. 
 ARTICLE 10 

SUBSIDIARY GUARANTEES 
 Section 10.01
Subsidiary Guarantees. 
 Subject to this Article 10, each of the Subsidiary Guarantors hereby, jointly and severally, unconditionally
guarantees on a senior, unsecured basis (subject to the provisions of Section 4.12 hereof) to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and
enforceability of this Indenture, the Notes or the obligations of the Company hereunder or thereunder, that: (a) the principal and premium, if any, 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 and premium, if any 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 (including, without limitation, any interest accruing subsequent to the filing of a petition in bankruptcy, reorganization or similar proceeding at the rate
provided for in the documentation with respect thereto, whether or not such interest is an allowed claim under applicable state, federal or foreign law); and (b) 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. In addition to the foregoing, each Subsidiary
Guarantor also agrees, unconditionally and jointly and severally with each other Guarantor, to pay any and all fees and expenses (including, without limitation, counsel fees and expenses) incurred by the Trustee under this Indenture, including in
enforcing any rights under a Subsidiary Guarantee with respect to a Subsidiary Guarantor. Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Subsidiary Guarantors shall be jointly and
severally obligated to pay the same immediately. Each Subsidiary Guarantor agrees that this is a guarantee of payment and not a guarantee of collection. 

The Subsidiary Guarantors hereby agree that their obligations hereunder shall be unconditional, irrespective of the validity, regularity or
enforceability of the Notes or this 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. Each Subsidiary Guarantor hereby waives 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 and covenant that this Subsidiary Guarantee shall not be discharged except by
complete performance of the obligations contained in the Notes and this Indenture. 

  
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 If any Holder or the Trustee is required by any court or otherwise to return to the Company,
the Subsidiary Guarantors or any custodian, trustee, liquidator or other similar official acting in relation to either the Company or the Subsidiary 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. 
 Each Subsidiary Guarantor agrees that it 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. Each Subsidiary Guarantor further agrees that, as between the Subsidiary
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 hereof 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 hereof,
such obligations (whether or not due and payable) shall forthwith become due and payable by the Subsidiary Guarantors for the purpose of this Subsidiary Guarantee. The Subsidiary Guarantors shall have the right to seek contribution from any non-paying Subsidiary Guarantor so long as the exercise of such right does not impair the rights of the Holders under the Subsidiary Guarantee. 

Each of the Subsidiary Guarantors also agrees, jointly and severally, to pay any and all costs and expenses (including reasonable
attorneys’ fees and expenses) incurred by the Trustee or any Holder in enforcing any rights under this Section 10.01. 
 If any
Holder or the Trustee is required by any court or otherwise to return to the Company, the Subsidiary Guarantors or any custodian, trustee, liquidator or other similar official acting in relation to the Company or the Subsidiary Guarantors, any
amount paid either to the Trustee or such Holder, this Subsidiary Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect. 

Each Subsidiary Guarantee shall remain in full force and effect and continue to be effective should any petition be filed by or against the
Company for liquidation or reorganization, should the Company become insolvent or make an assignment for the benefit of creditors or should a receiver or trustee be appointed for all or any significant part of the Company’s assets, and shall,
to the fullest extent permitted by law, continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Notes are, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored
or returned by any obligee on the Notes or the Subsidiary Guarantees, whether as a “voidable preference,” “fraudulent transfer” or otherwise, all as though such payment or performance had not been made. In the event that any
payment or any part thereof, is rescinded, reduced, restored or returned, the Notes shall, to the fullest extent permitted by law, be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned. 

In case any provision of any Subsidiary Guarantee shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the
remaining provisions shall not in any way be affected or impaired thereby. 
 Each payment to be made by a Subsidiary Guarantor in respect
of its Subsidiary Guarantee shall be made without set-off, counterclaim, reduction or diminution of any kind or nature. 

  
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 Section 10.02 Limitation on Guarantor Liability. 

Each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Subsidiary
Guarantee of such Subsidiary Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent
applicable to any Subsidiary Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Subsidiary Guarantors hereby irrevocably agree that the obligations of such Subsidiary Guarantor will, after giving effect to such
maximum amount and all other contingent and fixed liabilities of such Subsidiary Guarantor that are relevant under such 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 this Article 10, result in the obligations of such Subsidiary Guarantor under its Subsidiary Guarantee not constituting a fraudulent transfer or conveyance. 

Section 10.03 Delivery of Subsidiary Guarantees. 

To evidence its Subsidiary Guarantee set forth in Section 10.01 hereof, each Subsidiary Guarantor hereby agrees that this Indenture (or in
the case of future Subsidiary Guarantors, a supplemental indenture as required hereunder) shall be executed on behalf of such Subsidiary Guarantor by its President or one of its other Officers or by its duly appointed
attorney-in-fact. 
 Each Subsidiary Guarantor hereby agrees
that its Subsidiary Guarantee set forth in Section 10.01 hereof shall remain in full force and effect notwithstanding any failure to endorse on each Note a notation of such Subsidiary Guarantee. The execution of this Indenture (or in the case
of future Subsidiary Guarantors, a supplemental indenture as required hereunder) on behalf of a Subsidiary Guarantor by its attorney-in-fact shall constitute a
representation and warranty on the part of such Subsidiary Guarantor hereunder of the due appointment of such attorney-in-fact. 

If an Officer or duly appointed attorney-in-fact whose
signature is on this Indenture (or in the case of future Subsidiary Guarantors, a supplemental indenture as required hereunder) no longer holds that office or maintains such appointment, as the case may be, the Subsidiary Guarantee shall be valid
nevertheless. 
 The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the
Subsidiary Guarantee set forth in this Indenture (or in the case of future Subsidiary Guarantors, a supplemental indenture as required hereunder) on behalf of the Subsidiary Guarantors and each of them. 

In the event that the Company creates or acquires a new Restricted Subsidiary subsequent to the date of this Indenture, if required by
Section 4.16 hereof, the Company shall cause such Restricted Subsidiary to execute a supplemental indenture to this Indenture in accordance with Section 4.16 hereof and this Article 10, to the extent applicable. 

Section 10.04 Subsidiary Guarantors May Consolidate, etc., on Certain Terms. 

Except as otherwise provided in Section 10.05 hereof, no Subsidiary Guarantor 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 Subsidiary Guarantor is the surviving Person), another Person other than the Company or another Subsidiary Guarantor, unless: 

(a) immediately after giving effect to that transaction, no Default exists; and 

  
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 (b) either: 

(i) the Person acquiring the property in any such sale or disposition or the Person formed by or surviving any such
consolidation or merger assumes all the obligations of that Subsidiary Guarantor under this Indenture and its Subsidiary Guarantee pursuant to a supplemental indenture and completes all other required documentation; or 

(ii) such transaction does not violate the provisions of Section 4.10 of this Indenture and the Net Proceeds, if any, of
such sale or disposition to the extent required are applied in accordance with the provisions of the third paragraph of Section 4.10 of this Indenture (for avoidance of doubt such application of Net Proceeds, if any, may occur subsequent to
such sale or other disposition as contemplated by Section 4.10); 
 In case of any such consolidation, merger, sale or conveyance and
upon the assumption, if applicable, by the successor Person, by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee and the due and punctual performance of all of the covenants and conditions of this
Indenture to be performed by the Subsidiary Guarantor, such successor Person shall succeed to and be substituted for the Subsidiary Guarantor with the same effect as if it had been named herein as a Subsidiary Guarantor. All the Subsidiary
Guarantees so issued shall in all respects have the same legal rank and benefit under this Indenture as the Subsidiary Guarantees theretofore and thereafter issued in accordance with the terms of this Indenture as though all of such Subsidiary
Guarantees had been issued at the date of the execution hereof. 
 Except as set forth in Articles 4 and 5 hereof, and notwithstanding
clauses (a) and (b) above, nothing contained in this Indenture or in any of the Notes shall prevent any consolidation or merger of a Subsidiary Guarantor with or into the Company or another Subsidiary Guarantor, or shall prevent any sale
or conveyance of the property of a Subsidiary Guarantor as an entirety or substantially as an entirety to the Company or another Subsidiary Guarantor. 

Section 10.05 Releases of Subsidiary Guarantees. 

In the event of: 
 (i) a sale
or other disposition of all or substantially all of the assets of any Subsidiary Guarantor (including by way of merger or consolidation), or a sale or other disposition of all or a majority of the Capital Stock of any Subsidiary Guarantor, in each
case to a Person that is not (either before or after giving effect to such transactions) the Company or any other Subsidiary Guarantor; 

(ii) a termination of one or more guarantees by any Subsidiary Guarantor that results in such Subsidiary Guarantor no longer being subject
to any guarantee of any other Indebtedness of the Company or any other Subsidiary Guarantor, or such Subsidiary Guarantor does not Guarantee other Indebtedness of the Company or any other Guarantor, and such Subsidiary Guarantor otherwise has no
outstanding Indebtedness; 
 (iii) the exercise by the Company of its option to have either Section 8.02 or 8.03 hereof be applied
to all outstanding Notes in accordance with the terms set forth in Article 8 hereof; 
 (iv) the designation by the Company of any
Subsidiary Guarantor as an Unrestricted Subsidiary in accordance with the terms set forth in Sections 4.07 and 4.13 hereof; or 

  
 -71- 

 (v) the merger or consolidation of any Subsidiary Guarantor with and into the Company
or another Subsidiary Guarantor that is the surviving person in such merger or consolidation (so long as, in the case of any Subsidiary Guarantor that is such surviving person, such surviving person remains a Subsidiary Guarantor), or the
liquidation, winding up or dissolution of any Subsidiary Guarantor following the transfer of all or substantially all of its assets to the Company or another Subsidiary Guarantor, 

then such Subsidiary Guarantor (upon the occurrence of an event described in clauses (ii), (iii), (iv) or (v) of this paragraph) or the corporation
acquiring the property (upon the occurrence of an event described in clause (i) of this paragraph) will be released and relieved of any obligations under its Subsidiary Guarantee. Upon delivery by the Company to the Trustee of an Officers’
Certificate and an Opinion of Counsel to the effect that the transaction giving rise to the release of any Subsidiary Guarantor was made by the Company in accordance with the provisions of this Indenture, including without limitation
Section 4.10 hereof, if applicable (for avoidance of doubt, the application of Net Proceeds, if any, from any sale or other disposition may occur subsequent to such sale or other disposition as contemplated by Section 4.10 hereof and
subsequent to such Subsidiary Guarantor release), the Trustee shall execute any documents reasonably required in order to evidence the release of any Subsidiary Guarantor from its Obligations under its Subsidiary Guarantee. 

Any Subsidiary 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 Subsidiary Guarantor under this Indenture as provided in this Article 10. 

Section 10.06 Subrogation. 
 Each
Subsidiary Guarantor shall be subrogated to all rights of Holders against the Company in respect of any amounts paid by any Subsidiary Guarantor pursuant to the provisions of Section 10.01 hereof; provided that, if an Event of Default has
occurred and is continuing, no Subsidiary Guarantor shall be entitled to enforce or receive any payments arising out of, or based upon, such right of subrogation until all amounts then due and payable by the Company under this Indenture or the Notes
shall have been paid in full. 
 Section 10.07 Benefits Acknowledged. 

Each Subsidiary Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by this
Indenture and that the guarantee and waivers made by it pursuant to its Subsidiary Guarantee are knowingly made in contemplation of such benefits. 

ARTICLE 11 
 SATISFACTION AND
DISCHARGE 
 Section 11.01 Satisfaction and Discharge. 

This Indenture will be discharged and will cease to be of further effect as to all Notes (and the related Subsidiary Guarantees) issued
hereunder, when: 
 (a) either: 

(1) all Notes that have been authenticated, except lost, stolen or destroyed Notes that have been replaced or paid and Notes
for whose payment money has theretofore been deposited in trust and thereafter repaid to the Company, have been delivered to the Trustee for cancellation; or 

  
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 (2) all Notes that have not been delivered to the Trustee for cancellation
have become due and payable by reason of the sending of a notice of redemption or otherwise or will become due and payable within one year or are to be called for redemption within one year under arrangements satisfactory to the Trustee for the
giving of notice of redemption by the Trustee in the name, and at the expense of, the Company, and the Company or any Subsidiary Guarantor has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for the
benefit of the Holders, cash in U.S. dollars, non-callable Government Securities, or a combination thereof, pursuant to arrangements satisfactory to the Trustee, in such amounts as will be sufficient without
consideration of any reinvestment of interest, to pay and discharge the entire indebtedness on the Notes not delivered to the Trustee for cancellation for principal, premium, if any, and accrued interest to the date of maturity or redemption; 

(b) no Default or Event of Default shall have occurred and be continuing on the date of such deposit or shall occur as a result of such deposit
(other than resulting from any borrowing of funds to be applied to such deposit and any similar and simultaneous deposit relating to other Indebtedness and, in each case, the granting of Liens in connection therewith) and such deposit will not
result in a breach or violation of, or constitute a default under, any other material instrument to which the Company or any Subsidiary Guarantor is a party or by which the Company or any Subsidiary Guarantor is bound (other than resulting from any
borrowing of funds to be applied to such deposit and any similar and simultaneous deposit relating to other Indebtedness and, in each case, the granting of Liens in connection therewith); 

(c) the Company or any Subsidiary Guarantor has paid or caused to be paid all sums payable by it under this Indenture; and 

(d) the Company has delivered irrevocable instructions to the Trustee under this Indenture to apply the deposited money toward the payment of
the Notes at maturity or the redemption date, as the case may be. 
 In addition, the Company must deliver an Officers’ Certificate and
an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied, and the Trustee on demand of and at the expense of the Company, shall execute proper instruments acknowledging satisfaction
and discharge of this Indenture. 
 Notwithstanding the satisfaction and discharge of this Indenture, if money shall have been deposited
with the Trustee pursuant to subclause (2) of clause (a) of this Section, the provisions of Section 11.02 and Section 8.06 hereof shall survive such satisfaction and discharge. 

Section 11.02 Application of Trust Money. 

Subject to the provisions of Section 8.06 hereof, all money deposited with the Trustee pursuant to Section 11.01 hereof shall be held
in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the
Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment such money has been deposited with the Trustee; but such money need not be segregated from other funds except to the extent required by law. 

If the Trustee or the Paying Agent is unable to apply any money or Government Securities in accordance with Section 11.01 hereof to the
Holders entitled thereto by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s and any Subsidiary
Guarantor’s 

  
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obligations under this Indenture with respect to the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 11.01 hereof until such time as the Trustee
or the Paying Agent is permitted to apply all such money or Government Security in accordance with this Indenture and the Notes to the Holders entitled thereto; provided, however, that if the Company makes any payment of principal of,
premium, if any, or interest on any Notes following the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or Government Securities held by the Trustee
or Paying Agent. 
 ARTICLE 12 

MISCELLANEOUS 
 Section 12.01 Notices.

 (a) Any notice or communication to the Company, any Subsidiary Guarantor or the Trustee is duly given if in writing and (1) delivered
in person, (2) mailed by first-class mail (certified or registered, return receipt requested), postage prepaid, or overnight air courier guaranteeing next day delivery or (3) sent by facsimile or electronic transmission, to its address:

 if to the Company or any Subsidiary Guarantor: 

c/o Lithia Motors, Inc. 
 150 N.
Bartlett Street 
 Medford, Oregon 97501 

Fax No.: 541-774-7545 

Email: EImpert@lithia.com 

Attention: Edward Impert 
 with a
copy to: 
 Fried, Frank, Harris, Shriver & Jacobson LLP 

One New York Plaza 
 New York, New
York 10004 
 Fax No: 212-859-9000 

Email: Daniel.Bursky@friedfrank.com and Andrew.Barkan@friedfrank.com 

Attention: Daniel Bursky and Andrew B. Barkan 

if to the Trustee: 
 U.S. Bank
National Association 
 555 SW Oak
Street-PD-OR-p7TD 

Portland, Oregon 97204 
 Fax No.: 503-464-4155 
 Email: cherylk.nelson@usbank.com 

Attention: Cheryl Nelson 
 The Company, any
Subsidiary Guarantor or the Trustee, by like notice, may designate additional or different addresses for subsequent notices or communications. 

(b) All notices and communications (other than those sent to Holders) shall be deemed to have been duly given: at the time delivered by hand,
if personally delivered; on the first date of which publication is made, if by publication; five calendar days after being deposited in the mail, postage prepaid, if mailed by first-class mail; the next Business Day after timely delivery to the
courier, if mailed by overnight air courier guaranteeing next day delivery; when receipt acknowledged, if sent by facsimile or electronic transmission; provided that any notice or communication delivered to the Trustee shall be deemed
effective upon actual receipt thereof. 

  
 -74- 

 (c) Any notice or communication to a Holder shall be mailed by first-class mail (certified
or registered, return receipt requested) or by overnight air courier guaranteeing next day delivery to its address shown on the Note Register or by such other delivery system as the Trustee agrees to accept. Failure to mail a notice or communication
to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. 
 (d) Where this Indenture provides for
notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the
Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. 
 (e)
Notwithstanding any other provision herein, where this Indenture provides for notice of any event to any Holder of an interest in a Global Note (whether by mail or otherwise), such notice shall be sufficiently given if given to the Depositary for
such Note (or its designee), according to the Applicable Procedures of such Depositary, if any, prescribed for the giving of such notice. 

(f) The Trustee agrees to accept and act upon notice, instructions or directions pursuant to this Indenture sent by unsecured facsimile or
electronic transmission; provided, however, that (1) the party providing such written notice, instructions or directions, subsequent to such transmission of written instructions, shall provide the originally executed instructions
or directions to the Trustee in a timely manner, and (2) such originally executed notice, instructions or directions shall be signed by an authorized representative of the party providing such notice, instructions or directions. The Trustee
shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reasonable reliance upon and compliance with such notice, instructions or directions notwithstanding such notice, instructions or directions
conflict or are inconsistent with a subsequent notice, instructions or directions. 
 (g) If a notice or communication is sent in the manner
provided above within the time prescribed, it is duly given, whether or not the addressee receives it. 
 (h) If the Company mails a notice
or communication to Holders, it shall mail a copy to the Trustee and each Agent at the same time. 
 Section 12.02 Communication by Holders with
Other Holders. 
 Holders may communicate with other Holders with respect to their rights under this Indenture or the Notes. 

Section 12.03 Certificate and Opinion as to Conditions Precedent. 

Upon any request or application by the Company or any Subsidiary Guarantor to the Trustee to take any action under this Indenture, the Company
or such Subsidiary Guarantor, as the case may be, shall furnish to the Trustee: 
 (1) an Officers’ Certificate in form
and substance reasonably satisfactory to the Trustee (which shall include the statements set forth in Section 12.04 hereof) stating that, in the opinion of the signer(s), all conditions precedent and covenants, if any, provided for in this
Indenture relating to the proposed action have been complied with; and 

  
 -75- 

 (2) an Opinion of Counsel in form and substance reasonably satisfactory to
the Trustee (which shall include the statements set forth in Section 12.04 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been complied with; provided that (A) subject to
Section 5.01(c) hereof, no Opinion of Counsel shall be required in connection with the addition of a Subsidiary Guarantor under this Indenture upon execution and delivery by such Subsidiary Guarantor and the Trustee of a supplemental indenture
to this Indenture, the form of which is attached as Exhibit C and (B) no Opinion of Counsel pursuant to this Section shall be required in connection with the issuance of Notes on the Issue Date. 

Section 12.04 Statements Required in Certificate or Opinion. 

Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate
provided pursuant to Section 4.07 hereof) shall include: 
 (1) a statement that the Person making such certificate or
opinion has read such covenant or condition; 
 (2) a brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in such certificate or opinion are based; 
 (3) a statement
that, in the opinion of such Person, he or she has made such examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been complied with (and, in the case of
an Opinion of Counsel, may be limited to reliance on an Officers’ Certificate as to matters of fact); and 
 (4) a
statement as to whether or not, in the opinion of such Person, such condition or covenant has been complied with. 
 Section 12.05 Rules by Trustee
and Agents. 
 The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make
reasonable rules and set reasonable requirements for its functions. 
 Section 12.06 No Personal Liability of Directors, Officers, Employees,
Members, Partners and Stockholders. 
 No director, officer, employee, incorporator or stockholder of the Company or any Subsidiary
Guarantor, as such, will have any liability for any obligations of the Company or the Subsidiary Guarantors under the Notes, this Indenture, the Subsidiary Guarantees, or for any claim based on, in respect of, or by reason of, such obligations or
their creation. Each Holder of 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. 

Section 12.07 Governing Law. 
 THIS
INDENTURE, THE NOTES AND ANY SUBSIDIARY GUARANTEE WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

  
 -76- 

 Section 12.08 Waiver of Jury Trial. 

EACH OF THE COMPANY, THE SUBSIDIARY GUARANTORS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,
ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES, THE SUBSIDIARY GUARANTEES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 12.09 Force Majeure. 
 In no
event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations under this Indenture arising out of or caused by, directly or indirectly, forces beyond its reasonable control, including without
limitation strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software or
hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

. Section 12.10 Successors. 
 All
agreements of the Company in this Indenture and the Notes shall bind its successors. All agreements of the Trustee in this Indenture shall bind its successors. All agreements of each Subsidiary Guarantor in this Indenture shall bind its successors,
except as otherwise provided in Section 10.06. 
 Section 12.11 Severability. 

In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired thereby. 
 Section 12.12 Counterpart Originals. 

The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same
agreement. 
 Section 12.13 Table of Contents, Headings, etc. 

The Table of Contents, Cross-Reference Table and headings of the Articles and Sections of this Indenture have been inserted for convenience of
reference only, are not to be considered a part of this Indenture and shall in no way modify or restrict any of the terms or provisions hereof. 

Section 12.14 Facsimile and PDF Delivery of Signature Pages. 

The exchange of copies of this Indenture and of signature pages by facsimile or portable document format (“PDF”) transmission
shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be
their original signatures for all purposes. 

  
 -77- 

 Section 12.15 U.S.A. PATRIOT Act. 

The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. PATRIOT Act, the Trustee is required to obtain, verify,
and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such information as it may request
in order for the Trustee to satisfy the requirements of the U.S.A. PATRIOT Act. 
 Section 12.16 Payments Due on
Non-Business Days. 
 In any case where any interest payment date, redemption date or repurchase
date or the Stated Maturity of the Notes shall not be a Business Day, then (notwithstanding any other provision of this Indenture or of the Notes) payment of principal, premium, if any, or interest on the Notes need not be made on such date, but may
be made on the next succeeding Business Day with the same force and effect as if made on the interest payment date, redemption date or repurchase date, or at the Stated Maturity of the Notes, provided that no interest will accrue for the
period from and after such interest payment date, redemption date, repurchase date or Stated Maturity, as the case may be. 
 [Signatures
on following page] 
  

  
 -78- 

 
			
	LITHIA MOTORS, INC.
		
	By:	 	          

		 	Name: Tina Miller
		 	Title:   Senior Vice President and Chief Financial Officer

  

	
	797 VALLEY STREET LLC
	BAIERL AUTO PARTS, LLC 
	BAIERL AUTOMOTIVE CORPORATION
	BAIERL CHEVROLET, INC.
	BAIERL HOLDING, LLC 
	CADILLAC OF PORTLAND LLOYD CENTER, LLC
	CAMP AUTOMOTIVE, INC.
	CARBONE AUTO BODY, LLC
	CRANBERRY AUTOMOTIVE, INC.
	DAH CHONG HONG CA TRADING LLC
	DAH CHONG HONG TRADING CORPORATION
	DARON MOTORS LLC
	DCH BLOOMFIELD LLC
	DCH (OXNARD) INC.
	DCH AUTO GROUP (USA) INC.
	DCH CA LLC
	DCH CALABASAS-A, LLC 
	DCH CALIFORNIA INVESTMENTS LLC
	DCH CALIFORNIA MOTORS INC. 
	DCH DEL NORTE, INC.
	DCH DMS NJ, LLC
	DCH ESSEX INC. 
	DCH FINANCIAL NJ, LLC
	DCH FREEHOLD - V, LLC
	DCH FREEHOLD LLC
	DCH HOLDINGS LLC
	DCH INVESTMENTS INC. (NEW JERSEY)
	DCH INVESTMENTS INC. (NEW YORK)
	DCH KOREAN IMPORTS LLC
	DCH MAMARONECK LLC
	DCH MISSION VALLEY LLC
	DCH MONMOUTH LLC
	DCH MONTCLAIR LLC
	DCH MOTORS LLC
	DCH NANUET LLC
	DCH NORTH AMERICA INC.
	DCH NY MOTORS LLC
	DCH OXNARD 1521 IMPORTS INC.
	DCH RIVERSIDE-S, INC.
	DCH SIMI VALLEY INC.

  
 [Signature page to
Indenture for 4.625% Senior Notes due 2027] 

	
	DCH SUPPORT SERVICES, LLC
	DCH TEMECULA IMPORTS LLC
	DCH TEMECULA MOTORS LLC
	DCH THOUSAND OAKS-F, INC.
	DCH TL HOLDINGS LLC
	DCH TL NY HOLDINGS LLC
	DCH TORRANCE IMPORTS INC.
	DRIVEWAY MOTORS, LLC 
	ELIZABETH COLLISION, LLC
	LITHIA FLORIDA HOLDING, INC.
	FLORIDA SS, LLC
	FREEHOLD NISSAN LLC
	FUSE AUTO SALES, LLC
	HUTCHINS EUGENE NISSAN, INC.
	HUTCHINS IMPORTED MOTORS, INC.
	LA MOTORS HOLDING, LLC
	LAD ADVERTISING, INC.
	LAD CARSON-N, LLC
	LAD MISSION VIEJO-JLR, INC.
	LAD-AU, LLC
	LAD-MB, LLC
	LAD-N, LLC
	LAD-P, LLC
	LAD-T, LLC
	LAD-V, LLC
	LBMP, LLC
	LFKF, LLC
	LGPAC, INC.
	LITHIA ACDM, INC.
	LITHIA AIRCRAFT, INC.
	LITHIA ANCHORAGE-C, LLC
	LITHIA ANCHORAGE-H, LLC
	LITHIA ARMORY GARAGE, LLC
	LITHIA AUCTION & RECON, LLC
	LITHIA AUTO SERVICES, INC.
	LITHIA AUTOMOTIVE, INC.
	LITHIA BA HOLDING, INC.
	LITHIA BAIERL-S, LLC
	LITHIA BNM, INC. (NON OPERATING)
	LITHIA BRYAN TEXAS, INC.
	LITHIA BUFFALO-A, LLC
	LITHIA CCTF, INC.
	LITHIA CDH, INC.
	LITHIA CIMR, INC.
	LITHIA CJDO, INC.
	LITHIA CJDSA, INC.
	LITHIA CJDSF, INC.
	LITHIA CM, INC.
	LITHIA CO, INC.
	LITHIA CRATER LAKE-F, INC.
	LITHIA CRATER LAKE-M, INC.
	LITHIA CSA, INC.

  
 [Signature page to
Indenture for 4.625% Senior Notes due 2027] 

	
	LITHIA DE, INC.
	LITHIA DES MOINES-VW, LLC
	LITHIA DM, INC.
	LITHIA DMID, INC.
	LITHIA DODGE OF TRI-CITIES, INC.
	LITHIA EATONTOWN-F, LLC
	LITHIA FLCC, LLC
	LITHIA FMF, INC.
	LITHIA FORD OF BOISE, INC.
	LITHIA FRESNO, INC. 
	LITHIA HAMILTON-H, LLC
	LITHIA HAZLETON-H, LLC
	LITHIA HDM, INC.
	LITHIA HGF, INC.
	LITHIA HMID, INC.
	LITHIA HPI, INC. (NON OPERATING)
	LITHIA IDAHO FALLS-F, INC.
	LITHIA IMPORTS OF ANCHORAGE, INC. 
	LITHIA JEF, INC.
	LITHIA KLAMATH, INC.
	LITHIA KLAMATH-T, INC.
	LITHIA LBGGF, INC.
	LITHIA LHGF, INC.
	LITHIA LSGF, INC.
	LITHIA MBDM, INC.
	LITHIA MCMURRAY-C, LLC
	LITHIA MEDFORD HON, INC.
	LITHIA MIDDLETOWN-L, LLC
	LITHIA MMF, INC.
	LITHIA MONROEVILLE-A, LLC
	LITHIA MONROEVILLE-C, LLC
	LITHIA MONROEVILLE-F, LLC
	LITHIA MONROEVILLE-V, LLC
	LITHIA MOON-S, LLC
	LITHIA MOON-V, LLC
	LITHIA MORGANTOWN-CJD, LLC
	LITHIA MORGANTOWN-F, LLC
	LITHIA MORGANTOWN-S, LLC
	LITHIA MOTORS SUPPORT SERVICES, INC.
	LITHIA MTLM, INC.
	LITHIA NA, INC.
	LITHIA NC, INC.
	LITHIA ND ACQUISITION CORP. #1
	LITHIA ND ACQUISITION CORP. #3 
	LITHIA ND ACQUISITION CORP. #4
	LITHIA NDM, INC.
	LITHIA NF, INC.
	LITHIA NORTHEAST REAL ESTATE, LLC
	LITHIA OF ABILENE, INC.
	LITHIA OF ANCHORAGE, INC.
	LITHIA OF BEND #1, LLC
	LITHIA OF BEND #2, LLC

  
 [Signature page to
Indenture for 4.625% Senior Notes due 2027] 

	
	LITHIA OF BENNINGTON - 1, LLC
	LITHIA OF BENNINGTON - 2, LLC
	LITHIA OF BENNINGTON - 3, LLC 
	LITHIA OF BENNINGTON - 4, LLC
	LITHIA OF BILLINGS II LLC
	LITHIA OF BILLINGS, INC.
	LITHIA OF CASPER, LLC
	LITHIA OF CLEAR LAKE, LLC
	LITHIA OF CONCORD I, INC.
	LITHIA OF CONCORD II, INC.
	LITHIA OF CORPUS CHRISTI, INC.
	LITHIA OF DES MOINES, INC. 
	LITHIA OF EUREKA, INC.
	LITHIA OF FAIRBANKS, INC. 
	LITHIA OF GREAT FALLS, INC.
	LITHIA OF HELENA, INC.
	LITHIA OF HONOLULU-A, INC.
	LITHIA OF HONOLULU-BGMCC, LLC
	LITHIA OF HONOLULU-F, LLC
	LITHIA OF HONOLULU-V, LLC
	LITHIA OF KILLEEN, LLC
	LITHIA OF LODI, INC.
	LITHIA OF MAUI-H, LLC
	LITHIA OF MISSOULA II, LLC
	LITHIA OF MISSOULA III, INC.
	LITHIA OF MISSOULA, INC.
	LITHIA OF POCATELLO, INC.
	LITHIA OF PORTLAND I, LLC 
	LITHIA OF PORTLAND, LLC
	LITHIA OF ROBSTOWN, LLC
	LITHIA OF ROSEBURG, INC. 
	LITHIA OF SANTA ROSA, INC. 
	LITHIA OF SEATTLE, INC.
	LITHIA OF SOUTH CENTRAL AK, INC. 
	LITHIA OF SPOKANE II, INC.
	LITHIA OF SPOKANE, INC.
	LITHIA OF STOCKTON, INC.
	LITHIA OF STOCKTON-V, INC.
	LITHIA OF TF, INC.
	LITHIA OF TROY, LLC
	LITHIA OF UTICA - 1, LLC
	LITHIA OF UTICA - 2, LLC
	LITHIA OF UTICA - 3, LLC
	LITHIA OF UTICA - 4, LLC
	LITHIA OF WALNUT CREEK, INC.
	LITHIA OF WASILLA, LLC 
	LITHIA OF YORKVILLE - 1, LLC
	LITHIA OF YORKVILLE - 2, LLC
	LITHIA OF YORKVILLE - 3, LLC
	LITHIA OF YORKVILLE - 4, LLC
	LITHIA OF YORKVILLE - 5, LLC
	LITHIA ORCHARD PARK-H, LLC

  
 [Signature page to
Indenture for 4.625% Senior Notes due 2027] 

	
	LITHIA PARAMUS-M, LLC
	LITHIA PITTSBURGH-S, LLC
	LITHIA RAMSEY-B, LLC
	LITHIA RAMSEY-L, LLC
	LITHIA RAMSEY-M, LLC
	LITHIA RAMSEY-T, LLC
	LITHIA REAL ESTATE, INC.
	LITHIA RENO-CJ, LLC
	LITHIA RENO-VW, LLC
	LITHIA RENO SUB-HYUN, INC. 
	LITHIA ROSE-FT, INC. 
	LITHIA SALMIR, INC.
	LITHIA SEA P, INC.
	LITHIA SEASIDE, INC. 
	LITHIA SOC, INC.
	LITHIA SPOKANE-B, LLC
	LITHIA SPOKANE-S, LLC
	LITHIA SSP, LLC
	LITHIA TA, INC.
	LITHIA TO, INC.
	LITHIA TR, INC.
	LITHIA UNIONTOWN-C, LLC
	LITHIA VAUDM, INC.
	LITHIA VF, INC.
	LITHIA WEXFORD-H, LLC
	LLL SALES CO LLC
	LMBB, LLC 
	LMBP, LLC
	LMOP, LLC
	LSTAR, LLC
	MEDFORD INSURANCE, LLC
	MILFORD DCH, INC.
	NORTHLAND FORD INC.
	PA REAL ESTATE, LLC
	PA SUPPORT SERVICES, LLC
	PARAMUS COLLISION, LLC
	PARAMUS WORLD MOTORS LLC
	PERSONALIZED MARKETING, LLC
	RFA HOLDINGS, LLC
	SALEM-B, LLC
	SALEM-H, LLC
	SALEM-V, LLC
	SHARLENE REALTY LLC
	SHIFT PORTLAND, LLC
	SOUTHERN CASCADES FINANCE CORPORATION
	TAMPA-H, LLC
	TUSTIN MOTORS INC. 
	WESLEY CHAPEL-H, LLC
	WESLEY CHAPEL-T, LLC
	ZELIENOPLE REAL ESTATE, L.L.C.
	ZELIENOPLE REAL ESTATE I, L.P.

  
 [Signature page to
Indenture for 4.625% Senior Notes due 2027] 

 
			
	By:	 	 /s/ Bryan DeBoer

		 	Name: Bryan DeBoer
		 	Title:   Authorized Agent
	
	 LAD MOBU, INC.
 LITHIA FINANCIAL
CORPORATION
 (PREVIOUSLY LITHIA LEASING, INC. AND LITHIA CREDIT, INC.)

		
	By:	 	 /s/ Christopher S. Holzshu

		 	Name: Christopher S. Holzshu
		 	Title:   Executive Vice President

  
 [Signature page to
Indenture for 4.625% Senior Notes due 2027] 

 
			
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Cheryl Nelson

		 	Name: Cheryl Nelson
		 	Title:   Vice President

  

  
 [Signature page to
Indenture for 4.625% Senior Notes due 2027] 

 APPENDIX A 

PROVISIONS RELATING TO INITIAL NOTES AND 

ADDITIONAL NOTES 
 Section 1.1
Definitions. 
 (a) Capitalized Terms. 

Capitalized terms used but not defined in this Appendix A have the meanings given to them in this Indenture. The following capitalized terms
have the following meanings: 
 “Applicable Procedures” means, with respect to any transfer or transaction involving a
Global Note or beneficial interest therein, the rules and procedures of the Depositary for such Global Note, Euroclear or Clearstream, in each case to the extent applicable to such transaction and as in effect from time to time. 

“Clearstream” means Clearstream Banking, Société Anonyme, or any successor securities clearing agency. 

“Distribution Compliance Period,” with respect to any Note, means the period of 40 consecutive days beginning on and
including the later of (a) the day on which such Note is first offered to persons other than distributors (as defined in Regulation S) in reliance on Regulation S, notice of which day shall be promptly given by the Company to the Trustee,
and (b) the date of issuance with respect to such Note or any predecessor of such Note. 
 “Euroclear” means Euroclear
Bank S.A./N.Y., as operator of Euroclear systems Clearance System or any successor securities clearing agency. 
 “IAI”
means an institution that is an “accredited investor” as described in Rule 501(a)(1), (2), (3) or (7) under the Securities Act and is not a QIB. 

“QIB” means a “qualified institutional buyer” as defined in Rule 144A. 

“Regulation S” means Regulation S promulgated under the Securities Act. 

“Rule 144” means Rule 144 promulgated under the Securities Act. 

“Rule 144A” means Rule 144A promulgated under the Securities Act. 

“Unrestricted Global Note” means any Note in global form that does not bear or is not required to bear the Restricted Notes
Legend. 
 “U.S. person” means a “U.S. person” as defined in Regulation S. 

 (b) Other Definitions. 

 

			
	 Term:
	  	 Defined in

Section:

	“Agent Members”	  	2.1(c)
	“Automatic Exchange”	  	2.2(i)
	“Automatic Exchange Date”	  	2.2(i)
	“Automatic Exchange Notice”	  	2.2(i)
	“Automatic Exchange Notice Date”	  	2.2(i)
	“Definitive Notes Legend”	  	2.2(e)
	“ERISA Legend”	  	2.2(e)
	“Global Note”	  	2.1(b)
	“Global Notes Legend”	  	2.2(e)
	“IAI Global Note”	  	2.1(b)
	“Regulation S Global Note”	  	2.1(b)
	“Regulation S Notes”	  	2.1(a)
	“Restricted Notes Legend”	  	2.2(e)
	“Rule 144A Global Note”	  	2.1(b)
	“Rule 144A Notes”	  	2.1(a)

 Section 2.1 Form and Dating 

(a) The Initial Notes issued on the date hereof shall be (i) offered and sold by the Company to the initial purchasers thereof and
(ii) resold, initially only to (1) QIBs in reliance on Rule 144A (“Rule 144A Notes”) and (2) Persons other than U.S. persons in reliance on Regulation S (“Regulation S Notes”). Additional Notes
may also be considered to be Rule 144A Notes or Regulation S Notes, as applicable. 
 (b) Global Notes. Rule 144A Notes shall be
issued initially in the form of one or more permanent global Notes in definitive, fully registered form, numbered RA-1 upward (collectively, the “Rule 144A Global Note”) and
Regulation S Notes shall be issued initially in the form of one or more global Notes, numbered RS-1 upward (collectively, the “Regulation S Global Note”), in each case without interest
coupons and bearing the Global Notes Legend and Restricted Notes Legend, which shall be deposited on behalf of the purchasers of the Notes represented thereby with the Custodian, and registered in the name of the Depositary or a nominee of the
Depositary, duly executed by the Company and authenticated by the Trustee as provided in the Indenture. One or more global Notes in definitive, fully registered form without interest coupons and bearing the Global Notes Legend and the Restricted
Notes Legend, numbered RIAI-1 upward (collectively, the “IAI Global Note”) shall also be issued on the Issue Date, if requested by the Company, deposited with the Custodian, and registered in
the name of the Depositary or a nominee of the Depositary, duly executed by the Company and authenticated by the Trustee as provided in this Indenture to accommodate transfers of beneficial interests in the Notes to IAIs subsequent to the initial
distribution. The Rule 144A Global Note, the IAI Global Note, the Regulation S Global Note and any Unrestricted Global Note are each referred to herein as a “Global Note” and are collectively referred to herein as
“Global Notes.” Each Global Note shall represent such of the outstanding Notes as shall be specified in the “Schedule of Exchanges of Interests in the Global Note” attached thereto and each shall provide that it shall
represent the aggregate principal amount of Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time be reduced or increased, as applicable, to reflect exchanges
and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby shall be made by the Trustee or the Custodian, at the direction of the
Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.06 of this Indenture and Section 2.2(c) of this Appendix A. 

  
 2 

 (c) Book-Entry Provisions. This Section 2.1(c) shall apply only to a Global Note
deposited with or on behalf of the Depositary. 
 The Company shall execute and the Trustee shall, in accordance with this
Section 2.1(c) and Section 2.02 of this Indenture and pursuant to an order of the Company signed by one Officer of the Company, authenticate and deliver initially one or more Global Notes that (i) shall be registered in the name of
the Depositary for such Global Note or Global Notes or the nominee of such Depositary and (ii) shall be delivered by the Trustee to such Depositary or pursuant to such Depositary’s instructions or held by the Trustee as Custodian. 

Members of, or participants in, the Depositary (“Agent Members”) shall have no rights under the Indenture with respect to any
Global Note held on their behalf by the Depositary or by the Trustee as Custodian or under such Global Note, and the Depositary may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner of such
Global Note for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the Trustee from giving effect to any written certification, proxy or other authorization
furnished by the Depositary or impair, as between the Depositary and its Agent Members, the operation of customary practices of such Depositary governing the exercise of the rights of a holder of a beneficial interest in any Global Note. 

(d) Definitive Notes. Except as provided in Section 2.2 or Section 2.3 of this Appendix A, owners of beneficial interests in
Global Notes shall not be entitled to receive physical delivery of Definitive Notes. 
 Section 2.2 Transfer and Exchange. 

(a) Transfer and Exchange of Definitive Notes for Definitive Notes. When Definitive Notes are presented to the Registrar with a
request: 
 (i) to register the transfer of such Definitive Notes; or 

(ii) to exchange such Definitive Notes for an equal principal amount of Definitive Notes of other authorized
denominations, 
 the Registrar shall register the transfer or make the exchange as requested if its reasonable requirements for such transaction are met;
provided, however, that the Definitive Notes surrendered for transfer or exchange: 
 (1) shall be duly
endorsed or accompanied by a written instrument of transfer in form reasonably satisfactory to the Company and the Registrar, duly executed by the Holder thereof or his attorney duly authorized in writing; and 

(2) in the case of Transfer Restricted Notes, they are being transferred or exchanged pursuant to an effective
registration statement under the Securities Act or pursuant to Section 2.2(b) of this Appendix A or otherwise in accordance with the Restricted Notes Legend, and are accompanied by a certification from the transferor in the form provided on the
reverse side of the Form of Note in Exhibit A for exchange or registration of transfers and, as applicable, delivery of such legal opinions, certifications and other information as may be requested pursuant thereto. 

  
 3 

 (b) Restrictions on Transfer of a Definitive Note for a Beneficial Interest in a
Global Note. A Definitive Note may not be exchanged for a beneficial interest in a Global Note except upon satisfaction of the requirements set forth below. Upon receipt by the Trustee of a Definitive Note, duly endorsed or accompanied by a
written instrument of transfer in form reasonably satisfactory to the Company and the Registrar, together with: 
 (i) a
certification from the transferor in the form provided on the reverse side of the Form of Note in Exhibit A for exchange or registration of transfers and, as applicable, delivery of such legal opinions, certifications and other information as
may be requested pursuant thereto; and 
 (ii) written instructions directing the Trustee to make, or to direct the
Custodian to make, an adjustment on its books and records with respect to such Global Note to reflect an increase in the aggregate principal amount of the Notes represented by the Global Note, such instructions to contain information regarding the
Depositary account to be credited with such increase, 
 the Trustee shall cancel such Definitive Note and cause, or direct the Custodian to cause, in
accordance with the standing instructions and procedures existing between the Depositary and the Custodian, the aggregate principal amount of Notes represented by the Global Note to be increased by the aggregate principal amount of the Definitive
Note to be exchanged and shall credit or cause to be credited to the account of the Person specified in such instructions a beneficial interest in the Global Note equal to the principal amount of the Definitive Note so canceled. If the applicable
Global Note is not then outstanding, the Company shall issue and the Trustee shall authenticate, upon an Authentication Order, a new applicable Global Note in the appropriate principal amount. 

(c) Transfer and Exchange of Global Notes. 

(i) The transfer and exchange of Global Notes or beneficial interests therein shall be effected through the Depositary, in accordance with
the Indenture (including applicable restrictions on transfer set forth in Section 2.2(d) of this Appendix A, if any) and the procedures of the Depositary therefor. A transferor of a beneficial interest in a Global Note shall deliver to the
Registrar a written order given in accordance with the Depositary’s procedures containing information regarding the participant account of the Depositary to be credited with a beneficial interest in such Global Note, or another Global Note and
such account shall be credited in accordance with such order with a beneficial interest in the applicable Global Note and the account of the Person making the transfer shall be debited by an amount equal to the beneficial interest in the Global Note
being transferred. 
 (ii) If the proposed transfer is a transfer of a beneficial interest in one Global Note to a beneficial interest
in another Global Note, the Registrar shall reflect on its books and records the date and an increase in the principal amount of the Global Note to which such interest is being transferred in an amount equal to the principal amount of the interest
to be so transferred, and the Registrar shall reflect on its books and records the date and a corresponding decrease in the principal amount of the Global Note from which such interest is being transferred. 

(iii) Notwithstanding any other provisions of this Appendix A (other than the provisions set forth in Section 2.3 of this Appendix
A), a Global Note may not be transferred except as a whole and not in part if the transfer is by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the
Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. 

  
 4 

 (d) Restrictions on Transfer of Global Notes; Voluntary Exchange of Interests in Transfer
Restricted Global Notes for Interests in Unrestricted Global Notes. 
 (i) Transfers by an owner of a beneficial interest in a Rule 144A
Global Note or an IAI Global Note to a transferee who takes delivery of such interest through another Transfer Restricted Global Note shall be made in accordance with the Applicable Procedures and the Restricted Notes Legend and only upon receipt by
the Trustee of a certification from the transferor in the form provided on the reverse side of the Form of Note in Exhibit A for exchange or registration of transfers and, as applicable, delivery of such legal opinions,
certifications and other information as may be requested pursuant thereto. In addition, in the case of a transfer of a beneficial interest in either a Regulation S Global Note or a Rule 144A Global Note for an interest in an IAI Global
Note, the transferee must furnish a signed letter substantially in the form of Exhibit B to the Trustee. 
 (ii)
During the Distribution Compliance Period, beneficial ownership interests in the Regulation S Global Note may only be sold, pledged or transferred through Euroclear or Clearstream in accordance with the Applicable Procedures, the Restricted Notes
Legend on such Regulation S Global Note and any applicable securities laws of any state of the U.S. Prior to the expiration of the Distribution Compliance Period, transfers by an owner of a beneficial interest in the Regulation S Global Note to a
transferee who takes delivery of such interest through a Rule 144A Global Note or an IAI Global Note shall be made only in accordance with the Applicable Procedures and the Restricted Notes Legend and upon receipt by the Trustee of a written
certification from the transferor of the beneficial interest in the form provided on the reverse side of the Form of Note in Exhibit A for exchange or registration of transfers. Such written certification shall no longer be
required after the expiration of the Distribution Compliance Period. Upon the expiration of the Distribution Compliance Period, beneficial ownership interests in the Regulation S Global Note shall be transferable in accordance with applicable law
and the other terms of the Indenture. 
 (iii) Upon the expiration of the Distribution Compliance Period, beneficial interests in the
Regulation S Global Note may be exchanged for beneficial interests in an Unrestricted Global Note upon certification in the form provided on the reverse side of the Form of Note in Exhibit A for an exchange from a
Regulation S Global Note to an Unrestricted Global Note. 
 (iv) Beneficial interests in a Transfer Restricted Note that is a Rule 144A
Global Note or an IAI Global Note may be exchanged for beneficial interests in an Unrestricted Global Note if the Holder certifies in writing to the Registrar that its request for such exchange is in respect of a transfer made in reliance on Rule
144 (such certification to be in the form set forth on the reverse side of the Form of Note in Exhibit A) and/or upon delivery of such legal opinions, certifications and other information as the Company or the Trustee may reasonably request.

 (v) If no Unrestricted Global Note is outstanding at the time of a transfer contemplated by the preceding clauses (iii) and (iv), the
Company shall issue and the Trustee shall authenticate, upon an Authentication Order, a new Unrestricted Global Note in the appropriate principal amount. 

(e) Legends. 

(i) Except as permitted by Section 2.2(d), this Section 2.2(e) and Section 2.2(i) of this Appendix A, each Note certificate
evidencing the Global Notes and the Definitive Notes (and all Notes issued in exchange therefor or in substitution thereof) shall bear a legend in substantially the following form (each defined term in the legend being defined as such for purposes
of the legend only) (“Restricted Notes Legend”): 
 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE
DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH 

  
 5 

 
TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH
IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS [IN THE CASE OF RULE 144A NOTES: SIX MONTHS AFTER THE LATER OF THE ORIGINAL ISSUE
DATE HEREOF, THE ORIGINAL ISSUE DATE OF THE ISSUANCE OF ANY ADDITIONAL NOTES AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY),] [IN THE CASE OF REGULATION S
NOTES: 40 DAYS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF, THE ORIGINAL ISSUE DATE OF THE ISSUANCE OF ANY ADDITIONAL NOTES AND THE DATE ON WHICH THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY) WAS FIRST OFFERED TO PERSONS OTHER THAN
DISTRIBUTORS (AS DEFINED IN RULE 902 OF REGULATION S) IN RELIANCE ON REGULATION S], ONLY (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT,
(C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT
PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO
NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE
501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED INSTITUTIONAL BUYER AND THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL
AMOUNT OF SECURITIES OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO
CLAUSES (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/ OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION
DATE. [IN THE CASE OF REGULATIONS NOTES: BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN
ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.] 

  
 6 

 Each Definitive Note shall bear the following additional legend (“Definitive Notes
Legend”): 
 IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND
OTHER INFORMATION AS SUCH REGISTRAR AND TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 
 Each
Global Note shall bear the following additional legend (“Global Notes Legend”): 
 UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED
IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 

Each Note shall bear the following additional legend (“ERISA Legend”): 

BY ITS ACQUISITION OF THIS SECURITY, THE HOLDER THEREOF WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (1) NO PORTION OF THE
ASSETS USED BY SUCH HOLDER TO ACQUIRE OR HOLD THIS SECURITY CONSTITUTES THE ASSETS OF AN EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OF A PLAN,
INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR PROVISIONS UNDER ANY OTHER FEDERAL, STATE, LOCAL,
NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAWS”), OR OF AN ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN
ASSETS” OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT, OR (2) THE ACQUISITION AND HOLDING OF THIS SECURITY WILL NOT CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION
4975 OF THE CODE OR A SIMILAR VIOLATION UNDER ANY APPLICABLE SIMILAR LAWS. 
 (ii) Upon any sale or transfer of a Transfer Restricted
Note that is a Definitive Note, the Registrar shall permit the Holder thereof to exchange such Transfer Restricted Note for a Definitive Note that does not bear the Restricted Notes Legend and the Definitive Notes Legend and rescind any restriction
on the transfer of such Transfer Restricted Note if the Holder certifies in writing to the Registrar that its request for such exchange is in respect of a transfer made in reliance on Rule 144 (such certification to be in the form set forth on
the reverse side of the Form of Note in Exhibit A) and provides such legal opinions, certifications and other information as the Company or the Trustee may reasonably request. 

  
 7 

 (iii) Any Additional Notes sold in a registered offering shall not be required to bear
the Restricted Notes Legend. 
 (f) Cancellation or Adjustment of Global Note. At such time as all beneficial interests in a Global
Note have either been exchanged for Definitive Notes, transferred in exchange for an interest in another Global Note, redeemed, repurchased or canceled, such Global Note shall be returned by the Depositary to the Trustee for cancellation or retained
and canceled by the Trustee. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for Definitive Notes, transferred in exchange for an interest in another Global Note, redeemed, repurchased or canceled,
the principal amount of Notes represented by such Global Note shall be reduced and an adjustment shall be made on the books and records of the Registrar (if it is then the Custodian for such Global Note) with respect to such Global Note, by the
Registrar or the Custodian, to reflect such reduction. 
 (g) Obligations with Respect to Transfers and Exchanges of Notes. 

(i) To permit registrations of transfers and exchanges, the Company shall execute and the Trustee shall authenticate, Definitive Notes and
Global Notes at the Registrar’s request. 
 (ii) No service charge shall be imposed in connection with any registration of transfer or
exchange (other than pursuant to Section 2.07 of this Indenture), but the Company or the Trustee may require payment of a sum sufficient to cover any transfer tax, assessments, or similar governmental charge payable in connection therewith
(other than any such transfer taxes, assessments or similar governmental charge payable upon exchanges pursuant to Sections 2.10, 3.06, 3.09, 4.10, 4.15 and 9.04 of this Indenture). 

(iii) Prior to the due presentation for registration of transfer of any Note, the Company, the Trustee, the Paying Agent or the Registrar may
deem and treat the person in whose name a Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal, premium, if any, and interest on such Note and for all other purposes whatsoever, whether or not such
Note is overdue, and none of the Company, the Trustee, the Paying Agent or the Registrar shall be affected by notice to the contrary. 

(iv) All Notes issued upon any transfer or exchange pursuant to the terms of this Indenture shall evidence the same debt and shall be
entitled to the same benefits under this Indenture as the Notes surrendered upon such registration of transfer or exchange. 
 (v) In
order to effect any registration of transfer or exchange of an interest in any Transfer Restricted Note for an interest in a Note that does not bear the Restricted Notes Legend and has not been registered under the Securities Act, if the Registrar
so requests or if the Applicable Procedures so require, an Opinion of Counsel, in form reasonably acceptable to the Registrar to the effect that no registration under the Securities Act is required in respect of such exchange or transfer or the re-sale of such interest by the beneficial holder thereof, shall be required to be delivered to the Registrar and the Trustee. 

  
 8 

 (h) No Obligation of the Trustee. 

(i) The Trustee shall have no responsibility or obligation to any beneficial owner of a Global Note, a member of, or a participant in the
Depositary or any other Person with respect to the accuracy of the records of the Depositary or its nominee or of any participant or member thereof, with respect to any ownership interest in the Notes or with respect to the delivery to any
participant, member, beneficial owner or other Person (other than the Depositary) of any notice (including any notice of redemption or repurchase) or the payment of any amount, under or with respect to such Notes. All notices and communications to
be given to the Holders and all payments to be made to Holders under the Notes shall be given or made only to the registered Holders (which shall be the Depositary or its nominee in the case of a Global Note). The rights of beneficial owners in any
Global Note shall be exercised only through the Depositary subject to the applicable rules and procedures of the Depositary. The Trustee may rely and shall be fully protected in relying upon information furnished by the Depositary with respect to
its members, participants and any beneficial owners. 
 (ii) The Trustee shall have no obligation or duty to monitor, determine or
inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Depositary participants, members or
beneficial owners in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of this Indenture, and to examine
the same to determine substantial compliance as to form with the express requirements hereof. 
 (i) Automatic Exchange of Beneficial
Interests in a Global Note that is a Transfer Restricted Note for Beneficial Interests in an Unrestricted Global Note. Upon the Company’s satisfaction that the Restricted Notes Legend shall no longer be required in order to maintain
compliance with the Securities Act, beneficial interests in a Global Note that is a Transfer Restricted Note may be automatically exchanged into beneficial interests in an Unrestricted Global Note without any action required by or on behalf of the
Holder (the “Automatic Exchange”) at any time on or after the date that is the 366th calendar day after (i) with respect to any Note issued on the Issue Date, the later of (A) the Issue Date and (B) the last date on
which the Company or any Affiliate of the Company was the owner of such Note (or of any other Global Note with the same CUSIP number) or (ii) with respect to any Additional Note, if any, the later of (A) the issue date of such Additional
Note and (B) the last date on which the Company or any Affiliate of the Company was the owner of such Note (or of any other Global Note with the same CUSIP number), or, in each case, if such day is not a Business Day, on the next succeeding
Business Day (the “Automatic Exchange Date”). Upon the Company’s satisfaction that the Restricted Notes Legend shall no longer be required in order to maintain compliance with the Securities Act, the Company shall
(I) provide written notice to the Trustee at least seven calendar days prior to the Automatic Exchange, instructing the Trustee to direct the Depositary to exchange all of the outstanding beneficial interests in a particular Global Note that is
a Transfer Restricted Note to the Unrestricted Global Note, which the Company shall have previously otherwise made eligible for exchange with the DTC, (II) provide prior written notice (the “Automatic Exchange Notice”) to each
Holder at such Holder’s address appearing in the Note Register at least seven calendar days prior to the Automatic Exchange (the “Automatic Exchange Notice Date”), which notice must include (1) the Automatic Exchange Date,
(2) the section of this Indenture pursuant to which the Automatic Exchange shall occur, (3) the “CUSIP” number of the Global Note that is a Transfer Restricted Note from which such Holder’s beneficial interests will be
transferred and (4) the “CUSIP” number of the Unrestricted Global Note into which such Holder’s beneficial interests will be transferred, and (III) on or prior to the date of the Automatic Exchange, deliver to the Trustee
for authentication one or more Unrestricted Global Notes, duly executed by the Company, in an aggregate principal amount equal to the aggregate principal amount of Global Notes that are Transfer Restricted Notes to be exchanged. At the
Company’s request on no less than five calendar days’ notice, the Trustee shall deliver, in the Company’s name and at its expense, the Automatic Exchange Notice (which shall be prepared by the Company) to each Holder at such
Holder’s address appearing in the Note Register. Notwithstanding anything to the contrary in this Section 2.2(i), during the period between the Automatic Exchange Notice Date and the Automatic Exchange Date, no transfers or exchanges other
than pursuant to this Section 2.2(i) shall be permitted without the prior written consent of 

  
 9 

 
the Company. As a condition to any Automatic Exchange, the Company shall provide, and the Trustee shall be entitled to rely upon, an Officers’ Certificate and/or Opinion of Counsel in form
reasonably acceptable to the Trustee to the effect that no registration under the Securities Act is required in respect of the Automatic Exchange or re-sales of beneficial interests in such Unrestricted Global
Note that are beneficially owned by a holder of beneficial interests therein upon the Automatic Exchange. The Company may request from Holders such information as it reasonably determines is required in order to be able to deliver such
Officers’ Certificate. Upon such exchange of beneficial interests pursuant to this Section 2.2(i), the aggregate principal amount of the Global Notes shall be increased or decreased by adjustments made on the records of the Trustee, as
custodian for the Depositary, to reflect the relevant increase or decrease in the principal amount of such Global Note resulting from the applicable exchange. The Global Note that is a Transfer Restricted Note from which beneficial interests are
transferred pursuant to an Automatic Exchange shall be canceled following the Automatic Exchange. 
 Section 2.3 Definitive Notes. 

(a) A Global Note deposited with the Depositary or with the Trustee as Custodian pursuant to Section 2.1 may be transferred to the
beneficial owners thereof in the form of Definitive Notes in an aggregate principal amount equal to the principal amount of such Global Note, in exchange for such Global Note, only if such transfer complies with Section 2.2 of this Appendix A
and (i) the Depositary notifies the Company that it is unwilling or unable to continue as a Depositary for such Global Note or if at any time the Depositary ceases to be a “clearing agency” registered under the Exchange Act and, in
each case, a successor depositary is not appointed by the Company within 90 days of such notice or after the Company becomes aware of such cessation, or (ii) an Event of Default has occurred and is continuing and the Registrar has received
a request from the Depository. In addition, any Affiliate of the Company or any Subsidiary Guarantor that is a beneficial owner of all or part of a Global Note may have such Affiliate’s beneficial interest transferred to such Affiliate in the
form of a Definitive Note by providing a written request to the Company and the Trustee and such Opinions of Counsel, certificates or other information as may be required by this Indenture or the Company or Trustee. 

(b) Any Global Note that is transferable to the beneficial owners thereof pursuant to this Section 2.3 shall be surrendered by the
Depositary to the Trustee, to be so transferred, in whole or from time to time in part, without charge, and the Trustee shall authenticate and deliver, upon such transfer of each portion of such Global Note, an equal aggregate principal amount of
Definitive Notes of authorized denominations. Any portion of a Global Note transferred pursuant to this Section 2.3 shall be executed, authenticated and delivered only in denominations of $2,000 and integral multiples of $1,000 in excess
thereof and registered in such names as the Depositary shall direct. Any Definitive Note delivered in exchange for an interest in a Global Note that is a Transfer Restricted Note shall, except as otherwise provided by Section 2.2(e) of this
Appendix A, bear the Restricted Notes Legend. 
 (c) The registered Holder of a Global Note may grant proxies and otherwise authorize
any Person, including Agent Members and Persons that may hold interests through Agent Members, to take any action which a Holder is entitled to take under this Indenture or the Notes. 

(d) In the event of the occurrence of any of the events specified in Section 2.3(a) of this Appendix A, the Company shall promptly
make available to the Trustee a reasonable supply of Definitive Notes in fully registered form without interest coupons. 

  
 10 

 EXHIBIT A 

[RULE 144A][REGULATION S] [GLOBAL] NOTE 

[Insert the Restricted Notes Legend, if applicable, pursuant to the provisions of the Indenture] 

[Insert the Global Notes Legend, if applicable, pursuant to the provisions of the Indenture] 

[Insert the Definitive Notes Legend, if applicable, pursuant to the provisions of the Indenture] 

[Insert the ERISA Legend, if applicable, pursuant to the provisions of the Indenture] 

  
 A-1 

 CUSIP
[                ] 
 ISIN
[                 ]1 

[RULE 144A][REGULATION S][GLOBAL] NOTE 

4.625% Senior Notes due 2027 
  

			
	No. [RA-    ] [RS-    ]
[U-    ]	  	[Up to]2 [$                    ]

 LITHIA MOTORS, INC. 

promises to pay to [CEDE & CO.]3
[                            ] or registered assigns the principal sum [set forth on the Schedule of
Exchanges of Interests in the Global Note attached hereto]4 [of $            
(                 Dollars)]5 on
[                    ] [    ], 20[    ]. 

Interest Payment Dates: June 15 and December 15 

Record Dates: June 1 and December 1 

 

	1	 Rule 144A Note CUSIP: 536797 AE3 

Rule 144A Note ISIN: US536797AE38 

Regulation S Note CUSIP: U53737 AB5 

Regulation S Note ISIN: USU53737AB58 

	2 	 Include in Global Notes. 

	3 	 Include in Global Notes 

	4 	 Include in Global Notes 

	5 	 Include in Definitive Notes 

  
 A-2 

 IN WITNESS HEREOF, the Company has caused this instrument to be duly executed. 

Dated: 
  

			
	LITHIA MOTORS, INC.
		
	By:	 	  

		 	Name:
		 	Title:

  
 A-3 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture: 

 

			
	U.S. BANK, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	  

		 	Authorized Signatory

 Dated: 

  
 A-4 

 [Reverse Side of Note] 

4.625% Senior Notes due 2027 

Capitalized terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 

1. INTEREST. Lithia Motors, Inc., an Oregon corporation (the “Company”), promises to pay interest on the principal amount of
this Note at 4.625% per annum until but excluding maturity. The Company shall pay interest semi-annually in arrears on June 15 and December 15 of each year, or if any such day is not a Business Day, on the next succeeding Business Day
(each, an “Interest Payment Date”). Interest on the Notes shall accrue from the most recent date to which interest has been paid or, if no interest has been paid, from and including [the date of original issuance]6 [[●], 20[●]]7; provided that the first Interest Payment Date shall be June 15, 2020. The Company shall pay interest
(including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at the interest rate on the Notes to the extent lawful; it shall pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace periods) from time to time on demand at the interest rate on the Notes to the extent lawful. Interest
shall be computed on the basis of a 360-day year comprised of twelve 30-day months. 

2. METHOD OF PAYMENT. The Company shall pay interest on the Notes to the Persons who are registered holders of Notes at the close of business
on June 1 or December 1 (whether or not a Business Day), as the case may be, immediately preceding the related Interest Payment Date, even if such Notes are canceled after such Record Date and on or before such Interest Payment Date,
except as provided in Section 2.12 of the Indenture with respect to defaulted interest. Principal, premium, if any, and interest on the Notes shall be payable at the office or agency of the Company maintained for such purpose or, at the option
of the Company, payment of interest and premium, if any, may be made by check mailed to the Holders at their respective addresses set forth in the Note Register; provided that payment by wire transfer of immediately available funds shall be
required with respect to principal, premium, if any, and interest on all Global Notes and all other Notes the Holders of which shall have provided wire transfer instructions to the Company or the Paying Agent at least five Business Days prior to the
applicable payment date. Such payment shall be in such coin or currency of the United States as at the time of payment is legal tender for payment of public and private debts. 

3. PAYING AGENT AND REGISTRAR. Initially, U.S. Bank National Association, the Trustee under the Indenture, shall act as Paying Agent and
Registrar. The Company may change any Paying Agent or Registrar without notice to the Holders. The Company or any of its Restricted Subsidiaries may act in any such capacity. 

4. INDENTURE. The Company issued the Notes under an Indenture, dated as of December 9, 2019 (as amended or supplemented from time to time,
the “Indenture”), among Lithia Motors, Inc., the Subsidiary Guarantors named therein and the Trustee. This Note is one of a duly authorized issue of notes of the Company designated as its 4.625% Senior Notes due 2027. The Company
shall be entitled to issue Additional Notes pursuant to Section 2.01 and 4.09 of the Indenture. The Notes and any Additional Notes issued under the Indenture shall be treated as a single class of securities under the Indenture. The terms of the
Notes include those stated in the Indenture. The Notes 
  

	6 	 With respect to the Initial Notes. This may need to be a specified date if the Notes are not issued on the
expected closing date. 

	7 	 With respect to Notes other than the Initial Notes. Fill in date of last interest payment.

  
 A-5 

 
are subject to all such terms, and Holders are referred to the Indenture for a statement of such terms. Any term used in this Note that is defined in the Indenture shall have the meaning assigned
to it in the Indenture. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. 

5. REDEMPTION AND REPURCHASE. The Notes are subject to optional redemption, and may be the subject of an offer to purchase, as further
described in the Indenture. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes. 

6. DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered form without coupons in denominations of $2,000 and integral multiples of
$1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer
documents, and Holders shall be required to pay any taxes and fees required by law or permitted by the Indenture. The Company need not exchange or register the transfer of any Note or portion of a Note selected for redemption or tendered for
repurchase in connection with a Change of Control Offer or Asset Sale Offer, except for the unredeemed portion of any Note being redeemed or repurchased in part. 

7. PERSONS DEEMED OWNERS. The registered Holder of a Note may be treated as its owner for all purposes. 

8. AMENDMENT, SUPPLEMENT AND WAIVER. The Indenture, the Subsidiary Guarantees or the Notes may be amended or supplemented as provided in the
Indenture. 
 9. DEFAULTS AND REMEDIES. The Events of Default relating to the Notes are defined in Section 6.01 of the Indenture. Upon
the occurrence of an Event of Default, the rights and obligations of the Company, the Subsidiary Guarantors, the Trustee and the Holders shall be as set forth in the applicable provisions of the Indenture. 

10. AUTHENTICATION. This Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose until
authenticated by the manual signature of the Trustee. 
 11. GOVERNING LAW. THIS NOTE WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAWS OF THE STATE OF NEW YORK. 
 12. CUSIP AND ISIN NUMBERS. Pursuant to a recommendation promulgated by the Committee on Uniform
Security Identification Procedures, the Company has caused CUSIP and ISIN numbers to be printed on the Notes, and the Trustee may use CUSIP and ISIN numbers in notices of redemption as a convenience to Holders. No representation is made as to the
accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

The Company shall furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to the Company
at the following address: 
 c/o Lithia Motors, Inc. 

150 N. Bartlett Street 
 Medford,
Oregon 97501 
 Fax No.: 541-774-7545 

Email: EImpert@lithia.com 

Attention: Edward Impert 

  
 A-6 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 

(I) or (we) assign and transfer this Note to:
                                        
                                         
                                         
   

                        
                                         
       (Insert assignee’s legal name) 
  

	
	  
 (Insert
assignee’s soc. sec. or tax I.D. no.)

	  

	  

	  

	  

	(Print or type assignee’s name, address and zip code)

 and irrevocably appoint
                                        
                                         
                                         
                                   to transfer this Note on the books of the
Company. The agent may substitute another to act for him. 

Date:                     

 

			
	Your Signature:	 	  

		 	(Sign exactly as your name appears on the face of this Note)

  
 Signature Guarantee*:
                                         
        
  

	*	 Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to
the Trustee). 

  
 A-7 

 CERTIFICATE TO BE DELIVERED UPON EXCHANGE OR 

REGISTRATION OF TRANSFERS OF TRANSFER RESTRICTED NOTES 

This certificate relates to $                 principal amount of Notes
held in (check applicable space)          book-entry or              definitive form by the undersigned. 

The undersigned (check one box below): 
 has
requested the Trustee by written order to deliver in exchange for its beneficial interest in a Global Note held by the Depositary a Note or Notes in definitive, registered form of authorized denominations and an aggregate principal amount equal to
its beneficial interest in such Global Note (or the portion thereof indicated above) in accordance with the Indenture; or 
 has requested
the Trustee by written order to exchange or register the transfer of a Note or Notes. 
 In connection with any transfer of any of the Notes evidenced by
this certificate, the undersigned confirms that such Notes are being transferred in accordance with its terms: 
 CHECK ONE BOX BELOW 

 

					
	(1)	  	☐	  	to the Company or subsidiary thereof; or
			
	(2)	  	☐	  	to the Registrar for registration in the name of the Holder, without transfer; or
			
	(3)	  	☐	  	pursuant to an effective registration statement under the Securities Act of 1933, as amended (the “Securities Act”); or
			
	(4)	  	☐	  	to a Person that the undersigned reasonably believes is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act (“Rule 144A”)) that purchases for its own account or for the
account of a qualified institutional buyer and to whom notice is given that such transfer is being made in reliance on Rule 144A, in each case pursuant to and in compliance with Rule 144A; or
			
	(5)	  	☐	  	pursuant to offers and sales to non-U.S. persons that occur outside the United States within the meaning of Regulation S under the Securities Act (and if the transfer is being made prior to
the expiration of the Distribution Compliance Period, the Notes shall be held immediately thereafter through Euroclear or Clearstream); or
			
	(6)	  	☐	  	to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act) that has furnished to the Trustee a signed letter containing certain representations and agreements;
or
			
	(7)	  	☐	  	pursuant to Rule 144 under the Securities Act; or
			
	(8)	  	☐	  	pursuant to another available exemption from registration under the Securities Act.

  
 A-8 

 Unless one of the boxes is checked, the Trustee will refuse to register any of the Notes
evidenced by this certificate in the name of any Person other than the registered Holder thereof; provided, however, that if box (5), (6), (7) or (8) is checked, the Company or the Trustee may require, prior to registering
any such transfer of the Notes, such legal opinions, certifications and other information as the Company or the Trustee has reasonably requested to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not
subject to, the registration requirements of the Securities Act. 
  

							
		 		 		 	  
 Your Signature

				
	Date:                     	 		 		 	  

		 		 		 	 Signature of Signature
 Guarantor

 TO BE COMPLETED BY PURCHASER IF (4) ABOVE IS CHECKED. 

The undersigned represents and warrants that it is purchasing this Note for its own account or an account with respect to which it exercises
sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it
has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon the undersigned’s
foregoing representations in order to claim the exemption from registration provided by Rule 144A. 
  

							
	Dated:                     	 		 		 	  

		 		 		 	 NOTICE: To be executed by an executive officer

Name:
 Title:

 Signature Guarantee*:
                                        

  

	*	 Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to
the Trustee). 

  
 A-9 

 TO BE COMPLETED IF THE HOLDER REQUIRES AN EXCHANGE FROM A 

REGULATION S GLOBAL NOTE TO AN UNRESTRICTED GLOBAL NOTE, 

PURSUANT TO SECTION 2.2(d)(iii) OF APPENDIX A TO THE INDENTURE8 

The undersigned represents and warrants that either: 

the undersigned is not a dealer (as defined in the Securities Act) and is a non-U.S. person (within the
meaning of Regulation S under the Securities Act); or 
 the undersigned is not a dealer (as defined in the Securities Act) and is a
U.S. person (within the meaning of Regulation S under the Securities Act) who purchased interests in the Notes pursuant to an exemption from, or in a transaction not subject to, the registration requirements under the Securities Act; or 

the undersigned is a dealer (as defined in the Securities Act) and the interest of the undersigned in this Note does not constitute the whole
or a part of an unsold allotment to or subscription by such dealer for the Notes. 
  

							
	Dated:                    	 		 		 	  

		 		 		 	Your Signature

  
  

	8 	 Include only for Regulation S Global Notes. 

  
 A-10 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company pursuant to Section 4.10 or Section 4.15 of the Indenture, check the
appropriate box below: 
 ☐ Section 4.10             ☐
Section 4.15 
 If you want to elect to have only part of this Note purchased by the Company pursuant to Section 4.10 or
Section 4.15 of the Indenture, state the amount you elect to have purchased: 
  

			
	$                    	 	 (integral multiples of $1,000,
 provided
that the unpurchased
 portion must be in a minimum
 principal
amount of $2,000)

  

							
	Date:                     	 		 		 	
				
		 		 	Your Signature:	 	  

		 		 		 	 (Sign exactly as your name appears on the face of this Note)

		 		 	
Tax Identification No.:                   
                                         
                 

 Signature Guarantee*:
                                         
            
  

	*	 Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to
the Trustee). 

  
 A-11 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE* 

The initial outstanding principal amount of this Global Note is
$            . The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global Note or
Definitive Note for an interest in this Global Note, have been made: 
  

									
	 Date of Exchange
	  	 Amount of decrease

in Principal Amount of
 this Global
Note
	  	 Amount of

increase
 in Principal

Amount of
 this

Global Note
	  	 Principal
Amount of

this Global
Note

following
such
 decrease
or
increase
	  	 Signature of
authorized signatory
of
Trustee,
Depositary or
Custodian

		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  

	*	 This schedule should be included only if the Note is issued in global form. 

  
 A-12 

 EXHIBIT B 

FORM OF 
 TRANSFEREE LETTER OF
REPRESENTATION 
 Lithia Motors, Inc. 
 150 N. Bartlett Street

 Medford, Oregon 97501 
 Fax No.: [●] 

Email: [●] 
 Attention: [●] 

Ladies and Gentlemen: 
 This certificate is
delivered to request a transfer of $[            ] principal amount of the 4.625% Senior Notes due 2027 (the “Notes”) of Lithia Motors, Inc. (the
“Company”). 
 Upon transfer, the Notes would be registered in the name of the new beneficial owner as follows: 

Name:                         
                

Address:                        
             
 Taxpayer ID
Number:                 
 The undersigned represents
and warrants to you that: 
 1. We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or
(7) under the Securities Act of 1933, as amended (the “Securities Act”)), purchasing for our own account or for the account of such an institutional “accredited investor” at least $250,000 principal amount of the
Notes, and we are acquiring the Notes, for investment purposes and not with a view to, or for offer or sale in connection with, any distribution in violation of the Securities Act. We have such knowledge and experience in financial and business
matters as to be capable of evaluating the merits and risks of our investment in the Notes, and we invest in or purchase securities similar to the Notes in the normal course of our business. We, and any accounts for which we are acting, are each
able to bear the economic risk of our or its investment. 
 2. We understand that the Notes have not been registered under the Securities Act
and, unless so registered, may not be sold except as permitted in the following sentence. We agree on our own behalf and on behalf of any investor account for which we are purchasing Notes to offer, sell or otherwise transfer such Notes prior to the
date that is one year after the later of the date of original issue and the last date on which the Company or any affiliate of the Company was the owner of such Notes (or any predecessor thereto) (the “Resale Restriction Termination
Date”) only in accordance with the Restricted Notes Legend (as such term is defined in the indenture under which the Notes were issued) on the Notes and any applicable securities laws of any state of the United States. The foregoing
restrictions on resale will not apply subsequent to the Resale Restriction Termination Date. If any resale or other transfer of the Notes is proposed to be made pursuant to clause (e) above prior to the Resale Restriction Termination Date, the
transferor shall deliver a letter from the transferee substantially in the form of this letter to the Company and the Trustee, which shall provide, among other things, that the transferee is an institutional “accredited investor” within
the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act and that it is acquiring such Notes for investment purposes and not for distribution in violation of the Securities Act. Each purchaser acknowledges that the Company
and the Trustee reserve the right prior to 

  
 B-1 

 
the offer, sale or other transfer prior to the Resale Restriction Termination Date of the Notes with respect to applicable transfers described in the Restricted Notes Legend to require the
delivery of an opinion of counsel, certifications and/or other information satisfactory to the Company and the Trustee. 
  

			
	TRANSFEREE:	 	                                      
          ,
	by:	 	                                      
          

  

  
 B-2 

 FORM OF SUPPLEMENTAL INDENTURE 

TO BE DELIVERED BY SUBSEQUENT GUARANTORS 

Supplemental Indenture (this “Supplemental Indenture”), dated as of
[                    ] [    ], 20[    ], among
                             (the “Guaranteeing Subsidiary”), a subsidiary of Lithia
Motors, Inc., an Oregon corporation (the “Company”), and U.S. Bank National Association, as trustee (the “Trustee”). 

W I T N E S S E T H 
 WHEREAS,
each of the Company and the Subsidiary Guarantors (as defined in the Indenture referred to below) has heretofore executed and delivered to the Trustee an indenture (the “Indenture”), dated as of December 9, 2019, providing for
the issuance of an unlimited aggregate principal amount of 4.625% Senior Notes due 2027 (the “Notes”); 
 WHEREAS, the
Indenture provides that under certain circumstances the guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to which the 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 and under the Indenture; 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 parties mutually covenant and agree for the equal and ratable benefit of the Holders as follows: 

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

2. Subsidiary Guarantor. The Guaranteeing Subsidiary hereby agrees to be a Subsidiary Guarantor under the Indenture and to be bound by
the terms of the Indenture applicable to Guarantors, including Article 10 thereof. 
 3. Governing Law. THIS SUPPLEMENTAL
INDENTURE WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 4. Waiver of Jury Trial. EACH
OF THE GUARANTEEING SUBSIDIARY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE, THE
INDENTURE, THE NOTES, THE SUBSIDIARY GUARANTEES OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 
 5. 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. 

6. Headings. The headings of the Sections of this Supplemental Indenture have been inserted for convenience of reference only, are not
to be considered a part of this Supplemental Indenture and shall in no way modify or restrict any of the terms or provisions hereof. 

 7. Trustee Disclaimer; Incorporation by Reference. 

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 are mare solely by the Company. 
 The rights, protections, indemnities
and immunities of the Trustee and its agents as enumerated under the Indenture are incorporated by reference into this Supplemental Indenture. 

  
 C-2 

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

			
	[NAME OF GUARANTEEING SUBSIDIARY]
		
	By:	 	  

		 	Name:
		 	Title:
	
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	  

		 	Name:
		 	Title:

  
 C-3EX-10.1

 EXHIBIT 10.1 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [    ], HAS BEEN OMITTED BECAUSE IT IS NOT
MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE COMPANY IF PUBLICLY DISCLOSED. 
 Deal CUSIP 53679VAB62 

New Vehicle Floorplan Facility CUSIP 53679VAD2 

Used Vehicle Floorplan Facility CUSIP 53679VAC4 

Service Loaner Vehicle Floorplan Facility CUSIP 53679VAE0 

Revolving Line of Credit Facility CUSIP 53679VAB6 

THIRD AMENDED AND 

RESTATED LOAN 
 AGREEMENT

 Among 
 LITHIA MOTORS,
INC., 
 CERTAIN OF ITS SUBSIDIARIES, 

THE LENDERS PARTY HERETO FROM TIME TO TIME, 

and 
 U.S. BANK NATIONAL
ASSOCIATION, 
 as Administrative Agent and Agent 

and 
 JPMorgan Chase Bank, N.A.,
and Toyota Motor Credit Corporation as Co-Syndication Agents 
 U.S. Bank National Association and
J.P. Morgan Securities LLC, 
 As Co-Lead Arrangers and Joint Bookrunners 

American Honda Finance Corporation, TD Bank, N.A., 

Mercedes-Benz Financial Services USA LLC, and 

Bank of America, N.A, 
 as Co-Documentation Agents 
 Dated as of December 9, 2019 

 TABLE OF CONTENTS 

 

							
	 ARTICLE 1 DEFINITIONS AND INTERPRETIVE PROVISIONS
	  	 	1	 
	 1.1
	 	Defined Terms	  	 	1	 
	 1.2
	 	Divisions	  	 	38	 
	 1.3
	 	Other Interpretive Provisions	  	 	38	 
		
	 ARTICLE 2 NEW VEHICLE FLOORPLAN LINE OF CREDIT
	  	 	39	 
	 2.1
	 	New Vehicle Floorplan Loans	  	 	39	 
	 2.2
	 	New Vehicle Swing Line Loans	  	 	42	 
	 2.3
	 	Terms Applicable to New Vehicle Floorplan Loans and New Vehicle Swing Line Loans	  	 	46	 
	 2.4
	 	New Vehicle Floorplan Borrowers	  	 	48	 
	 2.5
	 	Addition of New Vehicle Floorplan Dealerships	  	 	53	 
		
	 ARTICLE 3 USED VEHICLE FLOORPLAN AND SERVICE LOANER VEHICLE FLOORPLAN LINE OF
CREDIT
	  	 	56	 
	 3.1
	 	Used Vehicle Floorplan Loans	  	 	56	 
	 3.2
	 	Used Vehicle Swing Line Loans	  	 	58	 
	 3.3
	 	Service Loaner Vehicle Floorplan Loans	  	 	62	 
	 3.4
	 	Service Loaner Vehicle Swing Line Loans	  	 	65	 
		
	 ARTICLE 4 REVOLVING LINE OF CREDIT
	  	 	69	 
	 4.1
	 	Revolving Loans	  	 	69	 
	 4.2
	 	Revolving Swing Line Loans	  	 	72	 
		
	 ARTICLE 5 LETTERS OF CREDIT
	  	 	75	 
	 5.1
	 	Letter of Credit Commitment	  	 	75	 
	 5.2
	 	Existing Letters of Credit	  	 	75	 
	 5.3
	 	LC Agreements	  	 	75	 
	 5.4
	 	Expiry Date	  	 	75	 
	 5.5
	 	Requests for Letters of Credit	  	 	75	 
	 5.6
	 	Participation in Letters of Credit	  	 	76	 
	 5.7
	 	Payments	  	 	76	 
	 5.8
	 	Terms Satisfactory to LC Issuer	  	 	77	 
	 5.9
	 	Obligations Absolute	  	 	77	 
	 5.10
	 	Letter of Credit Fees	  	 	78	 
	 5.11
	 	LC Collateral Account	  	 	78	 
	 5.12
	 	Borrower Indemnification	  	 	78	 
	 5.13
	 	Lenders’ Indemnification	  	 	79	 
		
	 ARTICLE 6 CERTAIN ADDITIONAL PROVISIONS
	  	 	79	 
	 6.1
	 	Interest	  	 	79	 
	 6.2
	 	Evidence of Debt	  	 	80	 
	 6.3
	 	Borrowing Procedure	  	 	80	 
	 6.4
	 	Obligations Several	  	 	81	 
	 6.5
	 	Non-Receipt of Funds by Agent	  	 	81	 
	 6.6
	 	Authorization	  	 	81	 
	 6.7
	 	Interest and Fee Basis	  	 	82	 

							
	 6.8
	 	Method of Payment	  	 	82	 
	 6.9
	 	Payment by Automatic Debit	  	 	82	 
	 6.10
	 	Late Charges	  	 	83	 
	 6.11
	 	Limitation of Interest	  	 	83	 
	 6.12
	 	Increase Option	  	 	84	 
	 6.13
	 	Authorization	  	 	85	 
	 6.14
	 	Defaulting Lenders	  	 	85	 
	 6.15
	 	Replacement of Lender	  	 	88	 
	 6.16
	 	Per Annum Fee	  	 	89	 
	 6.17
	 	Reallocation of Commitments	  	 	89	 
	 6.18
	 	Extension of Commitments	  	 	90	 
		
	 ARTICLE 7 YIELD PROTECTION; TAXES
	  	 	92	 
	 7.1
	 	Yield Protection	  	 	92	 
	 7.2
	 	Changes in Capital Adequacy Regulations	  	 	93	 
	 7.3
	 	Availability of Types of Advances; Adequacy of Interest Rate	  	 	93	 
	 7.4
	 	Taxes	  	 	95	 
	 7.5
	 	Selection of Lending Installation; Mitigation Obligations; Lender Statements; Survival of Indemnity	  	 	98	 
		
	 ARTICLE 8 SECURITY AND GUARANTIES
	  	 	99	 
	 8.1
	 	Security	  	 	99	 
	 8.2
	 	Guaranties	  	 	100	 
		
	 ARTICLE 9 CONDITIONS PRECEDENT
	  	 	100	 
	 9.1
	 	Initial Conditions Precedent	  	 	100	 
	 9.2
	 	Conditions Precedent to Each Credit Extension	  	 	102	 
	 9.3
	 	Conditions Precedent to Initial Advance to any New Vehicle Floorplan Borrower	  	 	103	 
	 9.4
	 	Real Property Conditions	  	 	104	 
		
	 ARTICLE 10 REPRESENTATIONS AND WARRANTIES
	  	 	105	 
	 10.1
	 	Existence and Standing	  	 	105	 
	 10.2
	 	Authorization and Validity	  	 	105	 
	 10.3
	 	Conflict; Government Consent	  	 	106	 
	 10.4
	 	Financial Statements	  	 	106	 
	 10.5
	 	Material Adverse Effect	  	 	106	 
	 10.6
	 	Taxes	  	 	106	 
	 10.7
	 	Litigation	  	 	106	 
	 10.8
	 	Subsidiaries and Affiliates	  	 	107	 
	 10.9
	 	ERISA	  	 	107	 
	 10.10
	 	Accuracy of Information	  	 	107	 
	 10.11
	 	Regulation U	  	 	108	 
	 10.12
	 	Material Agreements	  	 	108	 
	 10.13
	 	Compliance with Laws	  	 	108	 
	 10.14
	 	Ownership of Properties	  	 	108	 
	 10.15
	 	Plan Assets; Prohibited Transactions	  	 	108	 
	 10.16
	 	Trademarks; Patents, Etc.	  	 	108	 

  
 ii 

							
	 10.17
	 	Burdensome Restrictions	  	 	108	 
	 10.18
	 	Force Majeure	  	 	108	 
	 10.19
	 	Investment Company Act, Etc.	  	 	109	 
	 10.20
	 	Solvency	  	 	109	 
	 10.21
	 	Franchise Agreements; Material Business Relationships	  	 	109	 
	 10.22
	 	Security Interests	  	 	109	 
	 10.23
	 	Continuing Representations and Warranties	  	 	109	 
	 10.24
	 	Anti-Corruption Laws; Sanctions	  	 	109	 
	 10.25
	 	EEA Financial Institution	  	 	110	 
		
	 ARTICLE 11 FINANCIAL COVENANTS AND INFORMATION
	  	 	110	 
	 11.1
	 	Financial Covenants	  	 	110	 
	 11.2
	 	Financial Information	  	 	112	 
		
	 ARTICLE 12 AFFIRMATIVE COVENANTS
	  	 	114	 
	 12.1
	 	Maintenance of Existence and Permits	  	 	114	 
	 12.2
	 	ERISA	  	 	114	 
	 12.3
	 	Inspection	  	 	114	 
	 12.4
	 	Collateral Audits	  	 	115	 
	 12.5
	 	Books and Records	  	 	115	 
	 12.6
	 	Maintenance of Properties	  	 	115	 
	 12.7
	 	Taxes and Other Obligations	  	 	115	 
	 12.8
	 	Insurance	  	 	116	 
	 12.9
	 	Compliance with Laws	  	 	116	 
	 12.10
	 	Agreements with Sellers	  	 	116	 
	 12.11
	 	Repurchase Agreements	  	 	117	 
	 12.12
	 	Management	  	 	117	 
	 12.13
	 	Landlord’s Consents	  	 	117	 
	 12.14
	 	Notification	  	 	117	 
	 12.15
	 	Further Assurances	  	 	118	 
	 12.16
	 	Deposit Accounts	  	 	119	 
	 12.17
	 	Joinder of New Subsidiaries	  	 	119	 
	 12.18
	 	Use of Proceeds	  	 	119	 
	 12.19
	 	Anti-Money Laundering Compliance	  	 	119	 
		
	 ARTICLE 13 NEGATIVE COVENANTS
	  	 	120	 
	 13.1
	 	Mergers, Etc.	  	 	120	 
	 13.2
	 	Guaranties, Etc.	  	 	121	 
	 13.3
	 	Liens	  	 	121	 
	 13.4
	 	Restricted Payments	  	 	124	 
	 13.5
	 	Subordinated Debt	  	 	124	 
	 13.6
	 	Loans and Investments	  	 	125	 
	 13.7
	 	Transactions with Affiliates	  	 	126	 
	 13.8
	 	Type of Business	  	 	127	 
	 13.9
	 	Structure	  	 	127	 
	 13.10
	 	Indebtedness	  	 	127	 
	 13.11
	 	Margin Stock; Speculation	  	 	129	 

  
 iii 

							
	 13.12
	 	Restrictive Agreements	  	 	129	 
	 13.13
	 	Permitted Acquisitions	  	 	130	 
	 13.14
	 	Accounting Changes; Fiscal Year	  	 	132	 
	 13.15
	 	Excluded Tax Credit Investment Subsidiaries	  	 	132	 
		
	 ARTICLE 14 DEFAULT AND REMEDIES
	  	 	132	 
	 14.1
	 	Events of Default	  	 	132	 
	 14.2
	 	Consequences of Default; Rights and Remedies	  	 	135	 
	 14.3
	 	Application of Payments	  	 	136	 
		
	 ARTICLE 15 HAZARDOUS SUBSTANCES
	  	 	137	 
	 15.1
	 	Representations and Warranties	  	 	137	 
	 15.2
	 	Activities	  	 	137	 
	 15.3
	 	Inspections	  	 	137	 
	 15.4
	 	Release and Indemnity	  	 	137	 
	 15.5
	 	Survival	  	 	137	 
		
	 ARTICLE 16 THE AGENT
	  	 	138	 
	 16.1
	 	Appointment; Nature of Relationship	  	 	138	 
	 16.2
	 	Powers	  	 	138	 
	 16.3
	 	General Immunity	  	 	138	 
	 16.4
	 	No Responsibility for Loans, Recitals, Etc.	  	 	138	 
	 16.5
	 	Action on Instructions of Lenders	  	 	139	 
	 16.6
	 	Employment of Agents and Counsel	  	 	139	 
	 16.7
	 	Reliance on Documents; Counsel	  	 	139	 
	 16.8
	 	Reimbursement and Indemnification	  	 	139	 
	 16.9
	 	Notice of Event of Default	  	 	140	 
	 16.10
	 	Rights as a Lender	  	 	140	 
	 16.11
	 	Lender Credit Decision, Legal Representation	  	 	140	 
	 16.12
	 	Successor Agent	  	 	141	 
	 16.13
	 	Agent’s Fees	  	 	141	 
	 16.14
	 	Delegation to Affiliates	  	 	141	 
	 16.15
	 	Execution of Collateral Documents	  	 	142	 
	 16.16
	 	Collateral Releases	  	 	142	 
	 16.17
	 	No Advisory or Fiduciary Responsibility	  	 	142	 
	 16.18
	 	Co-Documentation Agents, Syndication Agent, etc.	  	 	142	 
	 16.19
	 	Certain ERISA Matters	  	 	143	 
		
	 ARTICLE 17 MISCELLANEOUS
	  	 	144	 
	 17.1
	 	Expenses; Indemnification	  	 	144	 
	 17.2
	 	Successors and Assigns	  	 	145	 
	 17.3
	 	Participations	  	 	145	 
	 17.4
	 	Assignments	  	 	147	 
	 17.5
	 	Register	  	 	148	 
	 17.6
	 	Dissemination of Information	  	 	148	 
	 17.7
	 	Ratable Payments	  	 	148	 
	 17.8
	 	Setoff	  	 	149	 
	 17.9
	 	Amendments and Waivers	  	 	149	 

  
 iv 

							
	 17.10
	 	Waiver; Cumulative Remedies	  	 	150	 
	 17.11
	 	Notices	  	 	150	 
	 17.12
	 	Integration; Conflicting Terms	  	 	152	 
	 17.13
	 	Governing Law	  	 	152	 
	 17.14
	 	Consent To Jurisdiction	  	 	152	 
	 17.15
	 	Documents Satisfactory to Agent and Required Lenders	  	 	152	 
	 17.16
	 	Exhibits	  	 	152	 
	 17.17
	 	Headings	  	 	152	 
	 17.18
	 	Nonliability of Lenders	  	 	153	 
	 17.19
	 	Survival of Representations	  	 	153	 
	 17.20
	 	Governmental Regulation	  	 	153	 
	 17.21
	 	Counterparts	  	 	153	 
	 17.22
	 	Severability	  	 	153	 
	 17.23
	 	Construction	  	 	153	 
	 17.24
	 	USA Patriot Act Notification	  	 	154	 
	 17.25
	 	Nonreliance	  	 	154	 
	 17.26
	 	Confidentiality	  	 	154	 
	 17.27
	 	Ford Letter Agreement	  	 	155	 
	 17.28
	 	Waiver of Jury Trial	  	 	155	 
	 17.29
	 	Disclosure	  	 	155	 
	 17.30
	 	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	  	 	155	 
	 17.31
	 	Amendment and Restatement	  	 	156	 
	 17.32
	 	Acknowledgement Regarding any Supported QFCs	  	 	156	 

 SCHEDULE 1 
 PRICING SCHEDULE

 DISCLOSURE SCHEDULE 
 EXHIBIT A – COMPLIANCE
CERTIFICATE 
 EXHIBIT B-1 – USED VEHICLE BORROWING BASE CERTIFICATE 

EXHIBIT B-2 – SERVICE LOANER VEHICLE BORROWING BASE CERTIFICATE 

EXHIBIT C – REVOLVING LOAN BORROWING BASE CERTIFICATE 

EXHIBIT D – ASSIGNMENT AGREEMENT 
 EXHIBIT E – PLEDGE
AGREEMENT 
 EXHIBIT F – SECURITY AGREEMENT 
 EXHIBIT G
– COMMERCIAL GUARANTY 
 EXHIBIT H-1 – LOAN PARTY TERMINATION AGREEMENT 

EXHIBIT H-2 – SILO SUBSIDIARY/SCFC TERMINATION AGREEMENT 

EXHIBIT I – BORROWER JOINDER AGREEMENT 
 EXHIBIT J –
GUARANTOR JOINDER AGREEMENT 
 EXHIBIT K – EXISTING SUBSIDIARY JOINDER AGREEMENT 

EXHIBIT L – BORROWER TERMINATION AGREEMENT 
 EXHIBIT M –
ADDITIONAL LENDER AGREEMENT 
 EXHIBIT N – INCREASING LENDER AGREEMENT 

EXHIBIT O – REALLOCATION REQUEST 
 EXHIBIT P –
DESIGNATION OF SILO SUBSIDIARY 

  
 v 

 THIRD AMENDED AND RESTATED LOAN AGREEMENT 

This Third Amended and Restated Loan Agreement (“Agreement”) is entered into as of December 9, 2019, among Lithia
Motors, Inc., an Oregon corporation (the “Company”), each of the Subsidiaries of the Company listed on the signature pages of this Agreement or which hereafter becomes a Borrower hereunder, each financial institution listed on the
signature pages of this Agreement or which hereafter becomes a party hereto (each a “Lender” and any two or more, “Lenders”); and U.S. Bank National Association (“U.S. Bank”), as Agent for the
Lenders. 
 RECITALS 
 A. The Company,
certain of its Subsidiaries, the lenders from time to time parties thereto, and the Agent, are party to that certain Second Amended and Restated Loan Agreement dated as of June 25, 2018 (as amended by that certain First Amendment to Second
Amended and Restated Loan Agreement dated as of August 31, 2018 and by that certain Second Amendment to Second Amended and Restated Loan Agreement dated as of October 19, 2018, the “Existing Loan Agreement”), pursuant to
which such lenders under the Existing Loan Agreement extended a revolving credit facility to the Company and certain of its Subsidiaries, such lenders extended a new vehicle floorplan line of credit to the New Vehicle Floorplan Borrowers, and such
lenders extended a used vehicle floorplan line of credit to the Company. 
 B. The Company and the other Borrowers have asked the Lenders and Agent to
further amend and restate the Existing Loan Agreement to (a) increase the “Aggregate Commitment” specified in the Existing Loan Agreement from $2,600,000,000 to $2,800,000,000, which shall include a new service loaner vehicle
floorplan facility with aggregate commitments of up to $100,000,000, and (b) make such additional amendments and modifications to the terms and conditions of the Existing Loan Agreement as are more specifically set forth herein. 

In consideration of the mutual covenants and agreements set forth herein and for other valuable consideration, the parties hereto agree that the Existing Loan
Agreement is amended and restated in its entirety as follows: 
 ARTICLE 1 

DEFINITIONS AND INTERPRETIVE PROVISIONS 

1.1 Defined Terms. As used in this Agreement, the following terms shall have the following meanings: 

“Access Laws” means the Americans With Disabilities Act of 1990; the Fair Housing Amendments Act of 1988; all other federal,
state and local laws or ordinances related to disabled access; and all statutes, rules, regulations, ordinances, orders of governmental bodies and regulatory agencies and orders and decrees of any court adopted, enacted or issued with respect
thereto; all as now existing or hereafter amended or adopted. 
 “Acquisition” has the meaning set forth in
Section 13.13. 
 “Acquisition Subsidiary” has the meaning set forth in Section 13.13(d). 

  
 1 

 “Additional Commitment Lender” has the meaning set forth in
Section 6.18.4. 
 “Additional Lender” has the meaning set forth in Section 6.12.2. 

“Advance” means a New Vehicle Floorplan Advance, Used Vehicle Floorplan Advance, Service Loaner Vehicle Floorplan Advance,
Revolving Loan Advance, or (unless otherwise expressly provided), a Swing Line Loan. 
 “Affected Lender” has the meaning
set forth in Section 6.15. 
 “Affiliate” means with respect to any Person (a) each other Person that, directly
or indirectly, owns or controls, whether beneficially, or as a trustee, guardian or other fiduciary, five percent (5%) or more of the stock or other ownership interests having ordinary voting power of such Person; (b) each Person that Controls,
is Controlled by or is under common Control with such Person or any Affiliate of such Person; and (c) each of such Person’s executive officers, directors, joint venturers, members and general partners. 

“Agent” or “Administrative Agent” means U.S. Bank in its capacity as contractual representative of the
Lenders pursuant to Article 16, and not in its individual capacity as a Lender, and any successor Agent appointed pursuant to Article 16. 

“Aggregate Commitment” means, at any time, the sum of the Aggregate New Vehicle Floorplan Commitment, plus the Aggregate Used
Vehicle Floorplan Commitment, plus the Aggregate Service Loaner Vehicle Floorplan Commitment, plus the Aggregate Revolving Loan Commitment, as adjusted from time to time pursuant to the terms hereof, provided that, except as provided in
Section 6.12, the Aggregate Commitment shall not be more than $2,800,000,000.00. 
 “Aggregate Lender Commitment”
means, for any Lender, the sum of such Lender’s New Vehicle Floorplan Commitment, Used Vehicle Floorplan Commitment, Service Loaner Vehicle Floorplan Commitment, and Revolving Loan Commitment. 

“Aggregate New Vehicle Floorplan Commitment” means, at any time, the aggregate of the New Vehicle Floorplan Commitments of
all Lenders at such time. 
 “Aggregate Outstanding Credit Exposure” means, at any time, the aggregate of the Outstanding
Credit Exposure of all Lenders at such time. 
 “Aggregate Outstanding New Vehicle Floorplan Exposure” means, at any time,
the aggregate of the Outstanding New Vehicle Floorplan Exposure of all Lenders at such time. 
 “Aggregate Outstanding Revolving
Loan Exposure” means, at any time, the aggregate of the Outstanding Revolving Loan Exposure of all Lenders at such time. 

“Aggregate Outstanding Service Loaner Vehicle Floorplan Exposure” means, at any time, the aggregate of the Outstanding
Service Loaner Vehicle Floorplan Exposure of all Lenders at such time. 

  
 2 

 “Aggregate Outstanding Used Vehicle Floorplan Exposure” means, at any time,
the aggregate of the Outstanding Used Vehicle Floorplan Exposure of all Lenders at such time. 
 “Aggregate Revolving Loan
Commitment” means, at any time, the aggregate of the Revolving Loan Commitments of all Lenders at such time; provided that the Aggregate Revolving Loan Commitment shall not at any time be more than 18.75% of the amount of the
Aggregate Commitment at such time. 
 “Aggregate Service Loaner Vehicle Floorplan Commitment” means, at any time, the
aggregate of the Service Loaner Vehicle Floorplan Commitments of all Lenders at such time; provided that the Aggregate Service Loaner Vehicle Floorplan Commitment shall not at any time be more than $100,000,000. 

“Aggregate Used Vehicle Floorplan Commitment” means, at any time, the aggregate of the Used Vehicle Floorplan Commitments of
all Lenders at such time; provided that the Aggregate Used Vehicle Floorplan Commitment shall not at any time be more than 16.5% of the amount of the Aggregate Commitment at such time. 

“Agreement” has the meaning set forth in the introductory paragraph. 

“Alternate Base Rate” means, for any day, a rate of interest per annum equal to the highest of (a) the Prime Rate for
such day, (b) the sum of the Federal Funds Effective Rate for such day plus .50% per annum and (c) the Eurocurrency Rate in effect for such day plus 1.50%, provided that, for the avoidance of doubt, the Eurocurrency Rate for any day
shall be based on the rate reported by the applicable financial information service at approximately 11:00 a.m. London time on such day. 

“Alternate Base Rate Margin (New Vehicle)” has the meaning set forth in the Pricing Schedule. 

“Alternate Base Rate Margin (Revolving)” has the meaning set forth in the Pricing Schedule. 

“Alternate Base Rate Margin (Used Vehicle)” has the meaning set forth in the Pricing Schedule. 

“Anniversary Date” means each anniversary of the Closing Date. 

“Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to any Borrower or its
Subsidiaries from time to time concerning or relating to bribery or corruption. 
 “Applicable Law” means all applicable
provisions and requirements of (a) all constitutions, statutes, ordinances, rules, regulations, standards, orders, and directives of any Governmental Bodies, (b) Governmental Approvals, and (c) orders, decisions, decrees, judgments,
injunctions, and writs of all courts and arbitrators, whether such Applicable Laws presently exist, or are modified, promulgated, or implemented after the date hereof. 

  
 3 

 “Appraisal” means an appraisal of real property which is (a) ordered
by Agent, (b) prepared by an appraiser satisfactory to Agent, (c) in compliance with all federal and state standards for appraisals and all regulatory requirements, (d) reviewed by Agent, and (e) in form and substance
satisfactory to Agent in its sole and absolute discretion. 
 “Approved Fund” means any Fund that is administered or
managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender. 

“Assignee” has the meaning set forth in Section 17.4. 

“Assignment Agreement” means an agreement substantially in the form attached as Exhibit D. 

“Attorney Costs” means and includes all reasonable fees and disbursements of any law firm or retained counsel and of any in-house or internal counsel whether or not litigation or arbitration is commenced, and if litigation or arbitration is commenced shall include fees and disbursements incurred at trial, in any appellate proceeding,
bankruptcy proceeding (including efforts to modify or vacate any automatic stay or injunction) or receivership, and post-judgment attorney fees incurred in enforcing any judgment. 

“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the
applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. 

“Bail-In Legislation” means, with respect to any EEA Member Country implementing
Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In
Legislation Schedule. 
 “Beneficial Ownership Certification” means a certification regarding beneficial ownership as
required by the Beneficial Ownership Regulation. 
 “Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230. 

“Benefit Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of
ERISA, (b) a “plan” as defined in and subject to Section 4975 of the Code or (c) any person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of
the Code) the assets of any such “employee benefit plan” or “plan.” 
 “Borrower” means a New Vehicle
Floorplan Borrower, the Used Vehicle Floorplan Borrower, the Service Loaner Vehicle Floorplan Borrower or the Revolving Loan Borrower and “Borrowers” means any two or more of them. 

“Borrower Joinder Agreement” means an agreement substantially in the form attached hereto as Exhibit I. 

  
 4 

 “Borrower Termination Agreement” means an agreement substantially in the
form attached hereto as Exhibit L. 
 “Business Day” means (a) with respect to any borrowing, payment or rate
determination, a day (other than a Saturday or Sunday) on which banks generally are open in New York City, New York or Seattle, Washington for the conduct of substantially all of their commercial lending activities, interbank wire transfers can be
made on the Fedwire system and dealings in Dollars are carried on in the London interbank market and (b) for all other purposes, a day (other than a Saturday or Sunday) on which banks generally are open in New York City, New York for the
conduct of substantially all of their commercial lending activities and interbank wire transfers can be made on the Fedwire system. 

“Canadian Dealership” means a Dealership whose primary business is the retail sales or retail sale and lease of new and/or
used automobiles and trucks in Canada. 
 “Capitalized Lease” of a Person means any lease of property by such Person as
lessee which would be capitalized on a balance sheet of such Person prepared in accordance with GAAP. 
 “Capitalized Lease
Obligations” of a Person means the amount of the obligations of such Person under Capitalized Leases which would be shown as a liability on a balance sheet of such Person prepared in accordance with GAAP. 

“Cash Collateralize” means to deposit in the LC Collateral Account or to pledge and deposit with or deliver to the Agent, for
the benefit of one or more of the LC Issuer or Lenders, as collateral for the LC Obligations or obligations of Lenders to fund participations in respect of LC Obligations, cash or deposit account balances or, if the Agent and the LC Issuer shall
agree in their sole discretion, other credit support, in each case pursuant to documentation in form and substance satisfactory to the Agent and the LC Issuer. 

“Cash Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral
and other credit support. 
 “Cash Equivalent Investments” means (i) short-term obligations of, or fully guaranteed
by, the United States of America, (ii) commercial paper rated A-1 or better by S&P or P-1 or better by Moody’s, (iii) demand deposit accounts
maintained in the ordinary course of business, and (iv) certificates of deposit issued by and time deposits with commercial banks (whether domestic or foreign) having capital and surplus in excess of $500,000,000; provided in each case
that the same provides for payment of both principal and interest (and not principal alone or interest alone) and is not subject to any contingency regarding the payment of principal or interest, (v) shares of money market mutual funds that are
rated at least “AAAm” or “AAAG” by S&P or “P-1” or better by Moody’s, and (vi) other cash equivalent investments approved in writing by Agent. 

“Change in Control” means: (i) the acquisition by any Person, or two or more Persons acting in concert, in either case
other than Lithia Holding Company, L.L.C. and the Principal, of beneficial ownership (within the meaning of Rule 13d-3 of the U.S. Securities and Exchange Commission under the Securities Exchange Act of 1934)
of 35% or more of the outstanding shares of voting stock of the Company on a fully diluted basis; (ii) within any twelve-month period, occupation of a majority of the seats (other than vacant seats) on the board of directors of the

  
 5 

 
Company by Persons who were neither (x) nominated by the board of directors of the Company nor (y) appointed or approved by directors so nominated; (iii) the Company consolidates
with or merges into another Person or conveys, transfers or leases all or substantially all of its property to any Person, or any Person consolidates with or merges into the Company, in either event pursuant to a transaction in which the outstanding
capital stock of the Company is reclassified or changed into or exchanged for (A) cash or Cash Equivalent Investments or (B) securities, and the holders of the capital stock in the Company immediately prior to such transaction do not, as a
result of such transaction, own, directly or indirectly, more than 51% of the combined voting power of the Company’s capital stock or the capital stock of its successor entity in such transaction; or (iv) a “change of control” or
“change of ownership” (or any term substantially equivalent to any of the foregoing phrases in this clause (iv)) occurs, in each case, as such term or phrase is defined in any indenture or other agreement evidencing or relating to any
Indebtedness having an outstanding principal amount in excess of $20,000,000. 
 “Change in Law” has the meaning set forth
in Section 7.1. 
 “Claims” has the meaning set forth in Section 5.12. 

“Closing Date” means December 9, 2019, the date on which all conditions precedent in Section 9.1 are satisfied.

 “Code” means the Internal Revenue Code of 1986, as amended, reformed or otherwise modified from time to time or any
successor federal income tax statute or code and the regulations and published interpretations promulgated thereunder. 

“Collateral” has the meaning set forth in Section 8.1.1. 

“Collateral Documents” means and includes the Security Agreement, the Pledge Agreement, and all deeds of trust, assignments,
mortgages, security agreements, bank account control agreements, and other documents executed or delivered to Agent by any Person at any time to evidence and/or perfect security interests in the Collateral. 

“Commitment” means, as to any Lender, such Lender’s Revolving Loan Commitment, New Vehicle Floorplan Commitment, Used
Vehicle Floorplan Commitment, Service Loaner Vehicle Floorplan Commitment, Letter of Credit Commitment, Revolving Swing Line Commitment, New Vehicle Swing Line Commitment, Used Vehicle Swing Line Commitment, or Service Loaner Vehicle Floorplan Swing
Line Commitment. 
 “Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. Section 1 et seq.), as amended
from time to time, and any successor statute. 
 “Company” means Lithia Motors, Inc., an Oregon corporation. 

“Compliance Certificate” means a certificate substantially in the form attached as Exhibit A, or in such other form as
is acceptable to Agent. 

  
 6 

 “Connection Income Taxes” means Other Connection Taxes that are imposed on
or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes. 
 “Contingent
Obligation” means any guarantee of Indebtedness or any other obligation of any other Person or any agreement to maintain the net worth, working capital or other financial condition of any other Person, whether direct, indirect or
contingent, including, without limitation, any purchase or repurchase agreement, comfort letter, or keep-well, take-or-pay,
through-put or other arrangement of whatever nature having the effect of assuring or holding harmless any Person against loss with respect to any obligation of such other Person; provided, however, that
the term “Contingent Obligation” shall not include endorsements of instruments for deposit or collection in the ordinary course of business. The amount of any Contingent Obligation shall be deemed to be an amount equal to the stated
or determinable amount of the primary obligation in respect of which such Contingent Obligation is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined in good faith by the Person
subject to such obligation. 
 “Control” means the possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise and “Controlled by” shall have the concomitant meaning. For purposes of determining whether a
Minority Dealer is a Minority Dealer Affiliate or a Minority Dealer Subsidiary, “Control” shall be established when (i) a Loan Party is the manager of the Minority Dealer or (ii) the manager of the Minority Dealer has
delegated to a Loan Party all or a substantial portion of such manager’s power and authority under the Minority Dealer’s operating agreement, bylaws, limited liability company agreement or other applicable organizational documents, and, in
the case of clause (i) or (ii), such Minority Dealer is reflected in the audited, consolidated financial statements of the Company. 

“Controlled Group” means all members of a controlled group of corporations or other business entities and all trades or
businesses (whether or not incorporated) under common control which, together with any Loan Party or any of its Subsidiaries, are treated as a single employer under Section 414 of the Code. 

“Credit Extension” means the making of an Advance or the issuance of a Letter of Credit hereunder. 

“Current Assets” has the meaning set forth in Section 11.1.1. 

“Current Liabilities” has the meaning set forth in Section 11.1.1. 

“Current Ratio” has the meaning set forth in Section 11.1.1. 

“Dealership” means a Subsidiary of the Company whose primary business is the retail sales or retail sale and lease of new
and/or used automobiles and trucks in the United States of America or in Canada. 
 “Dealership Loan Limit” has the meaning
set forth in Section 2.3.1(b). 

  
 7 

 “Dealership Sublimit” has the meaning set forth in Section 2.3.1(b).

 “Debtor Relief Laws” means the Bankruptcy Code of the United States of America, and all other liquidation,
conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in
effect. 
 “Deemed Sale” has the meaning set forth in Section 2.3.3(c). 

“Default” means any Event of Default or any event which with the giving of notice or the passage of time, or both, would
constitute an Event of Default. 
 “Defaulting Lender” means, subject to 6.14.2, any Lender that (a) has failed to
(i) fund all or any portion of its Loans within two (2) Business Days after the date such Loans were required to be funded hereunder unless such Lender notifies the Agent and Company in writing that such failure is the result of such
Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied or waived, or
(ii) pay to the Agent, the LC Issuer, the Swing Line Lender or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit or Swing Line Loans) within two
(2) Business Days after the date when due, (b) has notified any Borrower, the Agent, the LC Issuer or the Swing Line Lender in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement
to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s determination that a condition precedent to funding (which
condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three (3) Business Days after written request by the Agent or the
Company, to confirm in writing to the Agent and the Company that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt
of such written confirmation by the Agent and the Company), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had appointed for it a receiver,
custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets (other than an Undisclosed Administration), including the Federal Deposit
Insurance Corporation or any other state or federal regulatory authority acting in such a capacity, or (iii) become the subject of a Bail-In Action; provided that a Lender shall not be a Defaulting
Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender
with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any
contracts or agreements made with such Lender. Any determination by the Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above shall be conclusive and binding absent manifest error, and such Lender
shall be deemed to be a Defaulting Lender (subject to Section 6.14.2) upon delivery of written notice of such determination to the Company, the LC Issuer, the Swing Line Lender and each Lender. 

  
 8 

 “Default Rate” has the meaning set forth in Section 6.1.2. 

“Demo” means any New Vehicle (except that any mileage limitations included in the definition for a particular type of Vehicle
shall not be applicable to Demos) that is used by a Dealership as a demonstration unit. 
 “Disclosure Schedule” means the
Disclosure Schedule attached hereto. 
 “Dollar” or “$” means lawful money of the United States of
America. 
 “EBITDAR” has the meaning set forth in Section 11.1.2. 

“EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country
which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution
established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent. 

“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway. 

“EEA Resolution Authority” means any public administrative authority or any person entrusted with public administrative
authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“Eligible Account” means amounts owed by a customer to a Dealership for parts or accessories sold to such customer or for
services performed for such customer, in which Agent has a perfected first priority security interest, which is due and payable in full not more than 90 days after date of sale or invoice, and which is not more than 60 days past due. 

“Eligible Assignee” means (a) a Lender; (b) an Approved Fund; (c) a commercial bank organized under the laws
of the United States, or any state thereof, and having total assets in excess of $3,000,000,000, calculated in accordance with the accounting principles prescribed by the regulatory authority applicable to such bank in its jurisdiction of
organization; (d) a commercial bank organized under the laws of any other country that is a member of the OECD, or a political subdivision of any such country, and having total assets in excess of $3,000,000,000, calculated in accordance with
the accounting principles prescribed by the regulatory authority applicable to such bank in its jurisdiction of organization, so long as such bank is acting through a branch or agency located in the country in which it is organized or another
country that is described in this clause (d); or (e) the central bank of any country that is a member of the OECD; provided, however, that neither the Borrower nor an Affiliate of the Borrower shall qualify as an Eligible Assignee. 

“Eligible New Vehicle” means a New Vehicle owned by a New Vehicle Floorplan Dealership which is an Eligible Vehicle and in
which Agent has a perfected first priority security interest. 

  
 9 

 “Eligible Real Property” means Real Property owned by any Real Estate
Subsidiary and which satisfies all requirements set forth in Section 9.4 and which is included in the Revolving Loan Borrowing Base. 

“Eligible Receivables” means amounts owing to the Company or a Subsidiary in which Agent has a perfected first priority
security interest, which are (a) Eligible Accounts; (b) commissions owed to the Dealerships by financial institutions or finance companies which are not Affiliates of any Loan Party in connection with the purchase by such institutions of
retail installment contracts and leases arising from the sale or lease of New Vehicles and Used Vehicles (finance receivables), which have not remained unpaid for more than 90 days, or (c) amounts owed to the Company or a Dealership by a
manufacturer of Vehicles as incentive payments, rebates, factory credits and the like, but excluding factory holdbacks (factory receivables), which have not remained unpaid for more than 90 days, subject to the exclusion by Agent of such amounts
which are owed to the Company or a Dealership by a manufacturer which has commenced or had commenced against it, any proceeding under any present or future bankruptcy law. 

“Eligible Service Loaner Vehicle” means a Service Loaner Vehicle which: (a) is owned by a Dealership (other than a Silo
Subsidiary), (b) is free of any Liens other than in favor of Agent, except as otherwise agreed by Agent in writing and (c) as of any date of determination, was not included in the Service Loaner Vehicle Borrowing Base on any date more than
fifteen (15) months prior to such date of determination. 
 “Eligible Vehicle” means an automobile or truck with a
gross vehicle weight of no more than 16,000 pounds, which satisfies the following requirements: 
 (a) The vehicle is owned by a Dealership,
subject to a perfected security interest in favor of Agent, and free of any title defects, liens, security interests, leases, bailments, consignments or other interests of any Person other than Agent, except as agreed by Agent in writing. 

(b) Unless the vehicle is a Demo, or is in transit from the seller, it is located at locations which the Dealerships disclosed to Agent and
which are acceptable to Agent. If the vehicle is in transit from a seller, then upon receipt by a Dealership it will be located at one of such locations. 

(c) The vehicle is held for sale or lease in the ordinary course of a Dealership’s business. 

(d) The vehicle is undamaged and of good and merchantable quality. 

(e) The vehicle is otherwise acceptable to Agent. 

“Environmental Laws” means any and all federal, state, local and foreign statutes, laws, judicial decisions, regulations,
ordinances, rules, judgments, orders, decrees, plans, injunctions, permits, concessions, grants, franchises, licenses, agreements and other governmental restrictions relating to (a) Hazardous Substances, (b) the protection of the
environment, (c) personal injury or property damage relating to the release or discharge of Hazardous Materials, (d) emissions, discharges or releases of pollutants, contaminants, hazardous substances or wastes into surface water, ground
water or land, or (e) the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of pollutants, contaminants, hazardous substances or wastes or the clean-up or
other remediation thereof, all as now existing or hereafter amended or adopted. 

  
 10 

 “Environmental Reports” has the meaning set forth in Section 9.4.2.

 “Equity Interests” means shares of capital stock, partnership interests, membership interests in a limited liability
company, beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any such equity interest. 

“ERISA” means the Employee Retirement Income Security Act of 1974. 

“ERISA Affiliate” means, as applied to a Loan Party, any trade or business (whether or not incorporated) that, together with
such Loan Party, is treated as a single employer under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the
Code. 
 “ERISA Event” means (a) any “reportable event”, as defined in Section 4043 of ERISA or the
regulations issued thereunder with respect to a Plan (other than an event for which the 30-day notice period is waived); (b) the failure with respect to any Plan to satisfy the “minimum funding
standard” (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived; (c) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the
minimum funding standard with respect to any Plan; (d) the incurrence by any Loan Party or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to any Plan (other than premiums due and not delinquent under
Section 4007 of ERISA); (e) the receipt by any Loan Party or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan;
(f) the incurrence by any Loan Party or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal of any Loan Party or any of its ERISA Affiliates from any Plan or Multiemployer Plan; or (g) the
receipt by any Loan Party or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from any Loan Party or any ERISA Affiliate of any notice, concerning the imposition upon any Loan Party or any of its ERISA Affiliates of
withdrawal liability under Section 4201 of ERISA or a determination that a Multiemployer Plan is, or is expected to be, insolvent, within the meaning of Title IV of ERISA. 

“EU” means the European Union. 

“EU Bail-In Legislation Schedule” means the EU
Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time. 

“Eurocurrency Base Rate” means the greater of (a) zero percent (0.0%) and (b) the applicable interest settlement
rate for Dollar LIBOR for one month appearing on the applicable Reuters Screen LIBOR01 as of 11:00 a.m. (London time) on the Business Day which is two (2) Business Days prior to the Reprice Date, provided that, if the applicable Reuters
Screen LIBOR01 (or any successor or substitute page on such screen) for Dollar LIBOR (or any successor or substitute page) is not available to the Agent for any reason, the applicable Eurocurrency Base Rate for one month shall instead be the
applicable interest settlement rate for deposits in Dollar 

  
 11 

 
LIBOR for one month as reported by any other generally recognized financial information service selected by the Agent, as of 11:00 a.m. (London time) on the applicable Business Day, provided
that, if no such interest settlement rate is available to the Agent, the applicable Eurocurrency Base Rate for one month shall instead be the rate determined by the Agent to be the rate at which Agent or one of its Affiliate banks offers to
place deposits in Dollars with first-class banks in the interbank market at approximately 11:00 a.m. (London time) on the applicable Business Day in the approximate amount of the relevant Revolving Loan Advance, New Vehicle Floorplan Advance, Used
Vehicle Floorplan Advance, Service Loaner Vehicle Floorplan Advance, or Swing Line Loan and having a maturity equal to one month. For purposes of determining any interest rate hereunder or under any other Loan Document which is based on the
Eurocurrency Base Rate, such interest rate shall change monthly on each Reprice Date. 
 “Eurocurrency Loans” has the
meaning set forth in Section 7.1(b). 
 “Eurocurrency Rate” means the quotient of (a) the Eurocurrency Base Rate
divided by (b) one minus the applicable Reserve Percentage (expressed as a decimal). 
 “Eurocurrency Successor Rate”
has the meaning set forth in Section 7.3.2. 
 “Eurocurrency Successor Rate Conforming Changes” means, with respect to
any proposed Eurocurrency Successor Rate, any conforming changes to the definition of Eurocurrency Base Rate, timing and frequency of determining rates and making payments of interest and other administrative or operational matters as may be
appropriate, in the discretion of the Agent, to reflect the adoption and implementation of such Eurocurrency Successor Rate and to permit the administration thereof by the Agent in a manner substantially consistent with market practice (or, if the
Agent determines that adoption of any portion of such market practice is not administratively feasible or that no market practice for the administration of such Eurocurrency Successor Rate exists, in such other manner of administration as the Agent
determines is reasonably necessary in consultation with the Borrower). 
 “Event of Default” means the occurrence of any
event described in Section 14.1. 
 “Excluded Funded Debt” has the meaning set forth in Section 13.10(l). 

“Excluded Items” has the meaning set forth in Section 11.1.2. 

“Excluded Property” means any of (a) any Equity Interests in any Dealership and, to the extent prohibited by any
manufacturer of Vehicles, any Subsidiary of the Company that is the holder of five percent (5%) or more of the Equity Interests in any Dealership; (b) any real estate or interest in real estate, including a lease or rents thereunder, and any
improvements and fixtures, unless any of the foregoing constitute Eligible Real Property; (c) any voting stock of any direct Subsidiary of any Loan Party that is a controlled foreign corporation (as defined in Section 957 of the Internal
Revenue Code (a “CFC”)) in excess of 65% of the total combined voting power of all classes of stock of such CFC that are entitled to vote (within the meaning of Section 1.956-2(c)(2) of
the Treasury Regulations), to the extent the pledge of a greater percentage would reasonably be expected to result in material adverse tax consequences to any Borrower, as reasonably determined in good faith by the Borrowers; (d) any lease,
license or other agreement or contract or any property subject to a purchase money security interest, Lien securing a Capitalized Lease Obligation or 

  
 12 

 
similar arrangement, in each case permitted to be incurred under this Agreement, to the extent that a grant of a security interest therein would require a consent not obtained or violate or
invalidate such lease, license, agreement or contract or purchase money arrangement, Capitalized Lease Obligation or similar arrangement or create a right of termination in favor of any other party thereto (other than the Company or an Affiliate of
the Company), in each case after giving effect to the applicable anti-assignment provisions of the Uniform Commercial Code (“UCC”) and other Applicable Law and other than proceeds and receivables thereof; (e) any United States intent-to-use Trademark applications to the extent that, and solely during the period in which, the grant, attachment or enforcement of a security interest therein would,
under applicable federal law, impair the registrability of such applications or the validity or enforceability of registrations issuing from such applications; (f) any asset or property to the extent that the grant of a security interest is
prohibited by Applicable Law or requires a consent not obtained of any Governmental Authority pursuant to such applicable law, rule or regulation, in each case after giving effect to the applicable anti-assignment provisions of the UCC and other
Applicable Law and other than proceeds and receivables thereof; provided, however, that “Excluded Property” shall not include any proceeds, products, substitutions or replacements of any Excluded Property (unless such proceeds, products,
substitutions or replacements would constitute Excluded Property). 
 “Excluded Subsidiary” means any of (a) each
Excluded Tax Credit Investment Subsidiary; and (b) each SCFC Subsidiary from and after the date that the following conditions have been satisfied by SCFC: (i) SCFC has executed and delivered to the Agent a Silo Subsidiary/SCFC Termination
Agreement, (ii) SCFC has incurred Funded Debt described in Section 13.10(r) and (iii) SCFC does not guarantee any Indebtedness of the Company or any other Loan Party. 

“Excluded Swap Obligation” means, any Swap Obligation with respect to a Lender-Provided Swap if, and only to the extent that,
all or a portion of the guarantee of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or any guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation
or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof), including by virtue of such Guarantor’s failure for any reason to constitute an “eligible contract participant” as
defined in the Commodity Exchange Act and the regulations thereunder at the time the guarantee of such Guarantor or the grant of such security interest becomes effective with respect to such Swap Obligation. If a Swap Obligation arises under a
master agreement governing more than one Swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to Swaps for which such guarantee or security interest is or becomes illegal. 

“Excluded Tax Credit Investment Subsidiary” means any of (a) LCDC and (b) any present or future Subsidiary of the
Company that is formed for the sole purpose of making Investments permitted under Section 13.6(p). 

“Excluded Taxes” means, in the case of each Lender or applicable Lending Installation, the LC Issuer, and the Agent,
(a) Taxes imposed on its overall net income, franchise Taxes, or branch profits Taxes, in each case, (i) imposed on it, by the respective jurisdiction under the laws of which such Lender, the LC Issuer or the Agent is incorporated or is
organized or in which its principal executive office is located or, in the case of a Lender, in which such Lender’s applicable 

  
 13 

 
Lending Installation is located, or (ii) that are Other Connection Taxes, (b) in the case of a Lender, any U.S. federal withholding tax that is imposed on amounts payable to such Lender
pursuant to the laws in effect at the time such Lender becomes a party to this Agreement or designates a new Lending Installation, except in each case to the extent that, pursuant to Section 7.4.1, amounts with respect to such Taxes were
payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its Lending Installation, (c) Taxes attributable to a Lender’s, the LC Issuer’s or the
Agent’s failure to comply with Section 7.4.6, and (d) any U.S. federal withholding taxes imposed by FATCA. 

“Existing Letters of Credit” has the meaning set forth in Section 5.2. 

“Existing Loan Agreement” has the meaning set forth in Recital A. 

“Existing Subsidiary Joinder Agreement” means an agreement substantially in the form attached hereto as Exhibit K.

 “Extending Lender” has the meaning set forth in Section 6.18.5. 

“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version
that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or
regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities entered into in connection with the implementation of the foregoing. 

“Federal Funds Effective Rate” means, for any day, an interest rate per annum equal to the weighted average of the rates on
overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published for such day (or, if such day is not a Business Day, for the immediately preceding Business Day) by the
Federal Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the average of the quotations at approximately 10:00 a.m. (Pacific time) on such day on such transactions received by the Agent from three
Federal funds brokers of recognized standing selected by the Agent in its sole discretion. 
 “Fiscal Year” means the
fiscal year of the Company and its Subsidiaries, the last day of which is December 31. 
 “Fixed Charge Coverage Ratio” has
the meaning set forth in Section 11.1.2. 
 “Fleet Sale Contract” means an agreement or series of agreements by a
Dealership to sell more than five New Vehicles to a purchaser if at any time there will be more than five Vehicles for which such Dealership has not been paid in full, and shall include all documents evidencing such sale, including the contract or
contracts between such Dealership and the purchaser, delivery agreements and purchase orders. 
 “Fleet Vehicle” means a
New Vehicle that is to be sold by a Dealership pursuant to a Fleet Sale Contract. 

  
 14 

 “FLSA” means the Fair Labor Standards Act of 1938, as amended from time to
time, and the regulations promulgated thereunder. 
 “Former Lender” has the meaning set forth in Section 9.3.1. 

“Former Lender Loan” means a loan made by a Former Lender to finance a New Vehicle Floorplan Dealership’s New Vehicles.

 “Franchise Agreement” has the meaning set forth in Section 10.21. 

“Fronting Exposure” means, at any time there is a Defaulting Lender, (a) with respect to the LC Issuer, such Defaulting
Lender’s ratable share of the LC Obligations with respect to Letters of Credit issued by the LC Issuer other than LC Obligations as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders or Cash
Collateralized in accordance with the terms hereof, and (b) with respect to the Swing Line Lender, such Defaulting Lender’s ratable share of outstanding Swing Line Loans made by the Swing Line Lender other than Swing Line Loans as to which
such Defaulting Lender’s participation obligation has been reallocated to other Lenders. 
 “Fund” means any Person
(other than a natural person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business. 

“Funded Debt” means (i) Indebtedness of the type described in clauses (a), (b), (c), and (f) of the definition of
Indebtedness, and (ii) all Contingent Obligations in respect of Indebtedness of the type described in clauses (a), (b), (c), and (f) of the definition of Indebtedness; provided, however, that Funded Debt shall not include unsecured
trade accounts payable incurred in the ordinary course of business. 
 “GAAP” means generally accepted accounting
principles set forth from time to time in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board (or
agencies with similar functions of comparable stature and authority within the U.S. accounting profession) which are applicable to the circumstances as of the date of application. 

“Governmental Approval” means any authorization, order, consent, adjudication, approval, certificate of compliance, license,
permit, validation, or exemption from, contract with, registration or filing with, or report or notice to, any Governmental Body required or permitted by Applicable Law. 

“Governmental Authority” means the government of the United States of America or any other nation, or of any political
subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or
pertaining to government (including, without limitation, any supra-national bodies such as the European Union or the European Central Bank) and any group or body charged with setting financial accounting or regulatory capital rules or standards
(including, without limitation, the Financial Accounting Standards Board, the Bank for International Settlements or the Basel Committee on Banking Supervisory Practices or any successor or similar authority to any of the foregoing). 

  
 15 

 “Governmental Body” means (a) any foreign or domestic federal, state
or local government or municipality or political subdivision of any government or municipality, (b) any assessment, improvement, community facilities or other special taxing district, (c) any governmental or quasi-governmental body,
authority, board, bureau, commission, corporation, department, instrumentality or public body, (d) any court, administrative tribunal, arbitrator, public utility or regulatory body, or (e) any central bank or comparable authority. 

“Guarantor” means each Subsidiary which at any time executes a Guaranty of the Revolving Loan Obligations, Service Loaner
Vehicle Floorplan Obligations and Used Vehicle Floorplan Obligations for the benefit of Agent and the Lenders, it being understood that (a) a Subsidiary shall cease to be a Guarantor from and after the time (if ever) the Loan Documents permit
the release of such Guaranty and such Subsidiary and the Agent execute and deliver a Loan Party Termination Agreement and (b) each present and future Subsidiary of the Company, other than Excluded Subsidiaries, shall be or become a Guarantor.

 “Guarantor Joinder Agreement” means an agreement substantially in the form attached hereto as Exhibit J. 

“Guarantor Obligations” means all present and future indebtedness, obligations, liabilities, reimbursements, indemnities,
covenants, warranties and duties of each present and future Guarantor of the Used Vehicle Floorplan Obligations, Service Loaner Vehicle Floorplan Obligations and Revolving Loan Obligations to Agent and the Lenders pursuant to any Guaranty of the
Used Vehicle Floorplan Obligations, Service Loaner Vehicle Floorplan Obligations and Revolving Loan Obligations at any time executed by such Guarantor; provided that the Guarantor Obligations shall exclude all Excluded Swap Obligations. 

“Guaranty” means each guaranty of the Revolving Loan Obligations, Service Loaner Vehicle Floorplan Obligations and Used
Vehicle Floorplan Obligations heretofore, contemporaneously herewith or hereafter executed by any Person, substantially in the form attached hereto as Exhibit G. 

“Hazardous Substance” means (a) any substance or material now or hereafter defined or designated as a hazardous, toxic
or radioactive material, waste or substance, or as a pollutant or contaminant (or designated by any other similar term), by any Environmental Law now or hereafter in effect; (b) asbestos and any substance or compound containing asbestos;
(c) petroleum, natural gas, natural gas liquids, liquefied natural gas, synthetic gas usable for fuel (or mixtures of natural gas and such synthetic gas) and ash produced by a resource recovery facility utilizing a municipal solid waste stream,
and drilling fluids, produced waters and other wastes associated with the exploration, development or production of crude oil, natural gas, or geothermal resources; (d) urea formaldehyde foam insulation; (e) polychlorinated biphenyls
(PCBs); (f) radon; and (g) any other chemical, material, or substance, exposure to which (because of its quantity, concentration, or physical or chemical characteristics) is limited or regulated for health and safety reasons by any Governmental
Authority, or which poses a significant present or potential hazard to human health and safety or to the environment if released into the workplace or the environment. 

  
 16 

 “Highest Lawful Rate” shall mean, on any day, the maximum non-usurious rate of interest permitted for that day by applicable federal or state law, stated as a rate per annum. 

“Increasing Lender” has the meaning set forth in Section 6.12.2. 

“Indebtedness” means, without duplication, with respect to any Person, (a) all indebtedness of such Person for borrowed
money or for the deferred purchase price of property or services, (b) all obligations evidenced by bonds, notes, debentures, convertible debentures or other similar instruments, (c) all indebtedness created or arising under any conditional
sale or other title retention agreement with respect to property acquired (even though the rights and remedies of the seller or lender under such agreement in the event of default, acceleration, or termination are limited to repossession or sale of
such property), (d) all obligations under letters of credit, bankers’ and trade acceptances, surety bonds and similar instruments, (e) all obligations under Swaps, (f) all Capitalized Lease Obligations and all obligations as lessee
under Synthetic Leases, (g) all obligations that are required in accordance with GAAP to be included as liabilities on such Person’s balance sheet, (h) all Contingent Obligations, and (i) all Indebtedness referred to in clause
(a), (b), (c), (d), (e), (f), (g), and (h) above secured by any lien, security interest or other charge or encumbrance upon or in property (including, without limitation, accounts and contract rights) owned by such Person, even though such
Person has not assumed or become liable for the payment of such Indebtedness, and (j) if any Event of Default described in Section 14.1.12 has occurred, the liability, if any, related thereto. For purposes of this definition, the
Indebtedness of any Person shall include the indebtedness of any partnership in which such Person is a general partner, unless such Indebtedness is expressly made non-recourse to such Person. In respect of
Indebtedness described in clause (i) of the foregoing definition, the amount of such Indebtedness as of any date of determination will be the lesser of (x) the fair market value of the subject property as of such date and (y) the
amount of such Indebtedness as of such date. 
 “Indemnified Persons” has the meaning set forth in Section 5.12. 

“Indemnified Taxes” means Taxes imposed on or with respect to any payment made by or on account of any obligation of any Loan
Party under any Loan Document, other than Excluded Taxes and Other Taxes. 
 “Initial Condition” has the meaning set forth
in Section 9.1. 
 “Investments” has the meaning set forth in Section 13.6. 

“Landlord’s Consent” has the meaning set forth in Section 12.13. 

“LC Agreement” has the meaning set forth in Section 5.3. 

“LC Application” has the meaning set forth in Section 5.3. 

“LC Collateral Account” has the meaning set forth in Section 5.11. 

“LCDC” means Lithia Community Development Company, Inc., an Oregon corporation. 

“LC Fee” has the meaning set forth in Section 5.10.1. 

  
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 “LC Fee Percentage” has the meaning set forth in the Pricing Schedule. 

“LC Issuer” means U.S. Bank (or any subsidiary or affiliate of U.S. Bank designated by U.S. Bank) in its capacity as issuer
of Letters of Credit hereunder. 
 “LC Obligations” means, as of any date of determination, the sum, without duplication,
of (a) the aggregate undrawn stated amount under Letters of Credit outstanding at such time, plus (b) the aggregate unpaid amount at such time of all Reimbursement Obligations. 

“Lender” has the meaning set forth in the introductory paragraph and includes, as the context requires, the LC Issuer and
Swing Line Lender. 
 “Lender-Provided Swap” means a Swap which is provided to the Company or any Subsidiary by the Agent,
the LC Issuer, any other Lender or any Affiliate thereof (at the time such Swap is entered into). 
 “Lending Installation”
means, with respect to a Lender or the Agent, the office, branch, subsidiary or affiliate of such Lender or the Agent listed on the signature pages hereof (in the case of the Agent) or on its Questionnaire (in the case of a Lender) or otherwise
selected by such Lender or the Agent pursuant to Section 6.3.2. 
 “Letter of Credit” means any of the Existing
Letters of Credit and any letter of credit issued pursuant to Article 5. 
 “Letter of Credit Commitment” (which is a
sublimit of the Revolving Loan Commitment) means an amount equal to $25,000,000.00. 
 “Leverage Ratio” has the meaning set
forth in Section 11.1.3. 
 “Lien” means any mortgage, deed of trust, pledge, security interest, hypothecation,
assignment, deposit arrangement, encumbrance, lien (statutory or other), or preference, priority, or other security agreement or preferential arrangement, charge, or encumbrance of any kind or nature whatsoever (including, without limitation, any
conditional sale or other title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing, the interest of a lessor under a Capital Lease or Synthetic Lease and the filing of any financing
statement under the Uniform Commercial Code or comparable law of any jurisdiction to evidence of any of the foregoing). 

“Loan” or “Loans” means any one or more of the New Vehicle Floorplan Loans, Used Vehicle Floorplan Loans,
Service Loaner Vehicle Floorplan Loans, Revolving Loans and Swing Line Loans. 
 “Loan Documents” means this Agreement, the
LC Agreements, the Letters of Credit, the LC Applications, the Collateral Documents, the promissory notes evidencing the Obligations, the Guaranties, and all other documents and instruments attached hereto, referred to herein, heretofore or
contemporaneously herewith or hereafter executed or delivered to Agent and the Lenders by any Loan Party in connection with the Obligations. 

  
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 “Loan Party” means any Borrower or Guarantor. 

“Loan Party Termination Agreement” means with respect to any Loan Party (other than a Silo Subsidiary or SCFC) that shall
cease to be a Borrower or a Guarantor hereunder, an agreement substantially in the form attached as Exhibit H-1. 

“Loan Year” means each 12 month period commencing on (and including) the Closing Date (or an Anniversary Date) and ending on
(but excluding) the next succeeding Anniversary Date. 
 “LRE” means Lithia Real Estate, Inc., an Oregon corporation. 

“Majority Acquisition” means any Acquisition of Equity Interests of an entity, in which the Company is not permitted to hold
100% of such equity interests because of limitations imposed by the relevant manufacturer’s Franchise Agreement. 
 “Material
Adverse Effect” means a (a) material adverse change in or material adverse effect upon the business, management, properties, condition (financial or otherwise), assets or operations of the Company and its Subsidiaries taken as a whole;
or (b) a material adverse effect upon or material impairment in (i) the attachment, perfection, or priority of the security interests of Agent and the Lenders in the Collateral or in the value of any material part of the Collateral;
(ii) the ability of the Company and its Subsidiaries taken as a whole to perform their obligations under this Agreement or any other Loan Document; or (iii) the legality, validity, binding effect or enforceability of or the rights and
remedies available to Agent and the Lenders under this Agreement or any other Loan Document. 
 “Maximum Revolving Loan
Amount” means, as of any date of determination, the lesser of (a) the Aggregate Revolving Loan Commitment minus any Reserve Amount; and (b) the Revolving Loan Borrowing Base at such time minus any Reserve Amount. 

“Maximum Service Loaner Vehicle Floorplan Amount” means, as of any date of determination, the lesser of (a) the
Aggregate Service Loaner Vehicle Floorplan Commitment; and (b) the Service Loaner Vehicle Borrowing Base. 
 “Maximum Used
Vehicle Floorplan Amount” means, as of any date of determination, the lesser of (a) the Aggregate Used Vehicle Floorplan Commitment; and (b) the Used Vehicle Borrowing Base. 

“Measurement Period” has the meaning set forth in Section 11.1.2. 

“Minimum Collateral Amount” means, with respect to a Defaulting Lender, at any time, (a) with respect to Cash Collateral
consisting of cash or deposit account balances, an amount equal to 105% of the Fronting Exposure of the LC Issuer with respect to such Defaulting Lender for all Letters of Credit issued and outstanding at any such time and (b) otherwise, an
amount determined by the Agent and the LC Issuer in their sole discretion. 

  
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 “Minority Dealer” means a Minority Dealer Affiliate or a Minority Dealer
Subsidiary; provided, that the Company shall not designate more than a total of seven Minority Dealers at any one time, in addition to the designation of DCH CA, LLC as a Minority Dealer. 

“Minority Dealer Affiliate” means a Person, designated in writing by the Company to Agent from time to time, (a) in
which one or more Minority Dealer Partners, and one or more Loan Parties, has an equity ownership interest and (b) which is not otherwise a Subsidiary of the Company. 

“Minority Dealer Partner” means an individual of ethnic minority descent, designated in writing by the Company to Agent from
time to time, who owns any equity ownership interests in a Minority Dealer, and any Affiliate of such individual through which the individual holds his or her equity ownership interests in a Minority Dealer. 

“Minority Dealer Subsidiary” means a Subsidiary of the Company, designated in writing by the Company to Agent from time to
time, in which one or more Minority Dealer Partners owns, directly or indirectly, equity ownership interests of such Subsidiary or has the right to acquire, directly or indirectly, equity ownership interests of such Subsidiary. 

“Modify” and “Modification” has the meaning set forth in Section 5.1. 

“Moody’s” means Moody’s Investors Service, Inc. 

“Multiemployer Plan” means a Plan maintained pursuant to a collective bargaining agreement or any other arrangement to which
any Loan Party or any ERISA Affiliate is, or in the immediately preceding six years was, a party to which more than one employer is obligated to make contributions. 

“Net Mark-to-Market Exposure” of a Person
means, as of any date of determination, with respect to any Swap, the excess (if any) of all unrealized losses over all unrealized profits of such Person arising from such Swap. “Unrealized losses” means the fair market value of the cost
to such Person of replacing such Swap as of the date of determination (assuming the Swap were to be terminated as of that date), and “unrealized profits” means the fair market value of the gain to such Person of replacing such Swap as of
the date of determination (assuming such Swap were to be terminated as of that date). 
 “New Vehicle” means a Vehicle that
has never been owned except by a manufacturer, distributor or dealer (including a vehicle acquired by trade with another dealer); has never been registered or titled; is of the current or immediately preceding model year; and, except for a Demo, has
not been driven more than 500 total miles. 
 “New Vehicle Floorplan Advance” means a borrowing consisting of the New
Vehicle Floorplan Loans to be made by the Lenders on any date. 
 “New Vehicle Floorplan Borrower” means the Company, any
Dealership executing this Agreement as a New Vehicle Floorplan Borrower and any Dealership which hereafter becomes a New Vehicle Floorplan Borrower in accordance with the requirements of this Agreement, in its capacity as a borrower under the credit
facilities described in Article 2 of this Agreement. 

  
 20 

 “New Vehicle Floorplan Borrowing Rate” means the sum of (a) the
Eurocurrency Rate plus (b) the New Vehicle Floorplan Margin. 
 “New Vehicle Floorplan Commitment” means for each
Lender, the obligation of such Lender to make New Vehicle Floorplan Loans to the New Vehicle Floorplan Borrowers and to participate in New Vehicle Swing Line Loans, in an aggregate amount not exceeding the amount set forth for such Lender on
Schedule 1, as such amount may be modified as the result of any assignment or as otherwise modified from time to time pursuant to Section 6.17 or the other provisions hereof. 

“New Vehicle Floorplan Commitment Fee” has the meaning set forth in Section 2.1.7. 

“New Vehicle Floorplan Commitment Fee Rate” has the meaning set forth in the Pricing Schedule. 

“New Vehicle Floorplan Dealership” means each New Vehicle Floorplan Borrower except the Company. 

“New Vehicle Floorplan Loan” has the meaning set forth in Section 2.1.1. 

“New Vehicle Floorplan Margin” has the meaning set forth in the Pricing Schedule. 

“New Vehicle Floorplan Obligations” means all present and future New Vehicle Floorplan Loans, New Vehicle Swing Line Loans,
and other debts, liabilities, obligations, reimbursements, indemnities, covenants, warranties, duties and obligations relating thereto of each New Vehicle Floorplan Borrower to Agent and the Lenders under this Agreement, and the other Loan
Documents, whether now or hereafter existing or incurred, whether liquidated or unliquidated, whether absolute or contingent, and including without limitation principal, interest, fees, Attorney Costs, expenses and charges relating to any of the
foregoing. 
 “New Vehicle Loan” means a New Vehicle Floorplan Loan or New Vehicle Swing Line Loan. 

“New Vehicle Loan Advance” means any New Vehicle Floorplan Advance or any New Vehicle Swing Line Loan made to finance
Eligible New Vehicles. 
 “New Vehicle Loan Advance Date” means (a) with respect to any New Vehicle (other than a New
Vehicle previously financed with a Former Lender Loan or an advance under the Existing Loan Agreement), the date the New Vehicle Loan Advance was made to finance such Vehicle; (b) with respect to any New Vehicle previously financed by a Former
Lender and refinanced with a New Vehicle Loan Advance, the date the advance was made by the Former Lender to finance the applicable Vehicle; and (c) with respect to any New Vehicle previously financed under the Existing Loan Agreement, the date
the advance was made under the Existing Loan Agreement to finance the applicable Vehicle. 
 “New Vehicle Monthly Payment
Date” means the tenth day of each month, or if such day is not a Business Day, the next Business Day. 

  
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 “New Vehicle Swing Line Commitment” (which is a sublimit of the Aggregate
New Vehicle Floorplan Commitment) means an amount equal to $60,000,000.00 plus the aggregate balance in all PR Accounts. 
 “New
Vehicle Swing Line Loan” has the meaning set forth in Section 2.2.1. 

“Non-Defaulting Lender” means, at any time, each Lender that is not a Defaulting
Lender at such time. 
 “Non-Extending Lender” has the meaning set forth in
Section 6.18.2. 
 “Non-U.S. Lender” means a Lender that is not a United
States person as defined in Section 7701(a)(30) of the Code. 
 “Notice Date” has the meaning set forth in
Section 6.18.2. 
 “Obligations” means all present and future Loans, New Vehicle Floorplan Obligations, Used Vehicle
Floorplan Obligations, Service Loaner Vehicle Floorplan Obligations, Revolving Loan Obligations, LC Obligations, and other debts, liabilities, obligations, reimbursements, indemnities, covenants, warranties, duties and obligations of any one or more
of the Borrowers to Agent and the Lenders under the LC Agreements, LC Applications, the Letters of Credit, this Agreement, and the other Loan Documents, whether now or hereafter existing or incurred, whether liquidated or unliquidated, whether
absolute or contingent, and including without limitation principal, interest, fees, Attorney Costs, expenses and charges relating to any of the foregoing; provided, however, that the Obligations shall exclude all Excluded Swap Obligations.

 “OFAC” means the U.S. Department of the Treasury’s Office of Foreign Assets Control, and any successor thereto.

 “Original Equipment Manufacturer” means the original manufacturer of a Vehicle. 

“Other Connection Taxes” means, in the case of each Lender or applicable Lending Installation, the LC Issuer, and the Agent,
Taxes imposed as a result of a present or former connection between such Person and the jurisdiction imposing such Tax (other than connections arising from such Person having executed, delivered, become a party to, performed its obligations under,
received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document or sold or assigned an interest in any Loan or Loan Document). 

“Other New Subsidiary” means a Subsidiary, (a) 100% of the Equity Interests of which are owned, directly or indirectly by the
Company, (b) which is not in the business of selling, servicing or leasing motor vehicles or owning real property and (c) with respect to which the Loan Parties have complied with the requirements of Section 12.17. 

“Other Service Loaner Floorplan Financing” means extensions of credit to a Dealership by an Other Service Loaner Floorplan
Lender (other than extensions of credit under this Agreement), all proceeds of which are used to purchase or finance Service Loaner Vehicles. 

  
 22 

 “Other Service Loaner Floorplan Lender” means a motor vehicle manufacturer
or distributor or a financial institution or commercial finance company acceptable to Agent which is affiliated with a motor vehicle manufacturer or distributor and which provides financing for Service Loaner Vehicles to a Dealership. 

“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that
arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that
are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Sections 6.15 and 7.5). 

“Outstanding Credit Exposure” means, as to any Lender at any time, the sum of (a) the then outstanding principal amount
of its New Vehicle Floorplan Loans, Used Vehicle Floorplan Loans, Service Loaner Vehicle Floorplan Loans and Revolving Loans, plus (b) an amount equal to its ratable share of the aggregate principal amount of Swing Line Loans outstanding at
such time, plus (c) an amount equal to its ratable share of the LC Obligations at such time. 
 “Outstanding New Vehicle
Floorplan Exposure” means, as to any Lender at any time, the sum of (a) the then outstanding principal amount of its New Vehicle Floorplan Loans, plus (b) an amount equal to its ratable share of the aggregate principal amount of
New Vehicle Swing Line Loans outstanding at such time. 
 “Outstanding Revolving Loan Exposure” means, as to any Lender at
any time, the sum of (a) the then outstanding principal amount of its Revolving Loans, plus (b) an amount equal to its ratable share of the aggregate principal amount of Revolving Swing Line Loans outstanding at such time, plus (c) an
amount equal to its ratable share of the LC Obligations at such time. 
 “Outstanding Service Loaner Vehicle Floorplan
Exposure” means, as to any Lender at any time, the sum of (a) the then outstanding principal amount of its Service Loaner Vehicle Floorplan Loans, plus (b) an amount equal to its ratable share of the aggregate principal amount of
Service Loaner Vehicle Swing Line Loans outstanding at such time. 
 “Outstanding Used Vehicle Floorplan Exposure” means,
as to any Lender at any time, the sum of (a) the then outstanding principal amount of its Used Vehicle Floorplan Loans, plus (b) an amount equal to its ratable share of the aggregate principal amount of Used Vehicle Swing Line Loans
outstanding at such time. 
 “Pari Passu Funded Debt” means Funded Debt incurred by the Company and the other Loan Parties
provided that each of the following conditions are satisfied: (a) such Funded Debt is permitted under subsection (l) of Section 13.10; (b) the Company has delivered to the Agent a Revolving Loan Borrowing Base Certificate certifying
that, on the date of incurrence of such Funded Debt and after giving effect to such issuance as Pari Passu Funded Debt, the Revolving Loan Availability is not less than $1.00; (c) the proceeds of such Funded Debt are used by the Company to repay
Revolving Loans (to the extent outstanding); (d) the stated final maturity and any required principal amortization of such Funded Debt is not earlier than 91 days following the Termination Date as in effect on the date of incurrence of such Funded
Debt; (e) such Funded Debt 

  
 23 

 
is incurred or guaranteed by the Company and all other Loan Parties and no Subsidiaries of the Company that are not Loan Parties shall have any obligations in respect of such Funded Debt;
(f) such Funded Debt is secured by the Collateral, and no property or assets of the Company or any of its Subsidiaries, other than the Collateral, secures such Funded Debt; (g) the terms and conditions (other than pricing, rate floors,
discounts and fees) governing such Funded Debt are not materially less favorable to the Company or any other Loan Party than the terms and conditions of the Loan Documents; and (h) the Persons to whom such Funded Debt is owed, or their agent,
collateral agent or other representative, have entered into an intercreditor agreement with Agent that (A) shall provide that the Agent is the collateral agent (on behalf of the Persons to whom the Pari Passu Funded Debt is owed) for all liens
on Collateral securing any Pari Passu Funded Debt, all actions with respect to any Collateral must be taken through the Agent, and any proceeds of Collateral resulting from enforcement of rights and remedies must be applied as follows: first,
to reasonable costs and expenses of the Agent in connection with enforcement of rights and remedies, including foreclosure, sale and collection of the Collateral, and second, ratably, to the Pari Passu Funded Debt and the Obligations (and
certain designated Indebtedness that refinances the Obligations or the Aggregate Commitments), and (B) shall otherwise be in form and content satisfactory to Agent and the Required Lenders. 

“Participant” has the meaning set forth in Section 17.3.1. 

“Participant Register” has the meaning set forth in Section 17.3.3. 

“PATRIOT Act” means the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law
October 26, 2001)), as amended from time to time, and any successor statute. 
 “Payment Commitment” means a
commitment entered into between Agent and a manufacturer or distributor, providing for payment of funds directly to such manufacturer or distributor in payment for a New Vehicle Floorplan Borrower’s purchase of New Vehicles from such
manufacturer or distributor. 
 “Payment Commitment Collateral Account” has the meaning set forth in Section 2.3.5.

 “PBGC” means the Pension Benefit Guaranty Corporation or any entity succeeding to any or all of its functions under
ERISA. 
 “Per Annum Fee” has the meaning set forth in Section 6.16. 

“Permitted Acquisition” means an Acquisition which is permitted by Section 13.13. 

“Permitted Liens” means Liens permitted by Section 13.3. 

“Permitted New Dealership” means a Dealership (a)(i) 100% (or if the Company is not permitted to hold 100% of such Equity
Interests because of limitations imposed by the relevant manufacturer’s franchise agreement, at least 80%) of the Equity Interests of which are owned, directly or indirectly by the Company or (ii) that is a Minority Dealer Subsidiary,
(b) which is organized to own and operate a newly established automobile dealership point, and (c) with respect to which the Loan Parties have complied with the requirements of Section 12.17. 

  
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 “Permitted Restrictions” means restrictions on the ability of any
Subsidiary to declare or pay any dividend or make other distributions, or to advance or loan funds or transfer assets, to the Company or any other Subsidiary, to borrow money from the Company or any other Subsidiary, to grant Liens on the assets of
such Subsidiary, to secure the Obligations or the Guarantor Obligations or to guaranty the Obligations: (a) as set forth on the Disclosure Schedule on the Closing Date, including restrictions imposed by existing Other Service Loaner Floorplan
Financing arrangements; (b) pursuant to modifications to Other Service Loaner Floorplan Financing arrangements in effect on the Closing Date, provided that such modifications are not materially more restrictive; (c) pursuant to Other
Service Loaner Floorplan Financing arrangements with any Other Service Loaner Floorplan Lender other than a Person which is an Other Service Loaner Floorplan Lender on the Closing Date; (d) applicable to a Person at the time such Person becomes
a Subsidiary and not created in contemplation of such an event; (e) resulting from manufacturer-imposed modifications to any Franchise Agreement; (f) imposed by Applicable Law; (g) as set forth in the organizational documents of a
Loan Party and consisting of requirements for director, manager, shareholder or member approval; (h) as set forth in any document relating to Funded Debt permitted under Section 13.10(o), but only to the extent applicable to Silo
Subsidiaries and to the extent such restriction does not directly or indirectly prohibit any Silo Subsidiary from guarantying, or impose any restriction on the ability of any Silo Subsidiary to guaranty, the Obligations; (i) as set forth in any
document relating to Additional Funded Debt permitted under Section 13.10(l) or Funded Debt of Canadian Dealerships permitted under Section 13.10(p); (j) as set forth in any document relating to Indebtedness permitted under
Section 13.10(d); or (k) on or with respect to any Excluded Subsidiary. 
 “Permitted Swap Obligations” means
Swap Obligations of the Company under Swaps which are entered into or maintained by the Company with a Lender, which are entered into in the ordinary course of business for risk management purposes and not for speculative purposes. 

“Person” means any natural person, corporation, general or limited partnership, joint venture, limited liability company,
firm, trust, association, unincorporated organization, government, political subdivision or any agency, department, or instrumentality thereof, or any other entity or organization, whether acting in an individual, fiduciary or other capacity. 

“Plan” means an employee pension benefit plan which is covered by Title IV of ERISA or subject to the minimum funding
standards under Section 412 of the Code as to which any Loan Party or any ERISA Affiliate may have any liability. 
 “Pledge
Agreement” means an amended and restated pledge agreement substantially in the form attached hereto as Exhibit E. 

“PR Account” has the meaning set forth in Section 2.6. 

“PR Account Advance” has the meaning set forth in Section 2.6.2. 

“PR Account Borrower” has the meaning set forth in Section 2.6. 

“PR Account Payment” has the meaning set forth in Section 2.6.1. 

“Pricing Schedule” means the Schedule attached hereto which is identified as such. 

  
 25 

 “Prime Rate” means a rate per annum equal to the prime rate of interest
announced from time to time by Agent or its parent (which is not necessarily the lowest rate charged to any customer), changing when and as said prime rate changes. 

“Principal” means Sidney D. DeBoer, Bryan DeBoer or another successor, or successors, reasonably acceptable to Agent and the
Required Lenders. 
 “Prohibited Transaction” means any prohibited transaction within the meaning of Section 406 of
ERISA or Section 4975 of the Code. 
 “Properties” has the meaning set forth in Section 12.6. 

“Pro Rata Share” means, as the context requires (a) with respect to the Aggregate Lender Commitment or Outstanding
Credit Exposure of any Lender, (i) the percentage obtained by dividing such Lender’s Aggregate Lender Commitment by the Aggregate Commitment, or (ii) if all of the Commitments have been terminated or have expired, the percentage
obtained by dividing such Lender’s Outstanding Credit Exposure at such time by the Aggregate Outstanding Credit Exposure at such time; 

(b) with respect to the New Vehicle Floorplan Commitment or Outstanding New Vehicle Floorplan Exposure of any Lender (i) the percentage
obtained by dividing such Lender’s New Vehicle Floorplan Commitment by the Aggregate New Vehicle Floorplan Commitment, or (ii) if all New Vehicle Floorplan Commitments have been terminated or expired, the percentage obtained by dividing
such Lender’s Outstanding New Vehicle Floorplan Exposure by the Aggregate Outstanding New Vehicle Floorplan Exposure; 
 (c) with
respect to the Used Vehicle Floorplan Commitment or Outstanding Used Vehicle Floorplan Exposure of any Lender (i) the percentage obtained by dividing such Lender’s Used Vehicle Floorplan Commitment by the Aggregate Used Vehicle Floorplan
Commitment, or (ii) if all Used Vehicle Floorplan Commitments have been terminated or expired, the percentage obtained by dividing such Lender’s Outstanding Used Vehicle Floorplan Exposure by the Aggregate Outstanding Used Vehicle
Floorplan Exposure; 
 (d) with respect to the Service Loaner Vehicle Floorplan Commitment or Outstanding Service Loaner Vehicle Floorplan
Exposure of any Lender (i) the percentage obtained by dividing such Lender’s Service Loaner Vehicle Floorplan Commitment by the Aggregate Service Loaner Vehicle Floorplan Commitment, or (ii) if all Service Loaner Vehicle Floorplan
Commitments have been terminated or expired, the percentage obtained by dividing such Lender’s Outstanding Service Loaner Vehicle Floorplan Exposure by the Aggregate Outstanding Service Loaner Vehicle Floorplan Exposure; or 

(e) with respect to the Revolving Loan Commitment or Outstanding Revolving Loan Exposure of any Lender, (i) the percentage obtained by
dividing such Lender’s Revolving Loan Commitment by the Aggregate Revolving Loan Commitment, or (ii) if all Revolving Loan Commitments have been terminated or expired the percentage obtained by dividing such Lender’s Outstanding
Revolving Loan Exposure by the Aggregate Outstanding Revolving Loan Exposure; 

  
 26 

 provided, however that when a Defaulting Lender shall exist, the Commitments, Outstanding Credit
Exposure, Outstanding New Vehicle Floorplan Exposure, Outstanding Used Vehicle Floorplan Exposure, Outstanding Service Loaner Vehicle Floorplan Exposure and Outstanding Revolving Loan Exposure of the Defaulting Lender shall be disregarded in
determining the Aggregate Commitment (or Aggregate Outstanding Credit Exposure), Aggregate New Vehicle Floorplan Commitment (or Aggregate Outstanding New Vehicle Floorplan Exposure), Aggregate Used Vehicle Floorplan Commitment (or Aggregate
Outstanding Used Vehicle Floorplan Exposure), Aggregate Service Loaner Vehicle Floorplan Commitment (or Aggregate Outstanding Service Loaner Vehicle Floorplan Exposure) or Aggregate Revolving Loan Commitment (or Aggregate Outstanding Revolving Loan
Exposure). 
 “Quarterly Payment Date” means the tenth day of each January, April, July and October or, if such day is not
a Business Day, the next succeeding Business Day. 
 “Real Estate Subsidiary” means any Subsidiary that does not own any
assets other than real estate, cash, and assets incidental to the operation of specific real estate. 
 “Real Property”
means real property acceptable to Agent which is owned by any Real Estate Subsidiary occupied by a Dealership as a motor vehicle sales facility. 

“Reallocation” has the meaning set forth in Section 6.17.1. 

“Reallocation Request” has the meaning set forth in Section 6.17.2. 

“Refunding New Vehicle Floorplan Loan” has the meaning set forth in Section 2.2.6(a). 

“Refunding Revolving Loan” has the meaning set forth in Section 4.2.6(a)(i). 

“Refunding Service Loaner Vehicle Floorplan Loan” has the meaning set forth in Section 3.4.6(a)(i). 

“Refunding Used Vehicle Floorplan Loan” has the meaning set forth in Section 3.2.6(a)(i). 

“Register” has the meaning set forth in Section 17.5. 

“Regulation D” means Regulation D of the Board of Governors of the Federal Reserve System as from time to time in effect and
any successor thereto or other regulation or official interpretation of said Board of Governors relating to reserve requirements applicable to member banks of the Federal Reserve System. 

“Regulation U” means Regulation U of the Board of Governors of the Federal Reserve System as from time to time in effect and
any successor or other regulation or official interpretation of said Board of Governors relating to the extension of credit by banks for the purpose of purchasing or carrying margin stocks applicable to member banks of the Federal Reserve System.

  
 27 

 “Reimbursement Obligations” means, at any time, the aggregate of all
obligations of the Revolving Loan Borrower then outstanding to reimburse the LC Issuer for amounts paid by the LC Issuer in respect of any one or more drawings under Letters of Credit. 

“Related Principal Portion” means, with respect to each New Vehicle financed with a New Vehicle Loan Advance, the principal
amount advanced under this Agreement to finance that Vehicle. 
 “Relevant Governmental Body” means the Federal Reserve
Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York for the purpose of recommending a benchmark rate to replace Eurocurrency Base
Rate in loan agreements similar to this Agreement. 
 “Reportable Event” means a reportable event as defined in
Section 4043 of ERISA and the regulations issued under such section, with respect to a Plan, excluding, however, such events as to which the PBGC has by regulation waived the requirement of Section 4043(a) of ERISA that it be notified
within 30 days of the occurrence of such event, provided, however, that a failure to meet the minimum funding standard of Section 412 of the Code and of Section 302 of ERISA shall be a Reportable Event regardless of the issuance of
any such waiver of the notice requirement in accordance with either Section 4043(a) of ERISA or Section 412(d) of the Code. 

“Reprice Date” means the first day of each month. 

“Repurchase Agreement” means an agreement by a manufacturer or distributor of New Vehicles (which may be a separate agreement
or may be included in a Seller Agreement or Payment Commitment), in which such manufacturer agrees to repurchase New Vehicles originally purchased by a New Vehicle Floorplan Dealership from such manufacturer, all in form and substance reasonably
acceptable to Agent. 
 “Required Lenders” means Lenders holding in the aggregate more than 50% of the Aggregate Commitment
or, if the Aggregate Commitment has been terminated, Lenders holding in the aggregate more than 50% of the Aggregate Outstanding Credit Exposure provided that, Required Lenders shall at no time be less than two unaffiliated Lenders. The
Commitments and Outstanding Credit Exposure of any Defaulting Lender shall be disregarded in determining Required Lenders. 

“Required Repayment Date” has the meaning set forth in Section 2.3.3(b). 

“Reserve Amount” has the meaning set forth in Section 4.1.9. 

“Reserve Percentage” means, the reserve percentage in effect on such day, whether or not applicable to any Lender, under
regulations issued from time to time by the Federal Reserve Board for determining the maximum reserve requirement (including any emergency, special, supplemental or other marginal reserve requirement) with respect to eurocurrency funding (currently
referred to as “Eurocurrency liabilities” in Regulation D). The Eurocurrency Rate for each outstanding Eurocurrency Loan shall be adjusted automatically as of the effective date of any change in the Reserve Percentage. 

  
 28 

 “Restricted Payment” means any dividend or other distribution (whether in
cash, securities or other property) with respect to any Equity Interests in any Loan Party or any Subsidiary, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase,
redemption, retirement, acquisition, cancellation or termination of any such Equity Interests in any Loan Party or any option, warrant or other right to acquire any such Equity Interests in any Loan Party. 

“Revolving Loan” has the meaning set forth in Section 4.1.1. 

“Revolving Loan Advance” means a borrowing consisting of the Revolving Loans to be made by the Lenders on any date. 

“Revolving Loan Availability” means, as of any date of determination, an amount equal to (a) the Maximum Revolving Loan
Amount at such time minus (b) the sum of the then outstanding principal balance of the Revolving Loans, Revolving Swing Line Loans and LC Obligations. 

“Revolving Loan Borrower” means the Company, in its capacity as an obligor on the Revolving Loan Obligations and LC
Obligations which relate to the credit facilities described in Article 4. 
 “Revolving Loan Borrowing Base” means, as of
any date of determination: 
 (a) an amount equal to the sum, without duplication, on such date of: 

(i) 100% of the amounts (excluding commissions included in clause (b) of the definition of Eligible Receivables) owing to the Dealerships
in which Agent has a perfected first priority security interest, which are owed to the Dealerships by financial institutions or finance companies which are not Affiliates of any Loan Party for the purchase by such institutions of retail installment
contracts and leases arising from the sale or lease of New Vehicles and Used Vehicles (contracts in transit), which have not remained unpaid for more than 15 days. 

(ii) 80% of the amount of Eligible Receivables. 

(iii) 100% of the sum of the manufacturer’s or distributor’s invoices (including freight, advertising and holdbacks) for Eligible
New Vehicles. 
 (iv) 100% of the amount of the Used Vehicle Borrowing Base. 

(v) 75% of the Value of Eligible Real Property; provided, that this component of the Revolving Loan Borrowing Base shall not at any
time exceed 25% of the lesser of (x) the Revolving Loan Borrowing Base and (y) the Aggregate Revolving Loan Commitment. 
 (vi)
65% of (A) the net book value of the inventory of the Company and its Subsidiaries consisting of new parts and accessories in which Agent has a perfected first priority security interest; minus (B) the unpaid acquisition cost owed to
sellers or financers of such inventory. 

  
 29 

 (vii) 40% of (A) the net book value of equipment (excluding fixtures, aircraft, and
Service Loaner Vehicles) of the Company and its Subsidiaries in which Agent has a perfected first priority security interest, minus (B) the principal amount of indebtedness or obligations to any Person (other than the Obligations) which is
secured by such equipment. 
 (b) Minus, the sum of the then outstanding aggregate principal balance of New Vehicle Floorplan Loans,
New Vehicle Swing Line Loans, Used Vehicle Floorplan Loans, Used Vehicle Swing Line Loans and Pari Passu Funded Debt. 
 Notwithstanding anything to the
contrary in this Agreement, the amounts set forth in clauses (a)(i) through (a)(vii) above shall exclude all receivables, Vehicles, real property, inventory, equipment and other property and assets of any Silo Subsidiary. 

“Revolving Loan Borrowing Base Certificate” means a certificate substantially in the form attached as Exhibit C, or in
such other form as is acceptable to Agent. 
 “Revolving Loan Borrowing Rate” means the sum of (a) the Eurocurrency
Rate, plus (b) the Revolving Loan Margin. 
 “Revolving Loan Commitment” means, for each Lender, the obligation of
such Lender to make Revolving Loans to the Revolving Loan Borrower, and participate in Revolving Swing Line Loans and Letters of Credit in an aggregate amount not exceeding the amount set forth on Schedule 1, as such amount may be modified as a
result of any assignment or as otherwise modified from time to time pursuant to Section 6.17 or the other provisions hereof. 

“Revolving Loan Commitment Fee” has the meaning set forth in Section 4.1.7. 

“Revolving Loan Commitment Fee Rate” has the meaning set forth in the Pricing Schedule. 

“Revolving Loan Margin” has the meaning set forth in the Pricing Schedule. 

“Revolving Loan Obligations” means all present and future Revolving Loans, Revolving Swing Line Loans, LC Obligations, and
other debts, liabilities, obligations, reimbursements, indemnities, covenants, warranties, duties and obligations relating thereto of the Revolving Loan Borrower to Agent and the Lenders under the LC Agreements, LC Applications, the Letters of
Credit, this Agreement, and the other Loan Documents, whether now or hereafter existing or incurred, whether liquidated or unliquidated, whether absolute or contingent, and including without limitation principal, interest, fees, Attorney Costs,
expenses and charges relating to any of the foregoing. 
 “Revolving Swing Line Commitment” (which is a sublimit of the
Aggregate Revolving Loan Commitment) means an amount equal to $40,000,000.00. 

  
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 “Revolving Swing Line Loan” has the meaning set forth in
Section 4.2.1. 
 “Risk-Based Capital Guidelines” means (a) the risk-based capital guidelines in effect in the
United States on the date of this Agreement, including transition rules, and (b) the corresponding capital regulations promulgated by regulatory authorities outside the United States, including transition rules, and, in each case, any
amendments to such regulations. 
 “S&P” means Standard & Poor’s Ratings Services, a Standard &
Poor’s Financial Services LLC business. 
 “Sanctions” means sanctions administered or enforced from time to time by
the U.S. government, including those administered by OFAC, the U.S. Department of State, the United Nations Security Council, the European Union, Her Majesty’s Treasury or other relevant sanctions authority. 

“SCFC” means Southern Cascades Finance Corporation, an Oregon corporation. 

“SCFC Indebtedness” has the meaning set forth in Section 13.10(r). 

“SCFC Subsidiary” means any of (a) SCFC and (b) any future Subsidiary of SCFC that is formed in connection with or
after the incurrence by SCFC of the SCFC Indebtedness. 
 “Security Agreement” means an amended and restated security
agreement substantially in the form attached hereto as Exhibit F. 
 “Seller Agreement” means any material agreement
between the Company or any of its Subsidiaries and a manufacturer, distributor or other seller of New Vehicles (including without limitation Franchise Agreements, distribution agreements, framework agreements, and the like). 

“Seller Notes” has the meaning set forth in Section 13.6(m). 

“Service Loaner Vehicle” means a Vehicle that is obtained by a Dealership directly from a manufacturer or distributor and
which is used for short-term rental in the ordinary course of business or as a service loaner. 
 “Service Loaner Vehicle Borrowing
Base” means, as of any date of determination, an amount equal to the sum, without duplication, on such date of 85% of the net book value of Eligible Service Loaner Vehicles. 

“Service Loaner Vehicle Borrowing Base Certificate” means a certificate substantially in the form attached as Exhibit B-2, or in such other form as is acceptable to Agent. 
 “Service Loaner Vehicle
Floorplan Advance” means a borrowing consisting of the Service Loaner Vehicle Floorplan Loans to be made by the Lenders on any date. 

“Service Loaner Vehicle Floorplan Borrower” means the Company, in its capacity as an obligor on the Service Loaner Vehicle
Floorplan Obligations which relate to the credit facilities described in Sections 3.3 and 3.4. 

  
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 “Service Loaner Vehicle Floorplan Borrowing Rate” means the sum of
(a) the Eurocurrency Rate plus (b) the Service Loaner Vehicle Floorplan Margin. 
 “Service Loaner Vehicle
Floorplan Commitment” means for each Lender, the obligation of such Lender to make Service Loaner Vehicle Floorplan Loans to the Service Loaner Vehicle Floorplan Borrower and to participate in Service Loaner Vehicle Swing Line Loans, in an
aggregate amount not exceeding the amount set forth on Schedule 1, as such amount may be modified as a result of any assignment or as otherwise modified from time to time pursuant to the provisions hereof. 

“Service Loaner Vehicle Floorplan Commitment Fee” has the meaning set forth in Section 3.3.7. 

“Service Loaner Vehicle Floorplan Commitment Fee Rate” has the meaning set forth in the Pricing Schedule. 

“Service Loaner Vehicle Floorplan DDA” has the meaning set forth in Section 3.4.7(b). 

“Service Loaner Vehicle Floorplan Loan” has the meaning set forth in Section 3.3.1. 

“Service Loaner Vehicle Floorplan Margin” has the meaning set forth in the Pricing Schedule. 

“Service Loaner Vehicle Floorplan Obligations” means all present and future Service Loaner Vehicle Floorplan Loans, Service
Loaner Vehicle Swing Line Loans, and other debts, liabilities, obligations, reimbursements, indemnities, covenants, warranties, duties and obligations relating thereto of the Service Loaner Vehicle Floorplan Borrower to Agent and the Lenders
under this Agreement, and the other Loan Documents, whether now or hereafter existing or incurred, whether liquidated or unliquidated, whether absolute or contingent, and including without limitation principal, interest, fees, Attorney Costs,
expenses and charges relating to any of the foregoing. 
 “Service Loaner Vehicle Sweep Advance” has the meaning set forth
in Section 3.4.7(a). 
 “Service Loaner Vehicle Swing Line Commitment” (which is a sublimit of the Aggregate Service
Loaner Vehicle Floorplan Loan Commitment) means an amount equal to $10,000,000.00. 
 “Service Loaner Vehicle Swing Line
Loan” has the meaning set forth in Section 3.4.1. 
 “Shift” means Shift Technologies, Inc., a Delaware
corporation. 
 “Shift Facility” means a floor plan credit facility or debt financing provided by one or more lenders to
Shift (and/or one or more of its subsidiaries) in an aggregate principal amount not to exceed $50,000,000 at any time outstanding, guaranteed in whole or in part by one or more Loan Parties. 

“Shift Investments” has the meaning set forth in Section 13.6(q). 

  
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 “Silo Subsidiary” means a Subsidiary designated as a “Silo
Subsidiary” in writing by the Company to the Agent, substantially in the form of Exhibit P hereto, for the purpose of incurring Funded Debt permitted under subsection (o) of Section 13.10, provided that if, at the time
of such designation, such Subsidiary is a Loan Party: 
 (i) such Subsidiary shall have executed and delivered to the Agent a
Silo Subsidiary/SCFC Termination Agreement solely with respect to its status as a party to the Security Agreement, the Pledge Agreement and any other Collateral Documents and as a Grantor (as defined in the Security Agreement and the Pledge
Agreement) and its status as a New Vehicle Floorplan Borrower (it being understood that such Silo Subsidiary/SCFC Termination Agreement shall not terminate such Subsidiary’s obligations under its Guaranty, which shall remain in full force and
effect), 
 (ii) the Company shall have provided to the Agent a Revolving Loan Borrowing Base Certificate as of the date of and after giving
effect to such designation of such Subsidiary as a Silo Subsidiary and certifying that after giving effect to such designation the Revolving Loan Availability is not less than $1.00, 

(iii) the Company shall have provided to the Agent a Used Vehicle Loan Borrowing Base Certificate as of the date of and after giving effect to
such designation of such Subsidiary as a Silo Subsidiary and deduction of all Used Vehicles of such Silo Subsidiary from the Used Vehicle Borrowing Base, 

(iv) the Company shall have provided to the Agent a Service Loaner Vehicle Loan Borrowing Base Certificate as of the date of and after giving
effect to such designation of such Subsidiary as a Silo Subsidiary and deduction of all Service Loaner Vehicles of such Silo Subsidiary from the Service Loaner Vehicle Borrowing Base, 

(v) the Company or such Subsidiary shall have repaid in full the Related Principal Portion, together with accrued and unpaid interest thereon,
with respect to each New Vehicle of such Subsidiary financed with a New Vehicle Loan Advance, 
 (vi) the Company shall have repaid Used
Vehicle Floorplan Loans and Used Vehicle Swing Line Loans to the extent necessary such that, after giving effect to such repayment and the designation of such Subsidiary as a Silo Subsidiary and deduction of all Used Vehicles of such Silo Subsidiary
from the Used Vehicle Borrowing Base, (1) the outstanding principal balance of all Used Vehicle Floorplan Loans does not exceed, in the aggregate, as to all Lenders, the Maximum Used Vehicle Floorplan Amount, and (2) the outstanding
principal balance of all Used Vehicle Floorplan Loans, plus the outstanding principal balance of all Used Vehicle Swing Line Loans, does not exceed, in the aggregate, as to all Lenders, the Maximum Used Vehicle Floorplan Amount, and 

(vii) the Company shall have repaid Service Loaner Vehicle Floorplan Loans and Service Loaner Vehicle Swing Line Loans to the extent necessary
such that, after giving effect to such repayment and the designation of such Subsidiary as a Silo Subsidiary and deduction of all Service Loaner Vehicles of such Silo Subsidiary from the Service Loaner Vehicle Borrowing Base, (1) the
outstanding principal balance of all Service Loaner 

  
 33 

 
Vehicle Floorplan Loans does not exceed, in the aggregate, as to all Lenders, the Maximum Service Loaner Vehicle Floorplan Amount, and (2) the outstanding principal balance of all Service
Loaner Vehicle Floorplan Loans, plus the outstanding principal balance of all Service Loaner Vehicle Swing Line Loans, does not exceed, in the aggregate, as to all Lenders, the Maximum Service Loaner Vehicle Floorplan Amount. 

Effective upon any such designation and satisfaction of the conditions set forth in clauses (i), (ii), (iii), (iv), (v), (vi) and (vii) above, any
Subsidiary so designated shall cease to be a New Vehicle Floorplan Borrower under this Agreement and the other Loan Documents, and the Dealership Loan Limit (if any) for such Subsidiary shall be deleted. 

“Silo Subsidiary/SCFC Termination Agreement” with respect to a Silo Subsidiary or SCFC, an agreement substantially in the
form attached as Exhibit H-2. 
 “SOFR” with respect to any day means the
secured overnight financing rate published for such day by the Federal Reserve Bank of New York, as the administrator of the benchmark (or a successor administrator) on the Federal Reserve Bank of New York’s website (or any successor source).

 “SOFR-Based Rate” means SOFR or Term SOFR. 

“Solvent” means, with respect to any Person on any date, that on such date (a) the fair value of the assets of such
Person, at a fair valuation is greater than the debts and liabilities, subordinated, contingent or otherwise, of such Person; (b) the present fair saleable value of the assets of such Person is greater than the amount that will be required to
pay the probable liability of such Person on its debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured; (c) such Person will be able to pay its debts and liabilities,
subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured; (d) such Person does not have unreasonably small capital with which to conduct the businesses in which it is engaged as such businesses are now
conducted; and (e) such Person does not intend to, and does not believe that it will incur debts or liabilities beyond its ability to pay such debts and liabilities as they mature, taking into account the timing of and amounts of cash to be
received by it and the timing of the amounts of cash to be payable on or in respect of its indebtedness. 
 “Stated Rate”
has the meaning set forth in Section 6.11. 
 “Subordinated Debt” means unsecured indebtedness of a Borrower which is
subordinated to the payment of the Obligations by an agreement acceptable to Agent and Required Lenders and that has subordination terms, covenants, pricing and other terms that have been approved in writing by the Required Lenders. 

“Subsidiary” of a Person means (i) any corporation Controlled by such Person or more than 50% of the outstanding
securities having ordinary voting power of which shall at the time be owned, directly or indirectly, by such Person or by one or more of such Person’s Subsidiaries or by such Person and one or more of its Subsidiaries and (ii) any
partnership, limited liability company, association, joint venture or other business organization Controlled by such Person or more than 50% of the ownership interests having ordinary voting power of which shall at the time be so owned. Unless
otherwise expressly provided, all references herein to a “Subsidiary” shall mean a Subsidiary of the Company. 

  
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 “Swap” means (a) any and all rate swap transactions, basis swaps,
credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond
price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options,
fixed-price physical delivery contracts, whether or not exchange traded, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is
governed by or subject to any master agreement, including any agreement, contract or transaction that constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act, and (b) any and all transactions of any
kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master
Agreement or any other master agreement, including any such obligations or liabilities under any such master agreement. 
 “Swap
Obligation” means, with respect to any Person, any and all obligations, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and
substitutions therefor), under (i) any and all Swaps, and (ii) any and all cancellations, buy backs, reversals, terminations or assignments of any Swap. 

“Swap Termination Value” means in respect of any one or more Swaps, after taking into account the effect of any legally
enforceable netting agreement relating to such Swaps, (a) for any date after the date such Swaps have been closed out and termination value(s) determined in accordance therewith, such termination value(s), and (b) prior to such date the
Net Mark-to-Market Exposure with respect thereto. 

“Swing Line Lender” means U.S. Bank. 

“Swing Line Loan” means a New Vehicle Swing Line Loan, Used Vehicle Swing Line Loan, Service Loaner Vehicle Swing Line Loan
or Revolving Swing Line Loan. 
 “Synthetic Lease” means any lease of goods or other property, whether real or personal,
which is treated as an operating lease under GAAP and as a loan or financing for U.S. income tax purposes. 
 “Tangible Net
Worth” means, as of any date, an amount equal to (x) the amount of shareholders’ equity, minus (y) the amount of goodwill and other intangible assets, of Company and its Subsidiaries, in each case determined as of such
date on a consolidated basis in accordance with GAAP consistently applied. 
 “Taxes” means any and all present or future
taxes, duties, levies, imposts, deductions, fees, assessments, charges or withholdings, and any and all liabilities with respect to the foregoing, including interest, additions to tax and penalties applicable thereto. 

  
 35 

 “Term SOFR” means the forward-looking term rate for any period that is
approximately (as determined by the Agent) as long as the interest period option set forth in the definition of Eurocurrency Base Rate and that is based on SOFR and that has been selected or recommended by the relevant Governmental Body, in each
case as published on an information service as selected by the Agent from time to time in its reasonable discretion. 
 “Terminating
Borrower” has the meaning set forth in Section 13.1.1(b). 
 “Termination Date” means
(a) January 1, 2025, (b) if maturity is extended pursuant to Section 6.18, such extended termination date as determined pursuant to such Section, provided that the “Termination Date” with respect to any Non-Extending Lender (including with respect to the payment of Obligations owing to such Lender) shall be the latest date that such Lender has consented to as its Termination Date pursuant to Section 6.18 (or,
if such Lender has not consented to any such extension, the original Termination Date as in effect on the Closing Date); provided further, however, that, in each case, if such date is not a Business Day, the respective Termination Date shall be the
next preceding Business Day, or (c) any earlier date on which the Aggregate Commitment is reduced to zero or otherwise terminated pursuant to the terms hereof. 

“Title Documents” means all manufacturer’s certificates of origin, manufacturers’ statements of origin,
certificates of title, certificates of ownership and any other documents evidencing ownership of a motor vehicle or the transfer of ownership of a motor vehicle from a manufacturer or another dealer to a Dealership, and all warehouse receipts, bills
of lading and other negotiable documents of title. 
 “Title Report” has the meaning set forth in Section 9.4.2. 

“U.S. Bank” means U.S. Bank National Association, a national banking association, in its individual capacity, and its
successors. 
 “Undisclosed Administration” means in relation to a Lender the appointment of an administrator, provisional
liquidator, conservator, receiver, trustee, custodian or other similar official by a supervisory authority or regulator under or based on the law in the country where such Lender is subject to home jurisdiction supervision if Applicable Law requires
that such appointment is not to be publicly disclosed. 
 “Used Vehicle” means a Vehicle which is held by a Dealership for
sale in the ordinary course of business and which is not a New Vehicle or Service Loaner Vehicle. 
 “Used Vehicle Borrowing
Base” means, as of any date of determination, an amount equal to the sum, without duplication, on such date of: 85% of (a) the net book value of Used Vehicles of the Dealerships which are Eligible Vehicles in which Agent has a
perfected first priority security interest; minus (b) the aggregate outstanding principal amount of any indebtedness or obligation to any Person (other than the Obligations) which is secured by such Used Vehicles, including but not limited to
amounts owing to holders of any lien or security interest in a Used Vehicle at the time it is traded in, sold to, or otherwise acquired by any Dealership. 

“Used Vehicle Borrowing Base Certificate” means a certificate substantially in the form attached as Exhibit B-1, or in such other form as is acceptable to Agent. 

  
 36 

 “Used Vehicle Floorplan Advance” means a borrowing consisting of the Used
Vehicle Floorplan Loans to be made by the Lenders on any date. 
 “Used Vehicle Floorplan Borrower” means the Company, in
its capacity as an obligor on the Used Vehicle Floorplan Obligations which relate to the credit facilities described in Sections 3.1 and 3.2. 

“Used Vehicle Floorplan Borrowing Rate” means the sum of (a) the Eurocurrency Rate plus (b) the Used Vehicle
Floorplan Margin. 
 “Used Vehicle Floorplan Commitment” means for each Lender, the obligation of such Lender to make Used
Vehicle Floorplan Loans to the Used Vehicle Floorplan Borrower and to participate in Used Vehicle Swing Line Loans in an aggregate amount not exceeding the amount set forth on Schedule 1, as such amount may be modified as a result of any assignment
or as otherwise modified from time to time pursuant to Section 6.17 or the other provisions hereof. 
 “Used Vehicle Floorplan
Commitment Fee” has the meaning set forth in Section 3.1.7. 
 “Used Vehicle Floorplan Commitment Fee Rate”
has the meaning set forth in the Pricing Schedule. 
 “Used Vehicle Floorplan DDA” has the meaning set forth in
Section 3.2.7(b). 
 “Used Vehicle Floorplan Loan” has the meaning set forth in Section 3.1.1. 

“Used Vehicle Floorplan Margin” has the meaning set forth in the Pricing Schedule. 

“Used Vehicle Floorplan Obligations” means all present and future Used Vehicle Floorplan Loans, Used Vehicle Swing Line
Loans, and other debts, liabilities, obligations, reimbursements, indemnities, covenants, warranties, duties and obligations relating thereto of the Used Vehicle Floorplan Borrower to Agent and the Lenders under this Agreement, and the other Loan
Documents, whether now or hereafter existing or incurred, whether liquidated or unliquidated, whether absolute or contingent, and including without limitation principal, interest, fees, Attorney Costs, expenses and charges relating to any of the
foregoing. 
 “Used Vehicle Sweep Advance” has the meaning set forth in Section 3.2.7(a). 

“Used Vehicle Swing Line Commitment” (which is a sublimit of the Aggregate Used Vehicle Floorplan Loan Commitment) means an
amount equal to $40,000,000.00. 
 “Used Vehicle Swing Line Loan” has the meaning set forth in Section 3.2.1. 

“Used Vehicle/Revolving/Service Loaner Vehicle Monthly Payment Date” means the twentieth day of each month, or if such day is
not a Business Day, the next Business Day. 
 “Value” means, with respect to any Real Property, the fair market value of
the applicable real property as determined by Agent based upon appraisals or other evaluations acceptable to Agent and in compliance with all regulatory requirements. 

  
 37 

 “Vehicle” means an automobile, truck, van, or other motor vehicle. 

“Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers
of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule. 
 1.2 Divisions. For all purposes under the Loan Documents, in
connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or
liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized on the
first date of its existence by the holders of its Equity Interests at such time. 
 1.3 Other Interpretive Provisions. 

1.3.1 Unless otherwise specified, the words “herein,” “hereof,” “hereto,” “hereunder” and similar terms
refer to this Agreement as a whole and not to any particular provision of this Agreement and subsection, Section, and exhibit references are to this Agreement. 

1.3.2 The word “or” shall not be exclusive; the singular includes the plural and the plural includes the singular; the masculine, the
feminine and neuter gender, each include the masculine, feminine and neuter gender; and the word “including” is not limiting and means “including without limitation.” 

1.3.3 References to any Loan Document shall mean such Loan Document as amended, modified, supplemented or extended from time to time and any
number of substitutions, renewals, restatements, consolidations, and replacements thereof or therefor. 
 1.3.4 References to governmental
laws, statutes, ordinances, rules and regulations shall be construed as including all amendments, consolidations and replacements thereof or therefor. 

1.3.5 Headings in this Agreement and each of the other Loan Documents are for convenience of reference only and are not part of the substance
hereof or thereof. 
 1.3.6 Terms used herein without definition which are defined in the Uniform Commercial Code shall have the meanings
given to them in such Uniform Commercial Code. 
 1.3.7 Except as provided to the contrary in this Agreement or any other Loan Documents, all
accounting terms used in this Agreement and the other Loan Documents shall be interpreted and all accounting determinations shall be made in accordance with GAAP, in a manner consistent with that used in preparing the financial statements referred
to in Section 11.2, except that any calculation or determination which is to be made on a consolidated basis shall be made for the Company and all of its Subsidiaries (including, for the avoidance of doubt, all Minority Dealer Subsidiaries),
including those Subsidiaries, if any, which are unconsolidated on the Company’s audited financial statements; provided, however that, notwithstanding any other 

  
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provision contained herein, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made, without
giving effect to (a) any election under Accounting Standards Codification Section 825-10-25 (or any other Accounting Standards Codification or Financial
Accounting Standard having a similar result or effect) to value any indebtedness or other liabilities of the Company or any of its Subsidiaries at “fair value,” as defined therein, or (b) any treatment of Indebtedness in respect of
convertible debt instruments under Financial Accounting Standards Codification Subtopic 470-20 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or
effect) to value any such Indebtedness in a reduced or bifurcated manner as described therein, and such Indebtedness shall at all times be valued at the full stated principal amount thereof. If at any time any change in GAAP would affect the
computation of any financial covenant or requirement set forth in any Loan Document, and the Company, the Agent or the Required Lenders shall so request, the Agent, the Lenders and the Borrowers shall negotiate in good faith to amend such ratio or
requirement to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the Required Lenders); provided that, until so amended, (i) such ratio or requirement shall continue to be computed in
accordance with GAAP prior to such change therein and (ii) the Borrowers shall provide to the Agent and the Lenders reconciliation statements showing the difference in such calculation, together with the delivery of the financial statements and
other documents required under this Agreement or as reasonably requested by the Agent. Notwithstanding the foregoing, for purposes of determining compliance with any covenant (including the computation of any financial covenant) contained herein,
the determination of whether a lease is to be treated an operating lease or a capital lease shall be made without giving effect to any change in accounting for leases pursuant to GAAP resulting from the implementation of FASB ASC 842 (Leases). 

ARTICLE 2 
 NEW VEHICLE
FLOORPLAN LINE OF CREDIT 
 2.1 New Vehicle Floorplan Loans. 

2.1.1 New Vehicle Floorplan Loan Commitment. Subject to the terms and conditions of this Agreement, each Lender severally and not
jointly agrees to make loans (each a “New Vehicle Floorplan Loan” and collectively, the “New Vehicle Floorplan Loans”) to the New Vehicle Floorplan Borrowers on a revolving credit basis during the period from the
Closing Date to but not including the Termination Date; provided that (a) the aggregate outstanding principal balance of the New Vehicle Floorplan Loans made by each Lender, plus the outstanding principal balance of such Lender’s
participating interest in the New Vehicle Swing Line Loans, shall not at any time exceed an amount equal to such Lender’s New Vehicle Floorplan Commitment; (b) the outstanding principal balance of all New Vehicle Floorplan Loans shall not
at any time exceed, in the aggregate, as to all Lenders, the Aggregate New Vehicle Floorplan Commitment, and (c) except as set forth in Section 2.2.7(b), the outstanding principal balance of all New Vehicle Floorplan Loans, plus the
outstanding principal balance of all New Vehicle Swing Line Loans, shall not at any time exceed, in the aggregate, as to all Lenders, the Aggregate New Vehicle Floorplan Commitment. Subject to the terms and conditions hereof, the New Vehicle
Floorplan Borrowers may borrow, prepay and reborrow New Vehicle Floorplan Loans. 

  
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 2.1.2 Purpose of New Vehicle Floorplan Loans. The New Vehicle Floorplan Borrowers
shall use the proceeds of the New Vehicle Floorplan Loans to finance Eligible New Vehicles owned by the New Vehicle Floorplan Dealerships (including to refinance Former Lender Loans) and to refinance New Vehicle Swing Line Loans. 

2.1.3 Requests for New Vehicle Floorplan Loans. Subject to Section 2.2.6, whenever the New Vehicle Floorplan Borrowers wish to
obtain a New Vehicle Floorplan Loan Advance, the Company shall give Agent irrevocable notice thereof no later than 11:00 a.m. (Pacific Time) at least one Business Day prior to the date of the requested borrowing. Such notice shall specify the
requested borrowing date (which must be a Business Day), the amount of the New Vehicle Floorplan Loan Advance, and include any other information and documentation reasonably requested by Agent, including, but not limited to, the make, model and
vehicle identification number of each New Vehicle to be financed thereby. Agent will promptly notify each Lender of its receipt of any request for a New Vehicle Floorplan Loan Advance and of the amount of its Pro Rata Share of such New Vehicle
Floorplan Loan Advance. 
 2.1.4 Funding of New Vehicle Floorplan Loans. If the Agent notifies the Lenders of a request for a New
Vehicle Floorplan Loan Advance by 1:00 p.m. (Pacific Time) on any Business Day, each Lender will deliver its Pro Rata Share of such New Vehicle Floorplan Loan Advance to Agent by 11:00 a.m. (Pacific Time) on the Business Day after such notification.

 2.1.5 New Vehicle Floorplan Payments. 

(a) Interest Payments. Interest on the unpaid principal balance of the New Vehicle Floorplan Loans shall be paid monthly by the New
Vehicle Floorplan Borrowers in an amount equal to all interest accrued during the prior calendar month. Such interest payments shall be made on each New Vehicle Monthly Payment Date commencing with the first such date to occur following the Closing
Date and continuing thereafter. All accrued interest outstanding on the Termination Date shall be due and payable in full on the Termination Date. 

(b) Voluntary Principal Payments. The New Vehicle Floorplan Borrowers may make voluntary repayments of all or a portion of the
outstanding principal balance of the New Vehicle Floorplan Loans if the Company gives Agent written or telephonic notice of such voluntary repayment no later than 11:00 a.m. (Pacific Time) at least one Business Day prior to the date of such
repayment; provided that each such voluntary principal repayment shall be in a minimum amount of $1,000,000.00 and in multiples of $100,000.00 above such amount unless the New Vehicle Floorplan Loans are being repaid in full. Such notice shall
specify the anticipated date of the voluntary repayment and the principal amount of the New Vehicle Floorplan Loans that will be repaid on such date. Any voluntary repayment of the New Vehicle Floorplan Loans that is received by Agent without such
notice shall be deemed to have been received by Agent on the Business Day after such payment is actually received by Agent and interest shall accrue on the amounts so repaid through the date of such deemed receipt. 

(c) Principal Payment at Maturity. The entire outstanding principal balance of the New Vehicle Floorplan Loans plus all interest
accrued thereon shall be due and payable in full by the Floorplan Borrowers on the Termination Date. 

  
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 2.1.6 Voluntary Reduction or Termination of Commitment. The New Vehicle Floorplan
Borrowers may from time to time on at least ten (10) Business Day’s prior written notice by the Company to the Agent (which shall promptly advise each Lender thereof) permanently reduce the Aggregate New Vehicle Floorplan Commitment to an
amount not less than the then outstanding principal balance of the New Vehicle Floorplan Loans and New Vehicle Swing Line Loans (which, for purposes of this determination, shall not be deemed to be reduced by amounts in PR Accounts). Concurrently
with any reduction of the Aggregate New Vehicle Floorplan Commitment to zero, (a) no further New Vehicle Floorplan Loans or New Vehicle Swing Line Loans will be made, (b) New Vehicle Floorplan Borrowers shall pay all principal and interest
on the New Vehicle Floorplan Loans and New Vehicle Swing Line Loans and all fees and other amounts owing to Agent and the Lenders, and (c) the New Vehicle Floorplan Borrowers shall deliver to Agent funds in an amount which Agent estimates it or
the Swing Line Lender may be required to pay pursuant to Payment Commitments which may be presented after the Termination Date, such collateral to be held in the Payment Commitment Collateral Account. All reductions of the Aggregate New Vehicle
Floorplan Commitment shall reduce the New Vehicle Floorplan Commitments pro rata among the Lenders according to their respective Pro Rata Shares; and except as otherwise set forth in the proviso to this Section 2.1.6, shall reduce the New
Vehicle Swing Line Commitment in proportion to the reduction of the Aggregate New Vehicle Floorplan Commitment; provided, however, that (unless the Aggregate New Vehicle Floorplan Commitment is reduced to less than such amount), the New Vehicle
Swing Line Commitment shall not be reduced. 
 2.1.7 New Vehicle Floorplan Commitment Fee. The New Vehicle Floorplan Borrowers agree
to pay to Agent, for the account of the Lenders, a commitment fee (the “New Vehicle Floorplan Commitment Fee”) calculated at a per annum rate equal to the New Vehicle Floorplan Commitment Fee Rate on the average daily amount by
which the Aggregate New Vehicle Floorplan Commitment exceeds the sum of (a) the actual aggregate outstanding principal balance of the New Vehicle Swing Line Loans on each day (it being understood that any portion of the outstanding principal
balance of the New Vehicle Swing Line Loans ceases to be outstanding under the New Vehicle Swing Line Loans and commences being a portion of the outstanding principal balance under the New Vehicle Floorplan Loans on the date that the New Vehicle
Floorplan Loans are funded to repay such portion of the outstanding principal balance of the New Vehicle Swing Line Loans); plus (b) the actual aggregate outstanding principal balance of the New Vehicle Floorplan Loans on each day;
provided that, if the aggregate amount of the New Vehicle Floorplan Commitment Fee payable for any period to the Lenders other than the Swing Line Lender (as set forth in the third sentence of this paragraph) exceeds the amount
calculated under this sentence, then the New Vehicle Floorplan Borrowers agree to pay to the Agent, for the account of such Lenders, such additional amounts so that each Lender other than the Swing Line Lender receives the full amount of New Vehicle
Floorplan Commitment Fee described in the third sentence of this paragraph. The accrued New Vehicle Floorplan Commitment Fee shall be due and payable in arrears on each Quarterly Payment Date hereafter and on the Termination Date for the three month
period or other time period ending on the last day of the preceding fiscal quarter or on the Termination Date. The New Vehicle Floorplan Commitment Fee payable to each Lender other than the Swing Line Lender shall be based upon the amount determined
by multiplying such Lender’s Pro Rata Share by the average daily amount by which the Aggregate New Vehicle Floorplan Commitment exceeds the actual aggregate outstanding principal balance of the New Vehicle Floorplan Loans on each day. The New
Vehicle Floorplan Commitment Fee payable to 

  
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the Lender which is the Swing Line Lender shall be based upon the amount determined by multiplying such Lender’s Pro Rata Share by the average daily amount by which the Aggregate New Vehicle
Floorplan Commitment exceeds the actual aggregate outstanding principal balance of the New Vehicle Floorplan Loans on each day and subtracting from that amount the average daily outstanding principal balance of the New Vehicle Swing Line Loans;
provided, however, that notwithstanding any contrary provision of Section 2.6, solely for purposes of calculating the amount payable to Swing Line Lender, the principal balance of the New Vehicle Swing Line Loans shall be deemed
to be reduced by the aggregate balance in the PR Accounts. 
 2.2 New Vehicle Swing Line Loans. 

2.2.1 New Vehicle Swing Line Commitment. Subject to the terms and conditions of this Agreement, the Swing Line Lender may, at its
option, make loans (each, a “New Vehicle Swing Line Loan”) to the New Vehicle Floorplan Borrowers on a revolving credit basis during the period from the Closing Date to but not including the Termination Date; provided that,
except as set forth in Section 2.2.7(b), (a) the aggregate outstanding principal balance of the New Vehicle Swing Line Loans shall not at any time exceed the New Vehicle Swing Line Commitment; and (b) the outstanding principal balance
of all New Vehicle Floorplan Loans made by all Lenders plus the outstanding principal balance of all New Vehicle Swing Line Loans, shall not at any time exceed the Aggregate New Vehicle Floorplan Commitment. Subject to the terms and conditions
hereof, the New Vehicle Floorplan Borrowers may borrow, prepay and reborrow New Vehicle Swing Line Loans. 
 2.2.2 Purpose of New Vehicle
Swing Line Loans. The New Vehicle Floorplan Borrowers shall use the proceeds of the New Vehicle Swing Line Loans to finance Eligible New Vehicles (including to refinance Former Lender Loans). 

2.2.3 Requests for New Vehicle Swing Line Loans. Subject to Sections 2.2.7 and 2.6.2, whenever the New Vehicle Floorplan Borrowers wish
to obtain a New Vehicle Swing Line Loan, the Company shall give Agent irrevocable notice thereof no later than 1:00 p.m. (Pacific Time) on the requested date of such New Vehicle Swing Line Loan unless Swing Line Lender agrees in each instance, in
its sole discretion, to a shorter time period. Such notice shall specify the requested borrowing date (which must be a Business Day) and the amount of the New Vehicle Swing Line Loan, and include any other information and documentation reasonably
requested by Agent, including, but not limited to, the make, model and vehicle identification number of each New Vehicle to be financed thereby. 

2.2.4 New Vehicle Swing Line Loan Payments. 

(a) Interest Payments. Interest on the unpaid principal balance of the New Vehicle Swing Line Loans shall be paid monthly by the New
Vehicle Floorplan Borrowers in an amount equal to all interest accrued during the prior calendar month. Such interest payments shall be made on each New Vehicle Monthly Payment Date commencing with the first such date to occur following the Closing
Date and continuing thereafter. All accrued interest outstanding on the Termination Date shall be due and payable in full on the Termination Date. 

  
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 (b) Principal Payments. The entire outstanding principal balance of the New Vehicle
Swing Line Loans plus all interest accrued thereon shall be due and payable in full by the New Vehicle Floorplan Borrowers on the Termination Date. In addition, the principal balance of the New Vehicle Swing Line Loans shall be due and payable as
required by Section 2.2.6. 
 2.2.5 Participation in New Vehicle Swing Line Loans. Immediately upon the making of a New Vehicle
Swing Line Loan by the Swing Line Lender, the Swing Line Lender shall be deemed to have sold and transferred to each Lender and each Lender shall be deemed to have purchased and received from the Swing Line Lender, without any further action by any
party, an undivided participating interest in each New Vehicle Swing Line Loan in an amount equal to such Lender’s Pro Rata Share; provided, however, that (a) no Lender shall be required to fund its participation in any New Vehicle
Swing Line Loan except as set forth in Section 2.2.6(b), and (b) no Lender shall be entitled to share in any payments of principal or interest in respect of its participation except, with respect to any participation funded by such Lender,
as set forth herein. Such participation shall be subject to the terms and conditions of this Agreement. 
 2.2.6 Settlement of New Vehicle
Swing Line Loans. 
 (a) Refunding of Loans. 

(i) Upon the request of the Swing Line Lender, the Agent from time to time shall, on behalf of the New Vehicle Floorplan Borrowers (and each
New Vehicle Floorplan Borrower hereby irrevocably authorizes the Agent to so act on its behalf) request each Lender (including Swing Line Lender in its capacity as a Lender) to make a New Vehicle Floorplan Loan Advance to the New Vehicle Floorplan
Borrowers, in accordance with the provisions of this Section 2.2.6(a), which shall be applied to repay all or a portion of the outstanding principal balance of the New Vehicle Swing Line Loans (each such New Vehicle Floorplan Loan, a
“Refunding New Vehicle Floorplan Loan”), in an amount equal to that Lender’s Pro Rata Share of all or a portion of the then outstanding principal balance of the New Vehicle Swing Line Loans. 

(ii) Without limiting the foregoing, each Lender agrees that Agent may request the Lenders to make Refunding New Vehicle Floorplan Loans at
any time if (A) a Default has occurred and is continuing, or (B) in the judgment of Swing Line Lender, taking into account the outstanding principal balance of the New Vehicle Swing Line Loans, the anticipated usage of the New Vehicle
Swing Line Loans, such Refunding New Vehicle Floorplan Loans are reasonably necessary to ensure that the outstanding principal balance of the New Vehicle Swing Line Loans will not at any time exceed the New Vehicle Swing Line Commitment (it being
understood that in order to attain such objective, Swing Line Lender may request refunding of the New Vehicle Swing Line Loans even though the principal balance of the New Vehicle Swing Line Loans at the time of such request is less than the New
Vehicle Swing Line Commitment). 
 (iii) If Agent makes a request for funding under this Section 2.2.6(a) by 1:00 p.m. (Pacific Time)
on any Business Day, the Lenders will deliver the required amount to Agent no later than 11:00 a.m. (Pacific Time) on the Business Day after such request. The proceeds of all Refunding New Vehicle Floorplan Loans shall be paid by Agent to the Swing
Line Lender in repayment of the outstanding principal balance of the applicable New Vehicle Swing Line Loans. 

  
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 (b) Funding of Participations. In addition to the right of the Swing Line Lender to
request refunding of the New Vehicle Swing Line Loans pursuant to Section 2.2.6(a), upon the request of the Swing Line Lender, Agent may request each Lender (including Swing Line Lender in its capacity as a Lender) to fund its participation in
the New Vehicle Swing Line Loans by paying to Agent, for the account of the Swing Line Lender, its Pro Rata Share of the principal amount of the New Vehicle Swing Line Loans. If Agent makes such request by 1:00 p.m. (Pacific Time) on any Business
Day, the Lenders will deliver such amount to Agent no later than 11:00 a.m. (Pacific Time) on the Business Day after such request. All participations funded by the Lenders under this Section 2.2.6(b) shall be treated as the funding of New
Vehicle Floorplan Loans for purposes of the calculation of the New Vehicle Floorplan Commitment Fee. If any payment paid to any Lender with respect to its participating interest in any New Vehicle Swing Line Loan is thereafter recovered from or must
be returned or paid over by Swing Line Lender for any reason, such Lender will pay to Agent for the account of the Swing Line Lender, such Lender’s Pro Rata Share of such amount and of any interest and other amounts paid or payable by the Swing
Line Lender with respect to such amount. Agent agrees not to request any funding of the Lender’s participations in the New Vehicle Swing Line Loans under this Section 2.2.6(b) at any time that such participations may be legally repaid
using advances of the New Vehicle Floorplan Loans under Section 2.2.6(a). 
 (c) Payment to Swing Line Lender. Notwithstanding
any contrary provision of this Agreement (i) except as set forth in clause (ii) of this Section 2.2.6(c) all payments of principal and interest on the New Vehicle Swing Line Loans shall be paid by Agent solely to the Swing Line
Lender; and (ii) with respect to each participation in New Vehicle Swing Line Loans which is funded by any Lender, such Lender (including Swing Line Lender in its capacity as Lender) shall be entitled to receive its Pro Rata Share of payments
of (A) principal on such New Vehicle Swing Line Loans and (B) interest on such New Vehicle Swing Line Loans only for the period following the date such participation is funded. 

(d) Obligations Unconditional. The obligation of each Lender to make New Vehicle Floorplan Loans to repay New Vehicle Swing Line Loans
pursuant to Section 2.2.6(a) or to fund its participation interests in New Vehicle Swing Line Loans pursuant to Section 2.2.6(b) shall be absolute and unconditional and shall not be affected by the occurrence of a Default or Event of
Default, the fact that any one or more of the conditions in Article 9 is not satisfied, the termination of the availability of Loans, the fact that such New Vehicle Floorplan Loan is made after the Termination Date in compliance with the terms of a
Payment Commitment or to refinance New Vehicle Swing Line Loans made prior to the Termination Date, any defense, setoff, counterclaim or claim for recoupment of any Lender against Agent or Swing Line Lender or any other circumstance, whether or not
similar to the foregoing. Notwithstanding the foregoing, the Lenders shall not be required to refinance New Vehicle Swing Line Loans pursuant to Section 2.2.6(a) or to fund their participation interests in Swing Line Loans pursuant to
Section 2.2.6(b) (i) if after giving effect thereto, the outstanding principal balance of such Lender’s New Vehicle Floorplan Loans would exceed its New Vehicle Floorplan Commitment, or (ii) with respect to any portions of the
outstanding principal balance of the New Vehicle Swing Line Loans that are funded by Swing Line Lender after Agent is deemed to have knowledge or notice of the occurrence of a Default or after the Termination Date. 

  
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 2.2.7 Advances Pursuant to Payment Commitment. 

(a) In addition to New Vehicle Swing Line Loans made pursuant to Section 2.2.3, each New Vehicle Floorplan Borrower authorizes Agent and
Swing Line Lender to make payment directly to manufacturers or distributors of Vehicles in payment for New Vehicles purchased by any New Vehicle Floorplan Borrower, in accordance with the terms and conditions of the applicable Payment Commitment.
Each payment pursuant to a Payment Commitment shall constitute a New Vehicle Swing Line Loan hereunder in the amount of such payment. Agent, in its sole discretion, (i) may revise a Payment Commitment at any time, whether or not a Default has
occurred, by giving written notice to the applicable manufacturer or distributor and the Company, and (ii) may terminate or suspend a Payment Commitment at any time, whether or not a Default has occurred, by giving written notice to the
applicable manufacturer or distributor, and if no Default has occurred and is continuing, to the Company. Each New Vehicle Floorplan Borrower shall be and remain jointly and severally liable to Swing Line Lender for all payments made to a
manufacturer or distributor pursuant to a Payment Commitment. Agent and the Lenders do not assume any responsibility for (and each New Vehicle Floorplan Borrower’s obligation to repay any Advance hereunder will not be affected or impaired in
any way by) the correctness, validity, genuineness or sufficiency of any request for payment by a manufacturer or distributor under a Payment Commitment, any documents pertaining thereto or the existence, character, quantity, quality, condition,
weight, value or delivery of any Vehicles purchased with the proceeds of any Advance. In this regard, Agent may conclusively presume and rely upon the validity and the appropriateness of any payment request by a manufacturer or distributor under a
Payment Commitment and any and all documents or information related thereto. Notwithstanding any contrary provision hereof, the Agent may take such action as is necessary to terminate any Payment Commitments up to ten (10) days prior to the
Termination Date, so that no Payment Commitments shall become payable later than the Termination Date or, at Agent’s discretion, up to ten (10) days prior thereto. 

(b) The parties acknowledge that, due to Payment Commitments with Vehicle manufacturers and distributors, New Vehicle Floorplan Dealerships
may be required to purchase New Vehicles which may cause the outstanding principal balance of the New Vehicle Floorplan Loans and New Vehicle Swing Line Loans to exceed the Aggregate New Vehicle Floorplan Commitment and/or the outstanding principal
balance of the New Vehicle Swing Line Loans to exceed the New Vehicle Swing Line Commitment. The Swing Line Lender may, at its option, but without any obligation to do so, make a New Vehicle Swing Line Loan to fund the amount due under any Payment
Commitment even if such New Vehicle Swing Line Loan would cause the outstanding principal balance of the New Vehicle Floorplan Loans and New Vehicle Swing Line Loans to exceed the Aggregate New Vehicle Floorplan Commitment and/or the outstanding
principal balance of the New Vehicle Swing Line Loans to exceed the New Vehicle Swing Line Commitment. The New Vehicle Floorplan Borrowers shall pay the amount of such excess to Agent upon demand as set forth in Section 2.3.4. 

  
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 2.3 Terms Applicable to New Vehicle Floorplan Loans and New Vehicle Swing Line Loans.

 2.3.1 New Vehicle Loan Limits. 

(a) The aggregate outstanding principal balance of New Vehicle Floorplan Loans and New Vehicle Swing Line Loans shall not at any time exceed
the Aggregate New Vehicle Floorplan Commitment. 
 (b) New Vehicle Loans shall only be made to finance Eligible New Vehicles owned by a New
Vehicle Floorplan Dealership. The aggregate outstanding principal balance of the New Vehicle Loans made to finance Eligible New Vehicles (including Fleet Vehicles and Demos) owned by any New Vehicle Floorplan Dealership shall not at any time exceed
the limit (“Dealership Loan Limit”) for such New Vehicle Floorplan Dealership which is agreed to between Agent and the Company from time to time or, if applicable, any manufacturer, distributor, dealership location or other sublimit
set forth within such limit (“Dealership Sublimit”). 
 (c) No more than 10 Demos owned by any New Vehicle Floorplan
Dealership or dealership location of a New Vehicle Floorplan Dealership may be financed at any one time. 
 (d) No New Vehicle Loan Advance
to finance Eligible New Vehicles (including Fleet Vehicles and Demos) shall exceed an amount equal to 100% of the amount of the manufacturer’s or distributor’s invoice (including freight, advertising and holdbacks) for such Vehicles. No
New Vehicle Loan Advance to refinance Former Lender Loans shall exceed an amount equal to the amount calculated in accordance with the preceding sentence. 

2.3.2 Changes to New Vehicle Floorplan Limits and New Vehicle Floorplan Dealerships. Agent and the Company may from time to time agree
(without requiring the consent of any Lender or any other Borrower) to (a) increase or decrease the Dealership Loan Limit (or any Dealership Sublimit) for any New Vehicle Floorplan Dealership, (b) change the permitted manufacturers,
distributors or brands listed for any New Vehicle Floorplan Dealership; and (c) add or delete New Vehicle Floorplan Dealerships and establish Dealership Loan Limits and permitted manufacturers, distributors and brands for additional New Vehicle
Floorplan Dealerships. 
 2.3.3 Additional Required Payments. In addition to payments required by Sections 2.1.5(a), 2.1.5(c),
2.2.4(a), 2.2.4(b), 2.2.6, and the other provisions hereof, New Vehicle Floorplan Borrowers shall also repay the New Vehicle Loans as follows (which payments do not require prior notice to Agent or Lenders): 

(a) Sale of Vehicles. (i) The New Vehicle Floorplan Borrowers shall pay to Agent the entire Related Principal Portion for each
financed New Vehicle (except Fleet Vehicles and Deemed Sales) within five Business Days following the date of sale or lease of such New Vehicle; and (ii) New Vehicle Floorplan Borrowers shall pay to Agent the entire Related Principal Portion
for each financed Fleet Vehicle by the earlier of (A) 3 Business Days following any New Vehicle Floorplan Dealership’s receipt of proceeds from the sale of such Fleet Vehicle, or (B) (1) 45 calendar days following the date of sale of any Fleet
Vehicle sold to a governmental agency, or (2) 30 calendar days following the date of sale of any other Fleet Vehicle. 

  
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 (b) Unsold New Vehicles. If any New Vehicle has not been previously sold, the New
Vehicle Floorplan Borrowers shall pay the entire Related Principal Portion for such New Vehicle to Agent on the first New Vehicle Monthly Payment Date which is at least one year following the New Vehicle Loan Advance Date for such New Vehicle
(“Required Repayment Date”). Notwithstanding the foregoing, the Related Principal Portion for unsold New Vehicles representing up to 5% of the outstanding principal balance of the New Vehicle Loans may remain unpaid following the
Required Repayment Date; provided that the Related Principal Portion for each unsold New Vehicle must be repaid no later than the third New Vehicle Monthly Payment Date following the Required Repayment Date for such New Vehicle. 

(c) Deemed Sales. If a Deemed Sale of a New Vehicle financed by the Lenders occurs, the New Vehicle Floorplan Borrowers shall pay to
Agent the Related Principal Portion for such Vehicle no later than 6 Business Days following the date of any Deemed Sale. A “Deemed Sale” means any of the following: 

(i) A New Vehicle Floorplan Dealership disposes of a New Vehicle by trade with another dealer or other disposition, other than a sale in the
ordinary course of such New Vehicle Floorplan Dealership’s business, regardless of whether any payment is due to be made by or to such New Vehicle Floorplan Dealership in respect of such trade or other disposition. 

(ii) The New Vehicle ceases to meet the criteria contained in the definition of “Eligible New Vehicle” in this Agreement.

 (iii) Agent reasonably determines that the fair market value of a New Vehicle has significantly declined, regardless of the reason. 

2.3.4 Additional Payments. Agent and the Lenders shall have no obligation whatsoever, and they have no present intention, to make any
New Vehicle Floorplan Loan or New Vehicle Swing Line Loan after the Termination Date or which would cause the principal amount outstanding under this Agreement to exceed any of the limitations stated in this Agreement. The New Vehicle Floorplan
Borrowers are and shall be and remain unconditionally jointly and severally liable to the Lenders for, and the New Vehicle Floorplan Borrowers hereby jointly and severally promise to pay to Agent for the account of the Lenders the amount of all New
Vehicle Floorplan Obligations hereunder, including without limitation New Vehicle Floorplan Loans and New Vehicle Swing Line Loans in excess of the Swing Line Commitment and/or the Aggregate New Vehicle Floorplan Commitment (whether funded pursuant
to Payment Commitments or otherwise) and New Vehicle Floorplan Loans and New Vehicle Swing Line Loans made after the Termination Date. The New Vehicle Floorplan Borrowers shall pay to Agent: (a) upon demand, or if earlier immediately upon
becoming aware of the overadvance, the amount of any New Vehicle Floorplan Loans and New Vehicle Swing Line Loans in excess of any limitation contained in this Agreement; and (b) upon demand, the amount of any New Vehicle Floorplan Loans and
New Vehicle Swing Line Loans made after the Termination Date; together with interest on the principal amount of such New Vehicle Floorplan Loans and New Vehicle Swing Line Loans, as set forth herein. 

  
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 2.3.5 Payment Commitment Collateral Account. At any time after the Termination Date
or, if earlier, the date on which the availability of New Vehicle Floorplan Loans and New Vehicle Swing Line Loans is terminated, the New Vehicle Floorplan Borrowers shall deliver to Agent funds in an amount equal to the amount which Agent or Swing
Line Lender estimates it may be required to pay to manufacturers and distributors pursuant to Payment Commitments which may be presented on or after such date. Such funds shall be held in a non-interest
bearing deposit account (“Payment Commitment Collateral Account”) as additional Collateral for the indebtedness of the New Vehicle Floorplan Borrowers to the Lenders. Each New Vehicle Floorplan Borrower hereby grants to Agent, for
the benefit of the Lenders, a security interest in such funds and such account to secure all New Vehicle Floorplan Obligations. 
 2.4 New
Vehicle Floorplan Borrowers. 
 2.4.1 Joint and Several Liability. Each New Vehicle Floorplan Borrower shall be jointly and
severally liable (each as a primary obligor and not merely as a surety or accommodation maker) for repayment of the New Vehicle Floorplan Loans and New Vehicle Swing Line Loans, and payment and performance of all Obligations of a New Vehicle
Floorplan Borrower and/or the New Vehicle Floorplan Borrowers to Agent and the Lenders under this Agreement and the other Loan Documents. Without limiting the foregoing, each New Vehicle Floorplan Borrower acknowledges and agrees that each of them
is jointly and severally liable for all New Vehicle Floorplan Obligations, even if an invoice, billing or other request for payment of some or all of the New Vehicle Floorplan Obligations is addressed to, or stated to be payable by one or more, but
less than all of the New Vehicle Floorplan Borrowers. Each New Vehicle Floorplan Borrower jointly and severally promises to pay to Agent, for the account of the Lenders (including Swing Line Lender), in accordance with the terms of this Agreement,
and the other Loan Documents, the principal amount of the New Vehicle Floorplan Loans and New Vehicle Swing Line Loans, plus interest thereon, plus all other New Vehicle Floorplan Obligations. Each New Vehicle Floorplan Borrower shall be jointly and
severally liable and responsible for all New Vehicle Floorplan Obligations and payment and performance of all terms, conditions, obligations and agreements applicable to a New Vehicle Floorplan Borrower or New Vehicle Floorplan Borrowers under the
Loan Documents. 
 2.4.2 Maximum Liability. Notwithstanding any contrary provision of this Agreement or the other Loan Documents, the
liability of each New Vehicle Floorplan Borrower with respect to the New Vehicle Floorplan Obligations shall be limited to an aggregate amount equal to the largest amount that would not render its obligations hereunder subject to avoidance as a
fraudulent transfer or fraudulent conveyance (or similar term) under any applicable federal or state law (including Section 548 of the Bankruptcy Code of the United States or any successor provision); provided, however that release or
reduction of the liabilities of one New Vehicle Floorplan Borrower shall not release or reduce the liability of any other New Vehicle Floorplan Borrower for payment and performance of all New Vehicle Floorplan Obligations. 

2.4.3 Appointment of Company. Each Subsidiary that is or becomes a New Vehicle Floorplan Borrower hereby irrevocably appoints the
Company to act on its behalf in its capacity as a New Vehicle Floorplan Borrower for all purposes relevant to this Agreement and the other Loan Documents. Without limiting the foregoing, each New Vehicle Floorplan Borrower authorizes the Company, on
its behalf, to give and receive notices, to request New Vehicle Floorplan Loans and New Vehicle Swing Line Loans, to execute and deliver all documents, instruments, agreements, reports, and certificates required hereunder (including without
limitation Borrower Joinder Agreements and Existing Subsidiary Joinder Agreements), to make any election 

  
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or decision which is required of the New Vehicle Floorplan Borrowers, and to receive and/or direct the receipt of the proceeds of any New Vehicle Floorplan Loans or New Vehicle Swing Line Loans.
Any acknowledgement, consent, direction, certification, agreement or other action which might otherwise be valid or effective only if given or taken by all New Vehicle Floorplan Borrowers, or by any one or more of the New Vehicle Floorplan
Borrowers, shall be valid and effective if given or taken only by the Company, whether or not any other New Vehicle Floorplan Borrower also joins therein. Any notice, demand, consent, acknowledgment, direction, certification or other communication
delivered to the Company as a New Vehicle Floorplan Borrower in accordance with the terms of this Agreement and the other Loan Documents shall be deemed to have been delivered to the Company and each other New Vehicle Floorplan Borrower. Each New
Vehicle Floorplan Borrower other than the Company agrees that each notice, election, representation and warranty, covenant, agreement and undertaking made on its behalf by the Company shall be deemed for all purposes to have been made by such New
Vehicle Floorplan Borrower and shall be binding upon and enforceable against such New Vehicle Floorplan Borrower to the same extent as if the same had been made directly by such New Vehicle Floorplan Borrower. Notwithstanding the foregoing, Agent
and the Lenders may at any time and from time to time require any one or more of the New Vehicle Floorplan Borrowers to join in or take any action which the Company is authorized to take alone. 

2.4.4 Waivers. 
 (a) Each
New Vehicle Floorplan Borrower acknowledges that the New Vehicle Floorplan Loans and New Vehicle Swing Line Loans herein will or may be made for the benefit of the other New Vehicle Floorplan Borrowers as well as such New Vehicle Floorplan Borrower
and, in full recognition of that fact, each New Vehicle Floorplan Borrower consents and agrees that Agent and the Lenders may, at any time and from time to time, without notice or demand, and without affecting the enforceability of this Agreement
and the other Loan Documents, or the liability of any New Vehicle Floorplan Borrower hereunder or thereunder: (i) supplement, modify, amend, extend, renew, accelerate or otherwise change the time for payment or the terms of the New Vehicle
Floorplan Obligations or any part thereof, including any increase or decrease of the rates of interest thereon; (ii) supplement, modify, amend or waive, or enter into or give any agreement, approval or consent with respect to, the New Vehicle
Floorplan Obligations or any part thereof, or any of the Loan Documents or any additional security or guaranties, or any condition, covenant, default, remedy, right, representation or term thereof or thereunder; (iii) accept new or additional
instruments, documents or agreements in exchange for or relative to any of the Loan Documents or the New Vehicle Floorplan Obligations or any part thereof; (iv) accept partial payments on the New Vehicle Floorplan Obligations; (v) receive
and hold additional security or guaranties for the New Vehicle Floorplan Obligations or any part thereof; (vi) release, reconvey, terminate, waive, abandon, fail to perfect, subordinate, exchange, substitute, transfer and/or enforce any
security or guaranties, and apply any security and direct the order or manner of sale thereof as the Agent in its sole and absolute discretion may determine; (vii) release any Person from any personal liability with respect to the New Vehicle
Floorplan Obligations or any part thereof; (viii) settle, release on terms satisfactory to the Agent or by operation of Applicable Law or otherwise liquidate or enforce any New Vehicle Floorplan Obligations and any security or guaranty in any
manner; (ix) consent to the transfer of any security and bid and purchase at any sale; and/or (x) consent to the merger, change or any other restructuring or termination of the corporate or other existence of any New Vehicle Floorplan
Borrower or any other Person, and 

  
 49 

 
correspondingly restructure the New Vehicle Floorplan Obligations, and any such merger, change, restructuring or termination shall not affect the liability of any New Vehicle Floorplan Borrower
hereunder, or under any other Loan Document to which any New Vehicle Floorplan Borrower is a party, or affect the enforceability hereof or thereof with respect to all or any part of the New Vehicle Floorplan Obligations. 

(b) The Agent may enforce this Agreement and the other Loan Documents independently as to each New Vehicle Floorplan Borrower and
independently of any other remedy or security the Agent or any Lender at any time may have or hold in connection with the New Vehicle Floorplan Obligations, and it shall not be necessary for the Agent to marshal assets in favor of any New Vehicle
Floorplan Borrower or any other Person or to proceed upon or against and/or exhaust any other security or remedy before proceeding against any New Vehicle Floorplan Borrower. Each New Vehicle Floorplan Borrower expressly waives any right to require
the Agent to marshal assets in favor of any New Vehicle Floorplan Borrower or any other Person or to proceed against any other New Vehicle Floorplan Borrower or any Collateral provided by any other New Vehicle Floorplan Borrower, and agrees that the
Agent may proceed against New Vehicle Floorplan Borrowers and/or the Collateral in such order as it shall determine in its sole and absolute discretion. To the extent permitted by Applicable Law, the Agent and the Lenders may file a separate action
or actions against any New Vehicle Floorplan Borrower, whether action is brought or prosecuted with respect against any other Person, or whether any other Person is joined in any such action or actions. Each New Vehicle Floorplan Borrower agrees
that the Agent, the Lenders and each New Vehicle Floorplan Borrower and Affiliate of any New Vehicle Floorplan Borrower may deal with each other in connection with the New Vehicle Floorplan Obligations or otherwise, or alter any contracts or
agreements now or hereafter existing between any of them, in any manner whatsoever, all without in any way altering or affecting the enforceability of this Agreement and the other Loan Documents or the liability of any New Vehicle Floorplan
Borrower. Each New Vehicle Floorplan Borrower shall at all times remain liable for the full amount of the New Vehicle Floorplan Obligations even though the New Vehicle Floorplan Obligations, including any part thereof or any other security or
guaranty therefor, may be or hereafter may become invalid or otherwise unenforceable as against any other New Vehicle Floorplan Borrower, or any one or more of them or any other Person and whether or not any other New Vehicle Floorplan Borrower or
any other Person shall have any personal liability with respect thereto. To the fullest extent permitted by Applicable Law, each New Vehicle Floorplan Borrower expressly waives any and all defenses now or hereafter arising or asserted by reason of
(i) any disability or other defense of any other New Vehicle Floorplan Borrower or any other Person with respect to the New Vehicle Floorplan Obligations, (ii) the unenforceability or invalidity of any security or guaranty for the New
Vehicle Floorplan Obligations or the lack of perfection or continuing perfection or failure of priority of any security for the New Vehicle Floorplan Obligations, (iii) the cessation from any cause whatsoever of the liability of any other New
Vehicle Floorplan Borrower or any other Person (other than by reason of the full payment and performance of all New Vehicle Floorplan Obligations), (iv) any failure of the Agent to marshal assets in favor of any New Vehicle Floorplan Borrower or any
other Person, (v) except as otherwise provided in this Agreement, or in the other Loan Documents, any failure of the Agent to give notice of sale or other disposition of Collateral to any New Vehicle Floorplan Borrower or any other Person or
any defect in any notice that may be given in connection with any sale or disposition of Collateral, (vi) any act or omission of Agent or any Lender or others that directly or indirectly results in or aids the discharge or release of any other
New Vehicle Floorplan Borrower or any other Person or the New Vehicle Floorplan 

  
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Obligations or any security or guaranty therefor by operation of Applicable Law or otherwise, (vii) any Applicable Law which provides that the obligation of a surety or guarantor must
neither be larger in amount nor in other respects more burdensome than that of the principal or which reduces a surety’s or guarantor’s obligation in proportion to the principal obligation, (viii) any failure of Agent or any Lender to
file or enforce a claim in any bankruptcy or other proceeding with respect to any Person, (ix) any election made by Agent or any Lender in any bankruptcy proceeding of any Person, (x) any extension of credit or the grant of any security
interest under any provision of the United States Bankruptcy Code, (xi) any use of cash collateral under the United States Bankruptcy Code, (xii) any agreement or stipulation with respect to the provision of adequate protection in any
bankruptcy proceeding of any Person, (xiii) the avoidance of any security in favor of the Agent or the Lenders for any reason, (xiv) any bankruptcy, insolvency, reorganization, arrangement, readjustment of debt, liquidation or dissolution
proceeding commenced by or against any Person, including any discharge of, or bar or stay against collecting, all or any of the New Vehicle Floorplan Obligations (or any interest thereon) in or as a result of any such proceeding, (xv) to
the extent permitted, the benefits of any form of one-action rule under any Applicable Law, or (xvi) any action taken by the Agent or any Lender that is authorized by this Agreement or any provision of
any other Loan Document. Each New Vehicle Floorplan Borrower expressly waives any right to enforce any remedy that Agent or any Lender now has or hereafter may have against any other Person and waives the benefit of, or any right to participate in,
any Collateral now or hereafter held by the Agent or any Lender. Each New Vehicle Floorplan Borrower waives all rights and defenses arising out of an election of remedies by Agent or any Lender, even though that election of remedies, such as a
nonjudicial foreclosure with respect to security for the New Vehicle Floorplan Obligations has destroyed such New Vehicle Floorplan Borrower’s rights of subrogation and reimbursement against the principal. 

2.4.5 Condition of the New Vehicle Floorplan Borrowers. Each New Vehicle Floorplan Borrower represents and warrants to Agent and the
Lenders that such New Vehicle Floorplan Borrower has established adequate means of obtaining from the other New Vehicle Floorplan Borrowers, on a continuing basis, financial and other information pertaining to the businesses, operations and
condition (financial and otherwise) of the New Vehicle Floorplan Borrowers and their properties, and each New Vehicle Floorplan Borrower now is and hereafter will be completely familiar with the businesses, operations and condition (financial and
otherwise) of the other New Vehicle Floorplan Borrowers and their properties. Each New Vehicle Floorplan Borrower hereby expressly waives and relinquishes any duty on the part of Agent and the Lenders (should any such duty exist) to disclose to such
New Vehicle Floorplan Borrower any matter, fact or thing related to the businesses, operations or condition (financial or otherwise) of any other New Vehicle Floorplan Borrower or its properties, whether now known or hereafter known by Agent or any
Lender during the life of this Agreement. With respect to any of the New Vehicle Floorplan Obligations, the Agent and the Lenders need not inquire into the powers of any New Vehicle Floorplan Borrower or the officers or employees acting or
purporting to act on its behalf, and each New Vehicle Floorplan Borrower shall be liable for all New Vehicle Floorplan Obligations made or created in good faith reliance upon the professed exercise of such powers. 

  
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 2.4.6 Liens on Real Property. In the event that all or any part of the New Vehicle
Floorplan Obligations at any time are secured by any one or more deeds of trust or mortgages or other instruments creating or granting Liens on any interests in real property, each New Vehicle Floorplan Borrower authorizes the Agent, upon the
occurrence of and during the continuance of any Event of Default, at its sole option, without notice or demand and without affecting any New Vehicle Floorplan Obligations of any New Vehicle Floorplan Borrower, the enforceability of this Agreement,
or the validity or enforceability of any security interests of the Agent on any Collateral, to foreclose any or all of such deeds of trust or mortgages or other instruments by judicial or nonjudicial sale. Each New Vehicle Floorplan Borrower
expressly waives any defenses to the enforcement of any security interests created by any Collateral Documents or to the recovery by Agent or any Lender against any New Vehicle Floorplan Borrower or any guarantor or any other Person liable therefor
of any deficiency after a judicial or nonjudicial foreclosure or sale, even though such a foreclosure or sale may impair the subrogation rights of such New Vehicle Floorplan Borrower and may preclude such New Vehicle Floorplan Borrower from
obtaining reimbursement or contribution from any other Person. Each New Vehicle Floorplan Borrower expressly waives any right to receive notice of any judicial or nonjudicial foreclosure or sale of any real property or interest therein which is
owned by another New Vehicle Floorplan Borrower or any other Person and is subject to any such deeds of trust or mortgages or other instruments and any New Vehicle Floorplan Borrower’s failure to receive any such notice shall not impair or
affect such New Vehicle Floorplan Borrower’s obligations hereunder or the enforceability of this Agreement and the other Loan Documents. 

2.4.7 Waiver of Rights of Subrogation. Notwithstanding anything to the contrary elsewhere contained herein or in any other Loan Document
to which any New Vehicle Floorplan Borrower is a party, each New Vehicle Floorplan Borrower hereby waives with respect to each other New Vehicle Floorplan Borrower and its successors and assigns (including any surety), any and all rights at law or
in equity to subrogation, to reimbursement, to indemnity, to exoneration, to contribution, to setoff or to any other rights that could accrue to a surety against a principal, to a guarantor against a maker or obligor, to an accommodation party
against the party accommodated, or to a holder or transferee against a maker which any New Vehicle Floorplan Borrower may have or hereafter acquire against any other New Vehicle Floorplan Borrower in connection with or as a result of such New
Vehicle Floorplan Borrowers’ execution, delivery and/or performance of this Agreement or any other Loan Document to which any New Vehicle Floorplan Borrower is a party, in each case, until the full and final payment of the New Vehicle Floorplan
Obligations and termination of the Commitments under this Agreement. Until the full and final payment of the New Vehicle Floorplan Obligations and the termination of the Commitments under this Agreement, each New Vehicle Floorplan Borrower agrees
that it shall not have or assert any such rights against any other New Vehicle Floorplan Borrower or its successors and assigns (including any surety) which is directly or indirectly a creditor of any other New Vehicle Floorplan Borrower or any
surety for any other New Vehicle Floorplan Borrower, either directly or as an attempted setoff to any action commenced against any New Vehicle Floorplan Borrower by any other New Vehicle Floorplan Borrower (as a borrower or in any other capacity).
Each New Vehicle Floorplan Borrower hereby acknowledges and agrees that this waiver is intended to benefit the Agent and the Lenders and shall not limit or otherwise affect its liability hereunder, under any other Loan Document to which any New
Vehicle Floorplan Borrower is a party, or the enforceability hereof or thereof. 
 2.4.8 Waiver of Discharge. Without limiting the
generality of the foregoing, to the fullest extent permitted by Applicable Law, each New Vehicle Floorplan Borrower hereby waives discharge based upon all defenses based on suretyship or impairment of collateral. 

  
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 2.4.9 Understandings with Respect to Waivers and Consents. Each New Vehicle Floorplan
Borrower warrants and agrees that each of the waivers and consents set forth herein are made after consultation with legal counsel and with full knowledge of their significance and consequences, with the understanding that events giving rise to any
defense or right waived may diminish, destroy or otherwise adversely affect rights which such New Vehicle Floorplan Borrowers otherwise may have against the other New Vehicle Floorplan Borrowers, the Agent, any Lender, or against Collateral, and
that, under the circumstances, the waivers and consents herein given are reasonable. If any of the waivers or consents herein is determined to be contrary to any Applicable Law or public policy, such waivers and consents shall be effective to the
maximum extent permitted by Applicable Law. 
 2.4.10 Mutual Benefit. Each New Vehicle Floorplan Borrower agrees that the credit
accommodations to be extended by the Lenders under this Agreement and the other Loan Documents are of benefit to each of them, that each New Vehicle Floorplan Borrower is a direct and indirect beneficiary of the value given thereunder, and each
extension of credit under this Agreement, and the other Loan Documents will be of substantial benefit to each New Vehicle Floorplan Borrower. 

2.5 Addition of New Vehicle Floorplan Dealerships. (a) As of the Closing Date, the New Vehicle Floorplan Dealerships shall be the
Dealerships signing this Agreement, which shall be all Dealerships existing as of the date of this Agreement (except for Silo Subsidiaries and any Dealership which does not require financing for its New Vehicles). Thereafter, if any new Dealership
(other than a Canadian Dealership) is established or any existing Dealership (other than a Canadian Dealership) requires financing for its New Vehicles, the Company shall deliver to Agent a written notice specifying the name of the additional New
Vehicle Floorplan Dealership, the proposed Dealership Loan Limit for such Dealership, the applicable manufacturers to be financed for such Dealership and any other information requested by Agent. Upon approval by Agent, establishment of a Dealership
Loan Limit and, if applicable, Dealership Loan Sublimit(s), and satisfaction of the requirements in Section 9.3, such Dealership shall become a New Vehicle Floorplan Dealership and entitled to finance Eligible New Vehicles hereunder. For
purposes of clarification, no Dealership (other than a Canadian Dealership or a Dealership that is financing its New Vehicles with the proceeds of Indebtedness permitted under Section 13.10(o)) shall incur any indebtedness to finance New
Vehicles, except for New Vehicle Floorplan Loans under this Agreement, without the consent of the Agent and the Lenders. 
 (b) If any new
Canadian Dealership is established or any existing Canadian Dealership requires financing for its New Vehicles, the Company may deliver to Agent a written notice specifying the name of the additional New Vehicle Floorplan Dealership, the proposed
Dealership Loan Limit for such Dealership, the applicable manufacturers to be financed for such Dealership and any other information requested by Agent. Upon approval by all Lenders, establishment of a Dealership Loan Limit and, if applicable,
Dealership Loan Sublimit(s), and satisfaction of the requirements in Section 9.3, such Canadian Dealership shall become a New Vehicle Floorplan Dealership and entitled to finance Eligible New Vehicles hereunder. 

  
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 2.6. PR Account. In addition to any payments otherwise required by this
Agreement, the New Vehicle Floorplan Borrowers may reduce the outstanding principal balance of the New Vehicle Swing Line Loans by means of one or more flooring line principal reduction accounts (each, a “PR Account”). At the
Company’s request, Swing Line Lender will establish a PR Account for a New Vehicle Floorplan Borrower (each New Vehicle Floorplan Borrower having a PR Account, a “PR Account Borrower”) for the sole purpose of recording
voluntary reductions in principal. A PR Account is not a deposit account, and PR Account Borrowers shall have no right or interest in any balance in such account, except as expressly provided in this Section 2.6. Each PR Account is subject to
the following provisions. 
 2.6.1 PR Account Payments. A PR Account Borrower, at its discretion, may make payments to a PR Account
(each, a “PR Account Payment”) at any time, subject to the provisions of subsections 2.6.3 and 2.6.7 of this Section 2.6 and further subject to the following conditions: 

(a) All payments into a PR Account must be made as transfers of collected funds from a deposit account of a PR Account Borrower with Swing
Line Lender. 
 (b) Payments into a PR Account must be in amounts of at least $1,000,000.00. 

(c) The balance in a PR Account may not at any time exceed the aggregate outstanding principal balance of the New Vehicle Swing Line Loans for
the applicable PR Account Borrower. If the amount in a PR Account exceeds the maximum amount permitted hereunder, Swing Line Lender is authorized to make a PR Account Advance (defined below) in the amount of any such excess and deposit such amount
in a deposit account of the applicable PR Account Borrower with Swing Line Lender. 
 (d) The aggregate of the balances in all PR Accounts
may not at any time exceed $50,000,000.00. If the aggregate amount in the PR Accounts exceeds such amount, Swing Line Lender is authorized to make one or more PR Account Advances in the amount of any such excess and deposit such amount in any
deposit account of a PR Account Borrower with Swing Line Lender. 
 2.6.2 PR Account Advances. The New Vehicle Floorplan Borrowers may
re-borrow any balance in a PR Account as a New Vehicle Swing Line Loan (a “PR Account Advance”) at any time during the term of this Agreement, subject to the provisions of subsections 2.6.3
and 2.6.6 of this Section 2.6 and further subject to the following conditions: 
 (a) No Event of Default shall have occurred and be
continuing under this Agreement. 
 (b) PR Account Advances must be in amounts of at least $1,000,000.00, except the Company (on behalf of a
PR Account Borrower) may request a PR Account Advance in the amount of the remaining balance in a PR Account if the remaining balance is less than $1,000,000.00; provided, however, that PR Account Advances made by Swing Line Lender
pursuant to subsections 2.6.1 and 2.6.7 of this Section 2.6 shall not be so limited. 

  
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 2.6.3 Requests for PR Account Payments and Advances. Whenever a PR Account Borrower
wishes to make a PR Account Payment or obtain a PR Account Advance, the Company shall give Agent irrevocable notice thereof no later than 11:00 a.m. (Pacific time) at least one Business Day prior to the date of the requested PR Account Payment or PR
Account Advance. Such notice shall specify the amount of, and requested date of, the requested PR Account Payment or PR Account Advance and include any other information requested by Swing Line Lender. 

2.6.4 Limitation on Transactions in PR Account. The total number of payments to and advances from a PR Account shall not exceed 6
transactions per calendar month in the aggregate. 
 2.6.5 Application of PR Account Balance. The balance in any PR Account shall be
applied to reduce the outstanding principal balance of the New Vehicle Swing Line Loans for New Vehicles owned by the applicable PR Account Borrower for the purpose of computation of interest only, and shall in no way limit or modify the principal
payment requirements set forth elsewhere in this Agreement. Notwithstanding any other provision in this Section 2.6, except as set forth in the last sentence of Section 2.1.7 with respect to the New Vehicle Floorplan Commitment Fee payable
to Swing Line Lender, the balance in a PR Account may not be used to reduce any principal amount outstanding for purposes of determining any remaining availability under the lines of credit established by Sections 2.1 or 2.2 of this Agreement or any
of the other limitations stated in this Agreement. 
 2.6.6 Record of PR Account. All payments into a PR Account and all PR Account
Advances shall be recorded on Swing Line Lender’s books. 
 2.6.7 Termination of PR Accounts. Swing Line Lender and the Company
on behalf of the New Vehicle Floorplan Borrowers, may mutually agree to terminate this Section 2.6 at such time as is agreed upon between them. In addition, Swing Line Lender may terminate this Section 2.6: (a) without prior notice upon
the occurrence (or at any time during the continuation) of an Event of Default or (b) upon 30 days’ notice to the Company if the reason for the termination is that the Swing Line Lender has decided not to offer PR Accounts to its customers
generally or that Swing Line Lender is prohibited or restricted by law or regulation from offering PR Accounts. Provided that no Event of Default exists, upon termination of this Section 2.6, Swing Line Lender shall make a PR Account
Advance in an amount equal to the balance in each PR Account and deposit such amount in a deposit account of the applicable New Vehicle Floorplan Borrower with Swing Line Lender. If an Event of Default has occurred and is continuing, then upon
termination of this Section 2.6, PR Account Borrowers shall have no further right to receive any PR Account Advances and Agent may apply the balance in any PR Account to the Obligations in accordance with the provisions of this Agreement. 

  
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 ARTICLE 3 

USED VEHICLE FLOORPLAN AND SERVICE LOANER VEHICLE FLOORPLAN LINE OF CREDIT 

3.1 Used Vehicle Floorplan Loans. 

3.1.1 Used Vehicle Floorplan Commitment. Subject to the terms and conditions of this Agreement, each Lender severally and not jointly
agrees to make loans (each a “Used Vehicle Floorplan Loan”) to the Used Vehicle Floorplan Borrower on a revolving credit basis during the period from the Closing Date to but not including the Termination Date; provided that
(a) the aggregate outstanding principal balance of the Used Vehicle Floorplan Loans made by each Lender, plus the outstanding principal balance of such Lender’s participating interest in the Used Vehicle Swing Line Loans shall not at
any time exceed an amount equal to such Lender’s Used Vehicle Floorplan Commitment; (b) the outstanding principal balance of all Used Vehicle Floorplan Loans shall not at any time exceed, in the aggregate, as to all Lenders, the Maximum
Used Vehicle Floorplan Amount, and (c) the outstanding principal balance of all Used Vehicle Floorplan Loans, plus the outstanding principal balance of all Used Vehicle Swing Line Loans, shall not at any time exceed, in the aggregate, as to all
Lenders, the Maximum Used Vehicle Floorplan Amount. Subject to the terms and conditions hereof, Borrower may borrow, prepay and reborrow Used Vehicle Floorplan Loans. 

3.1.2 Purpose of Used Vehicle Floorplan Loans. The Used Vehicle Floorplan Borrower shall use the proceeds of the Used Vehicle Floorplan
Loans to finance Used Vehicles owned by a Dealership and to refinance Used Vehicle Swing Line Loans. 
 3.1.3 Requests for Used Vehicle
Floorplan Loans. Whenever the Used Vehicle Floorplan Borrower wishes to obtain a Used Vehicle Floorplan Advance, it shall give Agent irrevocable notice thereof no later than 11:00 a.m. (Pacific Time) at least one Business Day prior to the date
of the requested borrowing. Such notice shall specify the requested borrowing date (which must be a Business Day), the amount of the Used Vehicle Floorplan Loan Advance, and include any other information and documentation reasonably requested by
Agent. Agent will promptly notify each Lender of its receipt of any request for a Used Vehicle Floorplan Advance and of the amount of its Pro Rata Share of such Used Vehicle Floorplan Advance. Each Used Vehicle Floorplan Advance shall be in a
minimum amount of $1,000,000.00 and in multiples of $100,000.00 above such amount. 
 3.1.4 Funding of Used Vehicle Floorplan Loans.
If the Agent notifies the Lenders of a request for a Used Vehicle Floorplan Advance by 1:00 p.m. (Pacific Time) on any Business Day, each Lender will deliver its Pro Rata Share of such Used Vehicle Floorplan Advance to Agent by 11:00 a.m.
(Pacific Time) on the Business Day after such notification. 
 3.1.5 Used Vehicle Floorplan Payments. 

(a) Interest Payments. Interest on the unpaid principal balance of the Used Vehicle Floorplan Loans shall be paid monthly by the Used
Vehicle Floorplan Borrower in an amount equal to all interest accrued during the prior calendar month. Such interest payments shall be made on each Used Vehicle/Revolving/Service Loaner Vehicle Monthly Payment Date commencing with the first such
date to occur following the Closing Date and continuing thereafter. All accrued interest outstanding on the Termination Date shall be due and payable in full on the Termination Date. 

(b) Voluntary Principal Payments. The Used Vehicle Floorplan Borrower may make voluntary repayments of all or a portion of the
outstanding principal balance of the Used Vehicle Floorplan Loans if the Used Vehicle Floorplan Borrower gives Agent written or telephonic notice of such voluntary repayment no later than 11:00 a.m. (Pacific Time) at least one Business Day prior to
the date of such repayment; provided that each such voluntary principal 

  
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repayment shall be in a minimum amount of $1,000,000.00 and in multiples of $100,000.00 above such amount unless the Used Vehicle Floorplan Loans are being repaid in full. Such notice shall
specify the anticipated date of the voluntary repayment and the principal amount of the Used Vehicle Floorplan Loans that will be repaid on such date. Any voluntary repayment of the Used Vehicle Floorplan Loans that is received by Agent without such
notice shall be deemed to have been received by Agent on the Business Day after such payment is actually received by Agent and interest shall accrue on the amounts so repaid through the date of such deemed receipt. 

(c) Principal Payment at Maturity. The entire outstanding principal balance of the Used Vehicle Floorplan Loans plus all interest
accrued thereon shall be due and payable in full by the Used Vehicle Floorplan Borrower on the Termination Date. 
 3.1.6 Voluntary
Reduction or Termination of Commitment. The Used Vehicle Floorplan Borrower may from time to time on at least ten (10) Business Day’s prior written notice to the Agent (which shall promptly advise each Lender thereof) permanently
reduce the Aggregate Used Vehicle Floorplan Commitment to an amount not less than the then outstanding principal balance of the Used Vehicle Floorplan Loans and Used Vehicle Swing Line Loans. Concurrently with any reduction of the Aggregate Used
Vehicle Floorplan Commitment to zero, (a) no further Used Vehicle Floorplan Loans or Used Vehicle Swing Line Loans will be made, and (b) the Used Vehicle Floorplan Borrower shall pay all principal and interest on the Used Vehicle Floorplan
Loans and Used Vehicle Swing Line Loans and all fees and other amounts owing to Agent and the Lenders. All reductions of the Aggregate Used Vehicle Floorplan Commitment shall reduce the Used Vehicle Floorplan Commitments pro rata among the
Lenders according to their respective Pro Rata Shares; and except as otherwise set forth in the proviso to this Section 3.1.6, shall reduce the Used Vehicle Swing Line Commitment in proportion to the reduction of the Aggregate Used Vehicle
Floorplan Commitment; provided, however, that (unless the Aggregate Used Vehicle Floorplan Commitment is reduced to less than such amount), the Used Vehicle Swing Line Commitment shall not be reduced. 

3.1.7 Used Vehicle Floorplan Commitment Fee. The Used Vehicle Floorplan Borrower agrees to pay to Agent, for the account of the Lenders,
a commitment fee (the “Used Vehicle Floorplan Commitment Fee”) calculated at a per annum rate equal to the Used Vehicle Floorplan Commitment Fee Rate on the average daily amount by which the Aggregate Used Vehicle Floorplan
Commitment exceeds the sum of (a) the actual aggregate outstanding principal balance of the Used Vehicle Swing Line Loans on each day (it being understood that any portion of the outstanding principal balance of the Used Vehicle Swing Line
Loans ceases to be outstanding under the Used Vehicle Swing Line Loans and commences being a portion of the outstanding principal balance under the Used Vehicle Floorplan Loans on the date that the Used Vehicle Floorplan Loans are funded to repay
such portion of the outstanding principal balance of the Used Vehicle Swing Line Loans); plus (b) the actual aggregate outstanding principal balance of the Used Vehicle Floorplan Loans on each day; provided that, if the aggregate amount of the
Used Vehicle Floorplan Commitment Fee payable for any period to the Lenders other than the Swing Line Lender (as set forth in the third sentence of this paragraph) exceeds the amount calculated under this sentence, then the Used Vehicle Floorplan
Borrower agrees to pay to the Agent, for the account of such Lenders, such additional amounts so that each Lender other than the Swing Line Lender receives the full amount of Used Vehicle Floorplan Commitment Fee described in the third sentence of
this paragraph. The accrued Used Vehicle Floorplan 

  
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Commitment Fee shall be due and payable in arrears on each Quarterly Payment Date hereafter and on the Termination Date for the three month period or other time period ending on the last day of
the preceding fiscal quarter or on the Termination Date. The Used Vehicle Floorplan Commitment Fee payable to each Lender other than the Swing Line Lender shall be based upon the amount determined by multiplying such Lender’s Pro Rata Share by
the average daily amount by which the Aggregate Used Vehicle Floorplan Commitment exceeds the actual aggregate outstanding principal balance of the Used Vehicle Floorplan Loans on each day. The Used Vehicle Floorplan Commitment Fee payable to the
Lender which is the Swing Line Lender shall be based upon the amount determined by multiplying such Lender’s Pro Rata Share by the average daily amount by which the Aggregate Used Vehicle Floorplan Commitment exceeds the actual aggregate
outstanding principal balance of the Used Vehicle Floorplan Loans on each day and subtracting from that amount the average daily outstanding principal balance of the Used Vehicle Swing Line Loans. 

3.1.8 Additional Payments. The Lenders shall have no obligation whatsoever, and they have no present intention, to make any Used Vehicle
Floorplan Loan or Used Vehicle Swing Line Loan after the Termination Date or which would cause the principal amount outstanding under this Agreement to exceed any of the limitations stated in this Agreement. Notwithstanding the foregoing, the Used
Vehicle Floorplan Borrower is and shall be and remain unconditionally liable to the Lenders for, and the Used Vehicle Floorplan Borrower hereby promises to pay to Agent for the account of the Lenders the amount of all Used Vehicle Floorplan Loans,
Used Vehicle Swing Line Loans, and other Used Vehicle Floorplan Obligations hereunder, including without limitation Loans in excess of the limitations set forth herein and Used Vehicle Floorplan Loans and Used Vehicle Swing Line Loans made after the
Termination Date. The Used Vehicle Floorplan Borrower shall pay to Agent: (a) upon demand, or if earlier immediately upon becoming aware of the overadvance, the amount of any Used Vehicle Floorplan Loans and Used Vehicle Swing Line Loans in
excess of any limitation contained in this Agreement; and (b) upon demand, the amount of any Used Vehicle Floorplan Loans and Used Vehicle Swing Line Loans made after the Termination Date; together with interest on the principal amount of such
Used Vehicle Floorplan Loans and Used Vehicle Swing Line Loans, as set forth herein. 
 3.2 Used Vehicle Swing Line Loans. 

3.2.1 Used Vehicle Swing Line Commitment. Subject to the terms and conditions of this Agreement, the Swing Line Lender may, at its
option, make loans (each, a “Used Vehicle Swing Line Loan”) to the Used Vehicle Floorplan Borrower on a revolving credit basis during the period from the Closing Date to but not including the Termination Date; provided that
(a) the aggregate outstanding principal balance of the Used Vehicle Swing Line Loans shall not at any time exceed the Used Vehicle Swing Line Commitment; and (b) the outstanding principal balance of all Used Vehicle Floorplan Loans
made by all Lenders plus the outstanding principal balance of all Used Vehicle Swing Line Loans, shall not at any time exceed the Maximum Used Vehicle Floorplan Amount. Subject to the terms and conditions hereof, the Used Vehicle Floorplan Borrower
may borrow, prepay and reborrow Used Vehicle Swing Line Loans. 
 3.2.2 Purpose of Used Vehicle Swing Line Loans. The Used Vehicle
Floorplan Borrower shall use the proceeds of Used Vehicle Swing Line Loans for purposes permitted by Section 3.1.2 and to fund Used Vehicle Sweep Advances pursuant to Section 3.2.7. 

  
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 3.2.3 Requests for Used Vehicle Swing Line Loans. Except as set forth in
Section 3.2.7, whenever the Used Vehicle Floorplan Loan Borrower wishes to obtain a Used Vehicle Swing Line Loan, the Used Vehicle Floorplan Borrower shall give Agent irrevocable notice thereof no later than 1:00 p.m. (Pacific Time) on the
requested date of such Used Vehicle Swing Line Loan, unless Swing Line Lender agrees in each instance, in its sole discretion, to a shorter time period. Such notice shall specify the requested borrowing date (which must be a Business Day) and the
amount of the Used Vehicle Swing Line Loan and include any other documentation and information reasonably requested by Agent. 
 3.2.4
Used Vehicle Swing Line Loan Payments. 
 (a) Interest Payments. Interest on the unpaid principal balance of the Used Vehicle
Swing Line Loans shall be paid monthly by the Used Vehicle Floorplan Borrower in an amount equal to all interest accrued during the prior calendar month. Such interest payments shall be made on each Used Vehicle/Revolving/Service Loaner Vehicle
Monthly Payment Date commencing with the first such date to occur following the Closing Date and continuing thereafter. All accrued interest outstanding on the Termination Date shall be due and payable in full on the Termination Date. 

(b) Principal Payments. The entire outstanding principal balance of the Used Vehicle Swing Line Loans plus all interest accrued thereon
shall be due and payable in full by the Used Vehicle Floorplan Borrower on the Termination Date. In addition, the principal balance of the Used Vehicle Swing Line Loans shall be due and payable as required by Section 3.2.6. 

3.2.5 Participation in Used Vehicle Swing Line Loans. Immediately upon the making of a Used Vehicle Swing Line Loan by the Swing Line
Lender, the Swing Line Lender shall be deemed to have sold and transferred to each Lender and each Lender shall be deemed to have purchased and received from the Swing Line Lender, without any further action by any party, an undivided participating
interest in each Used Vehicle Swing Line Loan in an amount equal to such Lender’s Pro Rata Share; provided, however, that (a) no Lender shall be required to fund its participation in any Used Vehicle Swing Line Loan except as set
forth in Section 3.2.6(b), and (b) no Lender shall be entitled to share in any payments of principal or interest in respect of its participation except, with respect to any participation funded by such Lender, as set forth herein. Such
participation shall be subject to the terms and conditions of this Agreement. 
 3.2.6 Settlement of Used Vehicle Swing Line Loans.

 (a) Refunding of Loans. 

(i) Upon the request of the Swing Line Lender, the Agent from time to time shall, on behalf of the Used Vehicle Floorplan Borrower (and the
Used Vehicle Floorplan Borrower hereby irrevocably authorizes the Agent to so act on its behalf) request each Lender (including Swing Line Lender in its capacity as a Lender) to make a Used Vehicle Floorplan Loan to the Used Vehicle Floorplan
Borrower, in accordance with the provisions of this Section 3.2.6(a), which shall be applied to repay all or a portion of the outstanding principal balance of the Used Vehicle Swing Line Loans (each such Used Vehicle Floorplan Loan, a
“Refunding Used Vehicle Floorplan Loan”), in an amount equal to that Lender’s Pro Rata Share of all or a portion of the then outstanding principal balance of the Used Vehicle Swing Line Loans. 

  
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 (ii) Without limiting the foregoing, each Lender agrees that Agent may request the Lenders
to make Refunding Used Vehicle Floorplan Loans at any time if (A) a Default has occurred and is continuing, or (B) in the judgment of Swing Line Lender, taking into account the outstanding principal balance of the Used Vehicle Swing Line
Loans and the anticipated usage of the Used Vehicle Swing Line Loans, and the operation of the Credit Sweep pursuant to Section 3.2.7, such Refunding Used Vehicle Floorplan Loans are reasonably necessary to ensure that the outstanding principal
balance of the Used Vehicle Swing Line Loans will not at any time exceed the Used Vehicle Swing Line Commitment or such lesser amount as is permitted to be outstanding on the Used Vehicle Swing Line Loans at such time (it being understood that in
order to attain such objective, Swing Line Lender may request refunding of the Used Vehicle Swing Line Loans even though the principal balance of the Used Vehicle Swing Line Loans at the time of such request is less than the Used Vehicle Swing Line
Commitment or the amount permitted to be outstanding on the Used Vehicle Swing Line Loans). 
 (iii) If the Agent makes a request for
funding under this Section 3.2.7(a) by 1:00 p.m. (Pacific Time) on any Business Day, the Lenders will deliver the required amount to Agent no later than 11:00 a.m. (Pacific Time) on the Business Day after such request. The proceeds of all
Refunding Used Vehicle Floorplan Loans shall be paid by the Agent to the Swing Line Lender in repayment of the outstanding principal balance of the applicable Used Vehicle Swing Line Loans. 

(b) Funding of Participations. In addition to the right of the Swing Line Lender to request refunding of the Used Vehicle Swing Line
Loans pursuant to Section 3.2.6(a), upon the request of the Swing Line Lender, the Agent may request each Lender (including Swing Line Lender in its capacity as a Lender) to fund its participation in the Used Vehicle Swing Line Loans by paying
to the Agent, for the account of the Swing Line Lender, its Pro Rata Share of the principal amount of the Used Vehicle Swing Line Loans. If the Agent makes such request by 1:00 p.m. (Pacific Time) on any Business Day, the Lenders will deliver such
amount to Agent no later than 11:00 a.m. (Pacific Time) on the Business Day after such request. All participations funded by the Lenders under this Section 3.2.6(b) shall be treated as the funding of the Revolving Loans for purposes of the
calculation of the Used Vehicle Floorplan Commitment Fee. If any payment paid to any Lender with respect to its participating interest in any Used Vehicle Swing Line Loan is thereafter recovered from or must be returned or paid over by Swing Line
Lender for any reason, such Lender will pay to the Agent for the account of the Swing Line Lender, such Lender’s Pro Rata Share of such amount and of any interest and other amounts paid or payable by the Swing Line Lender with respect to such
amount. Agent agrees not to request any funding of the Lender’s participations in the Used Vehicle Swing Line Loans under this Section 3.2.6(b) at any time that such participations may be legally repaid using advances of Used Vehicle
Floorplan Loans under Section 3.2.6(a). 

  
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 (c) Payment to Swing Line Lender. Notwithstanding any contrary provision of this
Agreement (i) except as set forth in clause (ii) of this Section 3.2.6(c) all payments of principal and interest on the Used Vehicle Swing Line Loans shall be paid by Agent solely to the Swing Line Lender; and (ii) with respect
to each participation in Used Vehicle Swing Line Loans which is funded by any Lender, such Lender (including Swing Line Lender in its capacity as Lender) shall be entitled to receive its Pro Rata Share of payments of (A) principal on such Used
Vehicle Swing Line Loans and (B) interest on such Used Vehicle Swing Line Loans only for the period following the date such participation is funded. 

(d) Obligations Unconditional. The obligation of each Lender to make Used Vehicle Floorplan Loans to repay Used Vehicle Swing Line
Loans pursuant to Section 3.2.6(a) or to fund its participation interests in Used Vehicle Swing Line Loans pursuant to Section 3.2.6(b) shall be absolute and unconditional and shall not be affected by the occurrence of a Default or Event
of Default, the fact that any one or more of the conditions in Article 9 is not satisfied, the termination of the availability of Loans, the fact that such Used Vehicle Floorplan Loan is made after the Termination Date to refinance Used Vehicle
Swing Line Loans made prior to the Termination Date, any defense, setoff, counterclaim or claim for recoupment of any Lender against Agent or Swing Line Lender or any other circumstance, whether or not similar to the foregoing. Notwithstanding the
foregoing, the Lenders shall not be required to repay Used Vehicle Swing Line Loans pursuant to Section 3.2.6(a) or to fund their participation interests in Used Vehicle Swing Line Loans pursuant to Section 3.2.6(b) with respect to any
portions of the outstanding principal balance of the Used Vehicle Swing Line Loans that are funded by Swing Line Lender after Agent is deemed to have knowledge or notice of the occurrence of a Default or after the Termination Date. 

3.2.7 Credit Sweep. 
 (a)
Notwithstanding the provisions of Section 3.2.3, in addition to Used Vehicle Swing Line Loans requested pursuant to Section 3.2.3, the Used Vehicle Floorplan Borrower may also obtain and repay Used Vehicle Swing Ling Loans in accordance
with the provisions of this Section 3.2.7 (each, a “Used Vehicle Sweep Advance”). Used Vehicle Sweep Advances shall be Used Vehicle Swing Line Loans. 

(b) Funds may be transferred between one or more deposit accounts maintained by the Used Vehicle Floorplan Borrower with Agent (each, a
“Used Vehicle Floorplan DDA”) and the Swing Line Loans. Collected funds in the Used Vehicle Floorplan DDA may be transferred to the Used Vehicle Swing Line Loans to reduce the outstanding principal balance thereof and Used
Vehicle Sweep Advances may be made to maintain an agreed upon collected balance in the Used Vehicle Floorplan DDA. 
 (c) All Used Vehicle
Sweep Advances shall be deemed to have been requested by the Used Vehicle Floorplan Borrower and shall be subject to the terms and conditions of this Agreement and the other Loan Documents, and shall also be subject to Agent’s deposit account,
treasury management and other agreements with the Used Vehicle Floorplan Borrower; provided, however, that if there is any conflict between the terms of such agreements and the Loan Documents, the terms of the Loan Documents shall control.

 (d) The Used Vehicle Floorplan Borrower may terminate this service by written notice executed by the Used Vehicle Floorplan Borrower and
delivered to Agent. Agent may change the terms or discontinue this service at any time upon written notice to the Used Vehicle Floorplan Borrower. 

  
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 (e) The Used Vehicle Floorplan Borrower shall pay such fees for this sweep service as may
be disclosed to the Used Vehicle Floorplan Borrower by Agent. Such fees shall be for the sole account of Agent. 
 3.3 Service Loaner
Vehicle Floorplan Loans. 
 3.3.1 Service Loaner Vehicle Floorplan Commitment. Subject to the terms and conditions
of this Agreement, each Lender severally and not jointly agrees to make loans (each a “Service Loaner Vehicle Floorplan Loan”) to the Service Loaner Vehicle Floorplan Borrower on a revolving credit basis during the period from the
Closing Date to but not including the Termination Date; provided that (a) the aggregate outstanding principal balance of the Service Loaner Vehicle Floorplan Loans made by each Lender, plus the outstanding principal balance of such
Lender’s participating interest in the Service Loaner Vehicle Swing Line Loans shall not at any time exceed an amount equal to such Lender’s Service Loaner Vehicle Floorplan Commitment; (b) the outstanding principal balance of all
Service Loaner Vehicle Floorplan Loans shall not at any time exceed, in the aggregate, as to all Lenders, the Maximum Service Loaner Vehicle Floorplan Amount, and (c) the outstanding principal balance of all Service Loaner Vehicle Floorplan
Loans, plus the outstanding principal balance of all Service Loaner Vehicle Swing Line Loans, shall not at any time exceed, in the aggregate, as to all Lenders, the Maximum Service Loaner Vehicle Floorplan Amount. Subject to the terms and conditions
hereof, Borrower may borrow, prepay and reborrow Service Loaner Vehicle Floorplan Loans. 
 3.3.2 Purpose of Service Loaner Vehicle
Floorplan Loans. The Service Loaner Vehicle Floorplan Borrower shall use the proceeds of the Service Loaner Vehicle Floorplan Loans to finance Service Loaner Vehicles owned by a Dealership and to refinance Service Loaner Vehicle Swing Line
Loans. 
 3.3.3 Requests for Service Loaner Vehicle Floorplan Loans. Whenever the Service Loaner Vehicle Floorplan Borrower wishes to
obtain a Service Loaner Vehicle Floorplan Advance, it shall give Agent irrevocable notice thereof no later than 11:00 a.m. (Pacific Time) at least one Business Day prior to the date of the requested borrowing. Such notice shall specify the requested
borrowing date (which must be a Business Day), the amount of the Service Loaner Vehicle Floorplan Loan Advance, and include any other information and documentation reasonably requested by Agent. Agent will promptly notify each Lender of its receipt
of any request for a Service Loaner Vehicle Floorplan Advance and of the amount of its Pro Rata Share of such Service Loaner Vehicle Floorplan Advance. Each Service Loaner Vehicle Floorplan Advance shall be in a minimum amount of $1,000,000.00 and
in multiples of $100,000.00 above such amount. 
 3.3.4 Funding of Service Loaner Vehicle Floorplan Loans. If the Agent notifies the
Lenders of a request for a Service Loaner Vehicle Floorplan Advance by 1:00 p.m. (Pacific Time) on any Business Day, each Lender will deliver its Pro Rata Share of such Service Loaner Vehicle Floorplan Advance to Agent by 11:00 a.m. (Pacific Time)
on the Business Day after such notification. 

  
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 3.3.5 Service Loaner Vehicle Floorplan Payments. 

(a) Interest Payments. Interest on the unpaid principal balance of the Service Loaner Vehicle Floorplan Loans shall be paid monthly by
the Service Loaner Vehicle Floorplan Borrower in an amount equal to all interest accrued during the prior calendar month. Such interest payments shall be made on each Used Vehicle/Revolving/Service Loaner Vehicle Monthly Payment Date commencing with
the first such date to occur following the Closing Date and continuing thereafter. All accrued interest outstanding on the Termination Date shall be due and payable in full on the Termination Date. 

(b) Voluntary Principal Payments. The Service Loaner Vehicle Floorplan Borrower may make voluntary repayments of all or a portion of
the outstanding principal balance of the Service Loaner Vehicle Floorplan Loans if the Service Loaner Vehicle Floorplan Borrower gives Agent written or telephonic notice of such voluntary repayment no later than 11:00 a.m. (Pacific Time) at least
one Business Day prior to the date of such repayment; provided that each such voluntary principal repayment shall be in a minimum amount of $1,000,000.00 and in multiples of $100,000.00 above such amount unless the Service Loaner Vehicle Floorplan
Loans are being repaid in full. Such notice shall specify the anticipated date of the voluntary repayment and the principal amount of the Service Loaner Vehicle Floorplan Loans that will be repaid on such date. Any voluntary repayment of the Service
Loaner Vehicle Floorplan Loans that is received by Agent without such notice shall be deemed to have been received by Agent on the Business Day after such payment is actually received by Agent and interest shall accrue on the amounts so repaid
through the date of such deemed receipt. 
 (c) Principal Payment at Maturity. The entire outstanding principal balance of the
Service Loaner Vehicle Floorplan Loans plus all interest accrued thereon shall be due and payable in full by the Service Loaner Vehicle Floorplan Borrower on the Termination Date. 

3.3.6 Voluntary Reduction or Termination of Commitment. The Service Loaner Vehicle Floorplan Borrower may from time to time on at least
ten (10) Business Day’s prior written notice to Agent (which shall promptly advise each Lender thereof) permanently reduce the Aggregate Service Loaner Vehicle Floorplan Commitment to an amount not less than the then outstanding principal
balance of the Service Loaner Vehicle Floorplan Loans and Service Loaner Vehicle Swing Line Loans. Concurrently with any reduction of the Aggregate Service Loaner Vehicle Floorplan Commitment to zero, (a) no further Service Loaner Vehicle
Floorplan Loans or Service Loaner Vehicle Swing Line Loans will be made, and (b) the Service Loaner Vehicle Floorplan Borrower shall pay all principal and interest on the Service Loaner Vehicle Floorplan Loans and Service Loaner Vehicle Swing
Line Loans and all fees and other amounts owing to Agent and the Lenders. All reductions of the Aggregate Service Loaner Vehicle Floorplan Commitment shall reduce the Service Loaner Vehicle Floorplan Commitments pro rata among the Lenders
according to their respective Pro Rata Shares; and except as otherwise set forth in the proviso to this Section 3.3.6, shall reduce the Service Loaner Vehicle Swing Line Commitment in proportion to the reduction of the Aggregate Service Loaner
Vehicle Floorplan Commitment; provided, however, that (unless the Aggregate Service Loaner Vehicle Floorplan Commitment is reduced to less than such amount), the Service Loaner Vehicle Swing Line Commitment shall not be reduced. 

  
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 3.3.7 Service Loaner Vehicle Floorplan Commitment Fee. The Service Loaner Vehicle
Floorplan Borrower agrees to pay to Agent, for the account of the Lenders, a commitment fee (the “Service Loaner Vehicle Floorplan Commitment Fee”) calculated at a per annum rate equal to the Service Loaner Vehicle Floorplan
Commitment Fee Rate on the average daily amount by which the Aggregate Service Loaner Vehicle Floorplan Commitment exceeds the sum of (a) the actual aggregate outstanding principal balance of the Service Loaner Vehicle Swing Line Loans on each
day (it being understood that any portion of the outstanding principal balance of the Service Loaner Vehicle Swing Line Loans ceases to be outstanding under the Service Loaner Vehicle Swing Line Loans and commences being a portion of the outstanding
principal balance under the Service Loaner Vehicle Floorplan Loans on the date that the Service Loaner Vehicle Floorplan Loans are funded to repay such portion of the outstanding principal balance of the Service Loaner Vehicle Swing Line Loans);
plus (b) the actual aggregate outstanding principal balance of the Service Loaner Vehicle Floorplan Loans on each day; provided that, if the aggregate amount of the Service Loaner Vehicle Floorplan Commitment Fee payable for any period to the
Lenders other than the Swing Line Lender (as set forth in the third sentence of this paragraph) exceeds the amount calculated under this sentence, then the Service Loaner Vehicle Floorplan Borrower agrees to pay to Agent, for the account of such
Lenders, such additional amounts so that each Lender other than the Swing Line Lender receives the full amount of the Service Loaner Vehicle Floorplan Commitment Fee described in the third sentence of this paragraph. The accrued Service Loaner
Vehicle Floorplan Commitment Fee shall be due and payable in arrears on each Quarterly Payment Date hereafter and on the Termination Date for the three month period or other time period ending on the last day of the preceding fiscal quarter or on
the Termination Date. The Service Loaner Vehicle Floorplan Commitment Fee payable to each Lender other than the Swing Line Lender shall be based upon the amount determined by multiplying such Lender’s Pro Rata Share by the average daily amount
by which the Aggregate Service Loaner Vehicle Floorplan Commitment exceeds the actual aggregate outstanding principal balance of the Service Loaner Vehicle Floorplan Loans on each day. The Service Loaner Vehicle Floorplan Commitment Fee payable to
the Lender which is the Swing Line Lender shall be based upon the amount determined by multiplying such Lender’s Pro Rata Share by the average daily amount by which the Aggregate Service Loaner Vehicle Floorplan Commitment exceeds the actual
aggregate outstanding principal balance of the Service Loaner Vehicle Floorplan Loans on each day and subtracting from that amount the average daily outstanding principal balance of the Service Loaner Vehicle Swing Line Loans. 

3.3.8 Additional Payments. The Lenders shall have no obligation whatsoever, and they have no present intention, to make any Service
Loaner Vehicle Floorplan Loan or Service Loaner Vehicle Swing Line Loan after the Termination Date or which would cause the principal amount outstanding under this Agreement to exceed any of the limitations stated in this Agreement. Notwithstanding
the foregoing, the Service Loaner Vehicle Floorplan Borrower is and shall be and remain unconditionally liable to the Lenders for, and the Service Loaner Vehicle Floorplan Borrower hereby promises to pay to Agent for the account of the Lenders the
amount of all Service Loaner Vehicle Floorplan Loans, Service Loaner Vehicle Swing Line Loans, and other Service Loaner Vehicle Floorplan Obligations hereunder, including without limitation Loans in excess of the limitations set forth herein and
Service Loaner Vehicle Floorplan Loans and Service Loaner Vehicle Swing Line Loans made after the Termination Date. The Service Loaner Vehicle Floorplan Borrower shall pay to Agent: (a) upon demand, or if earlier immediately upon becoming aware
of the overadvance, the amount of any Service Loaner Vehicle Floorplan Loans and Service Loaner 

  
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Vehicle Swing Line Loans in excess of any limitation contained in this Agreement; and (b) upon demand, the amount of any Service Loaner Vehicle Floorplan Loans and Service Loaner Vehicle
Swing Line Loans made after the Termination Date; together with interest on the principal amount of such Service Loaner Vehicle Floorplan Loans and Service Loaner Vehicle Swing Line Loans, as set forth herein. 

3.4 Service Loaner Vehicle Swing Line Loans. 

3.4.1 Service Loaner Vehicle Swing Line Commitment. Subject to the terms and conditions of this Agreement, the Swing
Line Lender may, at its option, make loans (each, a “Service Loaner Vehicle Swing Line Loan”) to the Service Loaner Vehicle Floorplan Borrower on a revolving credit basis during the period from the Closing Date to but not including
the Termination Date; provided that (a) the aggregate outstanding principal balance of the Service Loaner Vehicle Swing Line Loans shall not at any time exceed the Service Loaner Vehicle Swing Line Commitment; and (b) the
outstanding principal balance of all Service Loaner Vehicle Floorplan Loans made by all Lenders plus the outstanding principal balance of all Service Loaner Vehicle Swing Line Loans, shall not at any time exceed the Maximum Service Loaner Vehicle
Floorplan Amount. Subject to the terms and conditions hereof, the Service Loaner Vehicle Floorplan Borrower may borrow, prepay and reborrow Service Loaner Vehicle Swing Line Loans. 

3.4.2 Purpose of Service Loaner Vehicle Swing Line Loans. The Service Loaner Vehicle Floorplan Borrower shall use the proceeds of
Service Loaner Vehicle Swing Line Loans for purposes permitted by Section 3.3.2 and to fund Service Loaner Vehicle Sweep Advances pursuant to Section 3.4.7. 

3.4.3 Requests for Service Loaner Vehicle Swing Line Loans. Except as set forth in Section 3.4.7, whenever the Service Loaner
Vehicle Floorplan Loan Borrower wishes to obtain a Service Loaner Vehicle Swing Line Loan, the Service Loaner Vehicle Floorplan Borrower shall give Agent irrevocable notice thereof no later than 1:00 p.m. (Pacific Time) on the requested date of such
Service Loaner Vehicle Swing Line Loan, unless Swing Line Lender agrees in each instance, in its sole discretion, to a shorter time period. Such notice shall specify the requested borrowing date (which must be a Business Day) and the amount of the
Service Loaner Vehicle Swing Line Loan and include any other documentation and information reasonably requested by Agent. 
 3.4.4 Service
Loaner Vehicle Swing Line Loan Payments. 
 (a) Interest Payments. Interest on the unpaid principal balance of the Service Loaner
Vehicle Swing Line Loans shall be paid monthly by the Service Loaner Vehicle Floorplan Borrower in an amount equal to all interest accrued during the prior calendar month. Such interest payments shall be made on each Used Vehicle/Revolving/Service
Loaner Vehicle Monthly Payment Date commencing with the first such date to occur following the Closing Date and continuing thereafter. All accrued interest outstanding on the Termination Date shall be due and payable in full on the Termination Date.

  
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 (b) Principal Payments. The entire outstanding principal balance of the Service
Loaner Vehicle Swing Line Loans plus all interest accrued thereon shall be due and payable in full by the Service Loaner Vehicle Floorplan Borrower on the Termination Date. In addition, the principal balance of the Service Loaner Vehicle Swing Line
Loans shall be due and payable as required by Section 3.4.6. 
 3.4.5 Participation in Service Loaner Vehicle Swing Line
Loans. Immediately upon the making of a Service Loaner Vehicle Swing Line Loan by the Swing Line Lender, the Swing Line Lender shall be deemed to have sold and transferred to each Lender and each Lender shall be deemed to have purchased and
received from the Swing Line Lender, without any further action by any party, an undivided participating interest in each Service Loaner Vehicle Swing Line Loan in an amount equal to such Lender’s Pro Rata Share; provided, however, that
(a) no Lender shall be required to fund its participation in any Service Loaner Vehicle Swing Line Loan except as set forth in Section 3.4.6(b), and (b) no Lender shall be entitled to share in any payments of principal or interest in
respect of its participation except, with respect to any participation funded by such Lender, as set forth herein. Such participation shall be subject to the terms and conditions of this Agreement. 

3.4.6 Settlement of Service Loaner Vehicle Swing Line Loans. 

(a) Refunding of Loans. 

(i) Upon the request of the Swing Line Lender, the Agent from time to time shall, on behalf of the Service Loaner Vehicle Floorplan Borrower
(and the Service Loaner Vehicle Floorplan Borrower hereby irrevocably authorizes the Agent to so act on its behalf) request each Lender (including Swing Line Lender in its capacity as a Lender) to make a Service Loaner Vehicle Floorplan Loan to the
Service Loaner Vehicle Floorplan Borrower, in accordance with the provisions of this Section 3.4.6(a), which shall be applied to repay all or a portion of the outstanding principal balance of the Service Loaner Vehicle Swing Line Loans (each
such Service Loaner Vehicle Floorplan Loan, a “Refunding Service Loaner Vehicle Floorplan Loan”), in an amount equal to that Lender’s Pro Rata Share of all or a portion of the then outstanding principal balance of the Service
Loaner Vehicle Swing Line Loans. 
 (ii) Without limiting the foregoing, each Lender agrees that Agent may request the Lenders to make
Refunding Service Loaner Vehicle Floorplan Loans at any time if (A) a Default has occurred and is continuing, or (B) in the judgment of Swing Line Lender, taking into account the outstanding principal balance of the Service Loaner Vehicle
Swing Line Loans and the anticipated usage of the Service Loaner Vehicle Swing Line Loans, and the operation of the Credit Sweep pursuant to Section 3.4.7, such Refunding Service Loaner Vehicle Floorplan Loans are reasonably necessary to ensure
that the outstanding principal balance of the Service Loaner Vehicle Swing Line Loans will not at any time exceed the Service Loaner Vehicle Swing Line Commitment or such lesser amount as is permitted to be outstanding on the Service Loaner Vehicle
Swing Line Loans at such time (it being understood that in order to attain such objective, Swing Line Lender may request refunding of the Service Loaner Vehicle Swing Line Loans even though the principal balance of the Service Loaner Vehicle Swing
Line Loans at the time of such request is less than the Service Loaner Vehicle Swing Line Commitment or the amount permitted to be outstanding on the Service Loaner Vehicle Swing Line Loans). 

  
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 (iii) If the Agent makes a request for funding under this Section 3.4.7(a) by 1:00
p.m. (Pacific Time) on any Business Day, the Lenders will deliver the required amount to Agent no later than 11:00 a.m. (Pacific Time) on the Business Day after such request. The proceeds of all Refunding Service Loaner Vehicle Floorplan Loans shall
be paid by the Agent to the Swing Line Lender in repayment of the outstanding principal balance of the applicable Service Loaner Vehicle Swing Line Loans. 

(b) Funding of Participations. In addition to the right of the Swing Line Lender to request refunding of the Service Loaner Vehicle
Swing Line Loans pursuant to Section 3.4.6(a), upon the request of the Swing Line Lender, the Agent may request each Lender (including Swing Line Lender in its capacity as a Lender) to fund its participation in the Service Loaner Vehicle Swing
Line Loans by paying to the Agent, for the account of the Swing Line Lender, its Pro Rata Share of the principal amount of the Service Loaner Vehicle Swing Line Loans. If the Agent makes such request by 1:00 p.m. (Pacific Time) on any Business Day,
the Lenders will deliver such amount to Agent no later than 11:00 a.m. (Pacific Time) on the Business Day after such request. All participations funded by the Lenders under this Section 3.4.6(b) shall be treated as the funding of the Revolving
Loans for purposes of the calculation of the Service Loaner Vehicle Floorplan Commitment Fee. If any payment paid to any Lender with respect to its participating interest in any Service Loaner Vehicle Swing Line Loan is thereafter recovered from or
must be returned or paid over by Swing Line Lender for any reason, such Lender will pay to the Agent for the account of the Swing Line Lender, such Lender’s Pro Rata Share of such amount and of any interest and other amounts paid or payable by
the Swing Line Lender with respect to such amount. Agent agrees not to request any funding of the Lender’s participations in the Service Loaner Vehicle Swing Line Loans under this Section 3.4.6(b) at any time that such participations may
be legally repaid using advances of Service Loaner Vehicle Floorplan Loans under Section 3.4.6(a). 
 (c) Payment to Swing Line
Lender. Notwithstanding any contrary provision of this Agreement (i) except as set forth in clause (ii) of this Section 3.4.6(c) all payments of principal and interest on the Service Loaner Vehicle Swing Line Loans shall be paid
by Agent solely to the Swing Line Lender; and (ii) with respect to each participation in Service Loaner Vehicle Swing Line Loans which is funded by any Lender, such Lender (including Swing Line Lender in its capacity as Lender) shall be
entitled to receive its Pro Rata Share of payments of (A) principal on such Service Loaner Vehicle Swing Line Loans and (B) interest on such Service Loaner Vehicle Swing Line Loans only for the period following the date such participation
is funded. 
 (d) Obligations Unconditional. The obligation of each Lender to make Service Loaner Vehicle Floorplan Loans to repay
Service Loaner Vehicle Swing Line Loans pursuant to Section 3.4.6(a) or to fund its participation interests in Service Loaner Vehicle Swing Line Loans pursuant to Section 3.4.6(b) shall be absolute and unconditional and shall not be
affected by the occurrence of a Default or Event of Default, the fact that any one or more of the conditions in Article 9 is not satisfied, the termination of the availability of Loans, the fact that such Service Loaner Vehicle Floorplan Loan is
made after the Termination Date to refinance Service Loaner Vehicle Swing Line Loans made prior to the Termination Date, any defense, setoff, counterclaim or claim for recoupment of any Lender against Agent or Swing Line Lender or any other
circumstance, whether or not similar to the foregoing. Notwithstanding the foregoing, the 

  
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Lenders shall not be required to repay Service Loaner Vehicle Swing Line Loans pursuant to Section 3.4.6(a) or to fund their participation interests in Service Loaner Vehicle Swing Line
Loans pursuant to Section 3.4.6(b) with respect to any portions of the outstanding principal balance of the Service Loaner Vehicle Swing Line Loans that are funded by Swing Line Lender after Agent is deemed to have knowledge or notice of the
occurrence of a Default or after the Termination Date. 
 3.4.7 Credit Sweep. 

(a) Notwithstanding the provisions of Section 3.4.3, in addition to Service Loaner Vehicle Swing Line Loans requested pursuant to
Section 3.4.3, the Service Loaner Vehicle Floorplan Borrower may also obtain and repay Service Loaner Vehicle Swing Ling Loans in accordance with the provisions of this Section 3.4.7 (each, a “Service Loaner Vehicle Sweep
Advance”). Service Loaner Vehicle Sweep Advances shall be Service Loaner Vehicle Swing Line Loans. 
 (b) Funds may be transferred
between one or more deposit accounts maintained by the Service Loaner Vehicle Floorplan Borrower with Agent (each, a “Service Loaner Vehicle Floorplan DDA”) and the Swing Line Loans. Collected funds in the Service Loaner Vehicle
Floorplan DDA may be transferred to the Service Loaner Vehicle Swing Line Loans to reduce the outstanding principal balance thereof and Service Loaner Vehicle Sweep Advances may be made to maintain an agreed upon collected balance in the
Service Loaner Vehicle Floorplan DDA. 
 (c) All Service Loaner Vehicle Sweep Advances shall be deemed to have been requested by the Service
Loaner Vehicle Floorplan Borrower and shall be subject to the terms and conditions of this Agreement and the other Loan Documents, and shall also be subject to Agent’s deposit account, treasury management and other agreements with the Service
Loaner Vehicle Floorplan Borrower; provided, however, that if there is any conflict between the terms of such agreements and the Loan Documents, the terms of the Loan Documents shall control. 

(d) The Service Loaner Vehicle Floorplan Borrower may terminate this service by written notice executed by the Service Loaner Vehicle
Floorplan Borrower and delivered to Agent. Agent may change the terms or discontinue this service at any time upon written notice to the Service Loaner Vehicle Floorplan Borrower. 

(e) The Service Loaner Vehicle Floorplan Borrower shall pay such fees for this sweep service as may be disclosed to the Service Loaner Vehicle
Floorplan Borrower by Agent. Such fees shall be for the sole account of Agent. 

  
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 ARTICLE 4 

REVOLVING LINE OF CREDIT 

4.1 Revolving Loans. 

4.1.1 Revolving Loan Commitment. Subject to the terms and conditions of this Agreement, each Lender severally and not jointly agrees to
make loans (each a “Revolving Loan”) to the Revolving Loan Borrower on a revolving credit basis during the period from the Closing Date to but not including the Termination Date; provided that (a) the aggregate
outstanding principal balance of the Revolving Loans made by each Lender, plus the outstanding principal balance of such Lender’s participating interest in the Revolving Swing Line Loans and Letters of Credit shall not at any time exceed an
amount equal to such Lender’s Revolving Loan Commitment; (b) the outstanding principal balance of all Revolving Loans shall not at any time exceed, in the aggregate, as to all Lenders, the Maximum Revolving Loan Amount, and (c) the
outstanding principal balance of all Revolving Loans, plus the outstanding principal balance of all Revolving Swing Line Loans, plus the LC Obligations shall not at any time exceed, in the aggregate, as to all Lenders, the Maximum Revolving Loan
Amount. Subject to the terms and conditions hereof, Borrower may borrow, prepay and reborrow Revolving Loans. 
 4.1.2 Purpose of
Revolving Loans. The Revolving Loan Borrower shall use the proceeds of the Revolving Loans, for Permitted Acquisitions, capital expenditures, its general corporate purposes and to refinance Revolving Swing Line Loans. 

4.1.3 Requests for Revolving Loans. Whenever the Revolving Loan Borrower wishes to obtain a Revolving Loan Advance, it shall give Agent
irrevocable notice thereof no later than 11:00 a.m. (Pacific Time) at least one Business Day prior to the date of the requested borrowing. Such notice shall specify the requested borrowing date (which must be a Business Day), the amount of the
Revolving Loan Advance, and include any other information and documentation reasonably requested by Agent. Agent will promptly notify each Lender of its receipt of any request for a Revolving Loan Advance and of the amount of its Pro Rata Share of
such Revolving Loan Advance. Each Revolving Loan Advance shall be in a minimum amount of $1,000,000.00 and in multiples of $100,000.00 above such amount. 

4.1.4 Funding of Revolving Loans. If the Agent notifies the Lenders of a request for a Revolving Loan Advance by 1:00 p.m. (Pacific
Time) on any Business Day, each Lender will deliver its Pro Rata Share of such Revolving Loan Advance to Agent by 11:00 a.m. (Pacific Time) on the Business Day after such notification. 

4.1.5 Revolving Loan Payments. 

(a) Interest Payments. Interest on the unpaid principal balance of the Revolving Loans shall be paid monthly by the Revolving Loan
Borrower in an amount equal to all interest accrued during the prior calendar month. Such interest payments shall be made on each Used Vehicle/Revolving/Service Loaner Vehicle Monthly Payment Date commencing with the first such date to occur
following the Closing Date and continuing thereafter. All accrued interest outstanding on the Termination Date shall be due and payable in full on the Termination Date. 

(b) Voluntary Principal Payments. The Revolving Loan Borrower may make voluntary repayments of all or a portion of the outstanding
principal balance of the Revolving Loans if the Revolving Loan Borrower gives Agent written or telephonic notice of such voluntary repayment no later than 11:00 a.m. (Pacific Time) at least one Business Day prior to the date of such repayment;
provided that each such voluntary principal repayment shall be in a 

  
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minimum amount of $1,000,000.00 and in multiples of $100,000.00 above such amount unless the Revolving Loans are being repaid in full. Such notice shall specify the anticipated date of the
voluntary repayment and the principal amount of the Revolving Loans that will be repaid on such date. Any voluntary repayment of the Revolving Loans that is received by Agent without such notice shall be deemed to have been received by Agent on the
Business Day after such payment is actually received by Agent and interest shall accrue on the amounts so repaid through the date of such deemed receipt. 

(c) Principal Payment at Maturity. The entire outstanding principal balance of the Revolving Loans plus all interest accrued thereon
shall be due and payable in full by the Revolving Loan Borrower on the Termination Date. 
 4.1.6 Voluntary Reduction or Termination of
Commitment. The Revolving Loan Borrower may from time to time on at least ten (10) Business Day’s prior written notice to the Agent (which shall promptly advise each Lender thereof) permanently reduce the Aggregate Revolving Loan
Commitment to an amount not less than the then outstanding principal balance of the Revolving Loans and Revolving Swing Line Loans plus the LC Obligations. Concurrently with any reduction of the Aggregate Revolving Loan Commitment to zero,
(a) no further Revolving Loans or Revolving Swing Line Loans will be made and no further Letters of Credit will be issued, (b) the Revolving Loan Borrower shall pay all principal and interest on the Revolving Loans and Revolving Swing Line
Loans and all fees and other amounts owing to Agent and the Lenders, and (c) the Revolving Loan Borrower shall grant to Agent a security interest in cash collateral to be held in the LC Collateral Account in an amount equal to the LC
Obligations at such time. All reductions of the Aggregate Revolving Loan Commitment shall reduce the Revolving Loan Commitments pro rata among the Lenders according to their respective Pro Rata Shares; and except as otherwise set forth in the
proviso to this Section 4.1.6, shall reduce the Revolving Swing Line Commitment in proportion to the reduction of the Aggregate Revolving Loan Commitment; provided, however, that (unless the Aggregate Revolving Loan Commitment is reduced
to less than such amount), the Revolving Swing Line Commitment shall not be reduced. 
 4.1.7 Revolving Loan Commitment Fee. The
Revolving Loan Borrower agrees to pay to Agent, for the account of the Lenders, a commitment fee (the “Revolving Loan Commitment Fee”) calculated at a per annum rate equal to the Revolving Loan Commitment Fee Rate on the average
daily amount by which the Aggregate Revolving Loan Commitment exceeds the sum of (a) the actual aggregate outstanding principal balance of the Revolving Swing Line Loans on each day (it being understood that any portion of the outstanding
principal balance of the Revolving Swing Line Loans ceases to be outstanding under the Revolving Swing Line Loans and commences being a portion of the outstanding principal balance under the Revolving Loans on the date that the Revolving Loans are
funded to repay such portion of the outstanding principal balance of the Revolving Swing Line Loans); plus (b) the actual aggregate outstanding principal balance of the Revolving Loans plus the LC Obligations on each day; provided that, if the
aggregate amount of the Revolving Loan Commitment Fee payable for any period to the Lenders other than the Swing Line Lender (as set forth in the third sentence of this paragraph) exceeds the amount calculated under this sentence, then the Revolving
Loan Borrower agrees to pay to the Agent, for the account of such Lenders, such additional amounts so that each Lender other than the Swing Line Lender receives the full amount of Revolving Loan Commitment Fee described in the third sentence of this
paragraph. The accrued Revolving Loan Commitment Fee shall be due and 

  
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payable in arrears on each Quarterly Payment Date hereafter and on the Termination Date for the three month period or other time period ending on the last day of the preceding fiscal quarter or
on the Termination Date. The Revolving Loan Commitment Fee payable to each Lender other than the Swing Line Lender shall be based upon the amount determined by multiplying such Lender’s Pro Rata Share by the average daily amount by which the
Aggregate Revolving Loan Commitment exceeds the actual aggregate outstanding principal balance of the Revolving Loans plus the LC Obligations on each day. The Revolving Loan Commitment Fee payable to the Lender which is the Swing Line Lender shall
be based upon the amount determined by multiplying such Lender’s Pro Rata Share by the average daily amount by which the Aggregate Revolving Loan Commitment exceeds the actual aggregate outstanding principal balance of the Revolving Loans plus
the LC Obligations on each day and subtracting from that amount the average daily outstanding principal balance of the Revolving Swing Line Loans. 

4.1.8 Additional Payments. The Lenders shall have no obligation whatsoever, and they have no present intention, to make any Revolving
Loan or Revolving Swing Line Loan after the Termination Date or which would cause the principal amount outstanding under this Agreement to exceed any of the limitations stated in this Agreement. Notwithstanding the foregoing, the Revolving Loan
Borrower is and shall be and remain unconditionally liable to the Lenders for, and the Revolving Loan Borrower hereby promises to pay to Agent for the account of the Lenders the amount of all Revolving Loans, Revolving Swing Line Loans, LC
Obligations and other Revolving Loan Obligations hereunder, including without limitation Loans in excess of the limitations set forth herein and Revolving Loans and Revolving Swing Line Loans made after the Termination Date. The Revolving Loan
Borrower shall pay to Agent: (a) upon demand, or if earlier immediately upon becoming aware of the overadvance, the amount of any Revolving Loans and Revolving Swing Line Loans and LC Obligations in excess of any limitation contained in this
Agreement; and (b) upon demand, the amount of any Revolving Loans and Revolving Swing Line Loans made after the Termination Date; together with interest on the principal amount of such Revolving Loans and Revolving Swing Line Loans and LC
Obligations, as set forth herein. 
 4.1.9 Reserve Amount. 

(a) In addition to any other limitations set forth in this Article 4, in the event that on any day the outstanding principal balance of all
New Vehicle Floorplan Loans, plus New Vehicle Swing Line Loans, plus requests for New Vehicle Floorplan Loans and New Vehicle Swing Line Loans exceeds ninety-five percent (95%) of the Aggregate New Vehicle Floorplan Loan Commitment as of such date,
then until the next Business Day on which such condition no longer exists (i) a portion of the Aggregate Revolving Loan Commitment (the “Reserve Amount”) in an amount equal to the lesser of (A) Fifteen Million Dollars
($15,000,000.00) or (B) an amount equal to the Maximum Revolving Loan Amount as of any date, minus the sum of the outstanding principal balance of the Revolving Loans, Revolving Swing Lines Loans and LC Obligations as of such date, shall be
reserved and, except as set forth in Section 4.1.9 (b) shall no longer be available for funding Revolving Loans or Revolving Swing Line Loans or for issuance of Letters of Credit, and (ii) the Maximum Revolving Loan Amount shall be reduced
by the amount of the Reserve Amount. 

  
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 (b) (i) Notwithstanding any contrary provision in Section 4.1.9(a), the Reserve
Amount may be used to fund Revolving Loans and Revolving Swing Line Loans which are used to repay New Vehicle Swing Line Loans or New Vehicle Floorplan Loans, so long as after giving effect to such Loans, the outstanding principal balance of the
Revolving Loans, Revolving Swing Line Loans and LC Obligations does not exceed the Maximum Revolving Loan Amount (calculated without giving effect to reduction by the Reserve Amount); and (ii) if, after giving effect to any payment described in
Section 4.1.9(b)(i), the circumstances giving rise to the requirement for a Reserve Amount are still in effect, then the requirements and limitations in Section 4.1.9(a) shall continue in effect, including without limitation the
requirement to maintain the Reserve Amount and the restrictions on borrowing set forth therein. 
 4.2 Revolving Swing Line Loans.

 4.2.1 Revolving Swing Line Commitment. Subject to the terms and conditions of this Agreement, the Swing Line Lender may, at its
option, make loans (each, a “Revolving Swing Line Loan”) to the Revolving Loan Borrower on a revolving credit basis during the period from the Closing Date to but not including the Termination Date; provided that (a) the
aggregate outstanding principal balance of the Revolving Swing Line Loans shall not at any time exceed the Revolving Swing Line Commitment; and (b) the outstanding principal balance of all Revolving Loans made by all Lenders plus the
outstanding principal balance of all Revolving Swing Line Loans, plus the LC Obligations, shall not at any time exceed the Maximum Revolving Loan Amount. Subject to the terms and conditions hereof, the Revolving Loan Borrower may borrow, prepay and
reborrow Revolving Swing Line Loans. 
 4.2.2 Purpose of Revolving Swing Line Loans. The Revolving Loan Borrower shall use the
proceeds of Revolving Swing Line Loans for purposes permitted by Section 4.1.2. 
 4.2.3 Requests for Revolving Swing Line Loans.
Whenever the Revolving Loan Borrower wishes to obtain a Revolving Swing Line Loan, the Revolving Loan Borrower shall give Agent irrevocable notice thereof no later than 1:00 p.m. (Pacific Time) on the requested date of such Revolving Swing Line
Loan, unless Swing Line Lender agrees in each instance, in its sole discretion, to a shorter time period. Such notice shall specify the requested borrowing date (which must be a Business Day) and the amount of the Revolving Swing Line Loan and
include any other documentation and information reasonably requested by Agent. 
 4.2.4 Revolving Swing Line Loan Payments. 

(a) Interest Payments. Interest on the unpaid principal balance of the Revolving Swing Line Loans shall be paid monthly by the
Revolving Loan Borrower in an amount equal to all interest accrued during the prior calendar month. Such interest payments shall be made on each Used Vehicle/Revolving/Service Loaner Vehicle Monthly Payment Date commencing with the first such date
to occur following the Closing Date and continuing thereafter. All accrued interest outstanding on the Termination Date shall be due and payable in full on the Termination Date. 

(b) Principal Payments. The entire outstanding principal balance of the Revolving Swing Line Loans plus all interest accrued thereon
shall be due and payable in full by the Revolving Loan Borrower on the Termination Date. In addition, the principal balance of the Revolving Swing Line Loans shall be due and payable as required by Section 4.2.6. 

  
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 4.2.5 Participation in Revolving Swing Line Loans. Immediately upon the making of a
Revolving Swing Line Loan by the Swing Line Lender, the Swing Line Lender shall be deemed to have sold and transferred to each Lender and each Lender shall be deemed to have purchased and received from the Swing Line Lender, without any further
action by any party, an undivided participating interest in each Revolving Swing Line Loan in an amount equal to such Lender’s Pro Rata Share; provided, however, that (a) no Lender shall be required to fund its participation in any
Revolving Swing Line Loan except as set forth in Section 4.2.6(b), and (b) no Lender shall be entitled to share in any payments of principal or interest in respect of its participation except, with respect to any participation funded by
such Lender, as set forth herein. Such participation shall be subject to the terms and conditions of this Agreement. 
 4.2.6 Settlement
of Revolving Swing Line Loans. 
 (a) Refunding of Loans. 

(i) Upon the request of the Swing Line Lender, the Agent from time to time shall, on behalf of the Revolving Loan Borrower (and the Revolving
Loan Borrower hereby irrevocably authorizes the Agent to so act on its behalf) request that each Lender (including Swing Line Lender in its capacity as a Lender) make a Revolving Loan to the Revolving Loan Borrower, in accordance with the provisions
of this Section 4.2.6(a), which shall be applied to repay all or a portion of the outstanding principal balance of the Revolving Swing Line Loans (each such Revolving Loan, a “Refunding Revolving Loan”), in an amount equal to
that Lender’s Pro Rata Share of all or a portion of the then outstanding principal balance of the Revolving Swing Line Loans. 
 (ii)
Without limiting the foregoing, each Lender agrees that Agent may request the Lenders to make Refunding Revolving Loans at any time if (A) a Default has occurred and is continuing, or (B) in the judgment of Swing Line Lender, taking into
account the outstanding principal balance of the Revolving Swing Line Loans, and the anticipated usage of the Revolving Swing Line Loans, such Refunding Revolving Loans are reasonably necessary to ensure that the outstanding principal balance of the
Revolving Swing Line Loans will not at any time exceed the Revolving Swing Line Commitment or such lesser amount as is permitted to be outstanding on the Revolving Swing Line Loans at such time (it being understood that in order to attain such
objective, Swing Line Lender may request refunding of the Revolving Swing Line Loans even though the principal balance of the Revolving Swing Line Loans at the time of such request is less than the Revolving Swing Line Commitment or the amount
permitted to be outstanding on the Revolving Swing Line Loans). 
 (iii) If the Agent makes a request for funding under this
Section 4.2.6(a) by 1:00 p.m. (Pacific Time) on any Business Day, the Lenders will deliver the required amount to Agent no later than 11:00 a.m. (Pacific Time) on the Business Day after such request. The proceeds of all Refunding Revolving
Loans shall be paid by the Agent to the Swing Line Lender in repayment of the outstanding principal balance of the applicable Revolving Swing Line Loans. 

  
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 (b) Funding of Participations. In addition to the right of the Swing Line Lender to
request refunding of the Revolving Swing Line Loans pursuant to Section 4.2.6(a), upon the request of the Swing Line Lender, the Agent may request each Lender (including Swing Line Lender in its capacity as a Lender) to fund its participation
in the Revolving Swing Line Loans by paying to the Agent, for the account of the Swing Line Lender, its Pro Rata Share of the principal amount of the Revolving Swing Line Loans. If the Agent makes such request by 1:00 p.m. (Pacific Time) on any
Business Day, the Lenders will deliver such amount to Agent no later than 11:00 a.m. (Pacific Time) on the Business Day after such request. All participations funded by the Lenders under this Section 4.2.6(b) shall be treated as the funding of
the Revolving Loans for purposes of the calculation of the Revolving Loan Commitment Fee. If any payment paid to any Lender with respect to its participating interest in any Revolving Swing Line Loan is thereafter recovered from or must be returned
or paid over by Swing Line Lender for any reason, such Lender will pay to the Agent for the account of the Swing Line Lender, such Lender’s Pro Rata Share of such amount and of any interest and other amounts paid or payable by the Swing Line
Lender with respect to such amount. Agent agrees not to request any funding of the Lender’s participations in the Revolving Swing Line Loans under this Section 4.2.6(b) at any time that such participations may be legally repaid using
advances of the Revolving Loan under Section 4.2.6(a). 
 (c) Payment to Swing Line Lender. Notwithstanding any contrary
provision of this Agreement (i) except as set forth in clause (ii) of this Section 4.2.6(c) all payments of principal and interest on the Revolving Swing Line Loans shall be paid by Agent solely to the Swing Line Lender; and
(ii) with respect to each participation in Revolving Swing Line Loans which is funded by any Lender, such Lender (including Swing Line Lender in its capacity as Lender) shall be entitled to receive its Pro Rata Share of payments of
(A) principal on such Revolving Swing Line Loans and (B) interest on such Revolving Swing Line Loans only for the period following the date such participation is funded. 

(d) Obligations Unconditional. The obligation of each Lender to make Revolving Loans to repay Revolving Swing Line Loans pursuant to
Section 4.2.6(a) or to fund its participation interests in Revolving Swing Line Loans pursuant to Section 4.2.6(b) shall be absolute and unconditional and shall not be affected by the occurrence of a Default or Event of Default, the fact
that any one or more of the conditions in Article 9 is not satisfied, the termination of the availability of Loans, the fact that such Revolving Loan is made after the Termination Date to refinance Revolving Swing Line Loans made prior to the
Termination Date, any defense, setoff, counterclaim or claim for recoupment of any Lender against Agent or Swing Line Lender or any other circumstance, whether or not similar to the foregoing. Notwithstanding the foregoing, the Lenders shall not be
required to repay Revolving Swing Line Loans pursuant to Section 4.2.6(a) or to fund their participation interests in Revolving Swing Line Loans pursuant to Section 4.2.6(b) with respect to any portions of the outstanding principal balance
of the Revolving Swing Line Loans that are funded by Swing Line Lender after Agent is deemed to have knowledge or notice of the occurrence of a Default or after the Termination Date. 

  
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 ARTICLE 5 

LETTERS OF CREDIT 
 5.1
Letter of Credit Commitment. Subject to and upon the terms and conditions of this Agreement, LC Issuer may from time to time during the period from the Closing Date to the date which is 30 days prior to the Termination Date issue and
renew, extend and amend (“Modify” and such action, a “Modification”) one or more standby letters of credit for the account of the Revolving Loan Borrower or a Subsidiary acceptable to LC Issuer, (so long as the
Revolving Loan Borrower is the applicant on and liable for repayment of such Letter of Credit under the applicable LC Agreement); provided that (a) the LC Obligations shall not exceed at any time the Letter of Credit Commitment; and
(b) the outstanding principal balance of all Revolving Loans made by all Lenders, plus the outstanding principal balance of all Revolving Swing Line Loans, plus the LC Obligations shall not at any time exceed the Maximum Revolving Loan Amount.

 5.2 Existing Letters of Credit. LC Issuer has previously issued certain letters of credit for the account of the
Revolving Loan Borrower or a Subsidiary under the Existing Loan Agreement (“Existing Letters of Credit”). Each of the Existing Letters of Credit shall be a Letter of Credit under and shall be subject to the terms and conditions of
this Agreement. 
 5.3 LC Agreements. From time to time as required by LC Issuer, the Revolving Loan Borrower shall
execute and deliver to LC Issuer a letter of credit reimbursement agreement or an amendment to existing agreements executed by the Revolving Loan Borrower (each, an “LC Agreement”) in a form acceptable to LC Issuer. Whenever the
Revolving Loan Borrower wishes to request the issuance of a Letter of Credit, the Revolving Loan Borrower shall execute and deliver to LC Issuer an application therefor in LC Issuer’s standard form appropriately completed with all required
information (an “LC Application”) and such other documents and information as LC Issuer reasonably requires. Each Letter of Credit shall be subject to all terms and conditions of this Agreement and of the applicable LC Application
and LC Agreement. In the event of any express conflict between the terms of this Agreement and of the applicable LC Agreement, the terms of this Agreement shall control. 

5.4 Expiry Date. No Letter of Credit shall be issued later than 30 days prior to the Termination Date. Each Letter of
Credit shall have an expiration date no later than the earlier of (a) two years after the issuance date (or date of extension or renewal, if applicable); or (b) the Termination Date. Drafts drawn under a Letter of Credit may be sight
drafts or time drafts; provided, however, that no draft shall have a maturity date later than the Termination Date. If there are any Letters of Credit outstanding on the Termination Date, Agent may require the Revolving Loan Borrower to
deliver to Agent funds in an amount equal to the LC Obligations. The Revolving Loan Borrower immediately shall deliver to Agent all such funds required by Agent and Agent shall hold such funds in the LC Collateral Account as collateral for the
Obligations and Permitted Swap Obligations. 
 5.5 Requests for Letters of Credit. Each LC Application or request for a
Modification shall be submitted to the LC Issuer, with a copy to the Agent, at least five Business Days prior to the proposed date of issuance or Modification (unless the LC Issuer, in any instance, in its sole discretion, agrees to a shorter time
period). The Agent shall promptly notify the LC Issuer whether such LC Application, and the issuance of a Letter of Credit pursuant thereto, conform to the requirements of this Agreement. Upon issuance or Modification of a Letter of Credit, the LC
Issuer shall promptly notify the Agent, and Agent shall promptly notify the Lenders, of the amount and terms thereof. The LC Issuer shall have no independent duty to ascertain whether the conditions set forth in Article 9 have been satisfied;
provided, however, that the LC Issuer shall not issue a Letter of Credit if, on or before the proposed date of issuance, the LC Issuer has received notice from Agent or Required Lenders that any such condition has not been satisfied or
waived. In the event of any conflict between the terms of this Agreement and the terms of any LC Application or LC Agreement, the terms of this Agreement shall control. 

  
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 5.6 Participation in Letters of Credit. Upon the issuance of a Letter
of Credit in accordance with this Agreement (or on the Closing Date with respect to Existing Letters of Credit), each Lender shall be deemed to have purchased a pro rata participation in such Letter of Credit and the related LC Obligations
from the LC Issuer in an amount equal to its Pro Rata Share of the related LC Obligations. Without limiting the scope and nature of each Lender’s participation in any Letter of Credit, to the extent that the LC Issuer is not reimbursed by the
Revolving Loan Borrower (and funds are not available in the LC Collateral Account) for any payment made by the LC Issuer under any Existing Letter of Credit or any other Letter of Credit issued in accordance with the terms hereof, or if any
reimbursement received by LC Issuer is rescinded or must be returned, each Lender shall reimburse Agent, for the benefit of the LC Issuer, an amount equal to its Pro Rata Share of such reimbursement amount as set forth below. To obtain funding by
the Lenders of any reimbursement amount, Agent shall request, before 1:00 p.m. (Pacific Time) on a Business Day, each Lender (including the LC Issuer in its capacity as a Lender) to fund an amount equal to each Lender’s Pro Rata Share of the
reimbursement amount. The Lenders shall fund to Agent the amounts so requested no later than 11:00 a.m. (Pacific Time) on the Business Day after the date that such request is delivered to the Lenders and all amounts so funded shall be paid by the
Agent to the LC Issuer in satisfaction of each Lender’s participation obligations. The obligation of each Lender to so reimburse Agent, on behalf of the LC Issuer, shall be absolute and unconditional and shall not be affected by the occurrence
of a Default or Event of Default, the termination of the availability of Letters of Credit, the fact that any one or more of the conditions in Article 9 is not satisfied, the fact that reimbursement is requested after the Termination Date, any
defense, setoff, counterclaim or claim for recoupment against Agent or LC Issuer, or any other circumstance, whether or not similar to the foregoing. Any such reimbursement shall not relieve or otherwise impair the obligation of the Revolving Loan
Borrower to reimburse the LC Issuer for the amount of any payment made by the LC Issuer under any Letter of Credit, together with interest as provided herein. 

5.7 Payments. The Revolving Loan Borrower agrees to pay to the LC Issuer, on the date any payment is made by the LC
Issuer, an amount equal to any payment made by the LC Issuer with respect to each Letter of Credit, together with interest on such amount from the date of any payment made by the LC Issuer at the Revolving Loan Borrowing Rate for the first three
days and thereafter at the Default Rate applicable to Revolving Loans. The principal amount of any such payment shall be used to reimburse the LC Issuer for the payment made by it under the Letter of Credit and, to the extent that the Lenders have
not reimbursed the Agent pursuant to Section 5.6, the interest amount of any such payment shall be solely for the account of the LC Issuer. Each Lender that has reimbursed the Agent pursuant to Section 5.6 for its Pro Rata Share of any
payment made by the LC Issuer under a Letter of Credit shall thereupon acquire a pro rata participation, to the extent of such reimbursement, in the claim of the LC Issuer against the Revolving Loan Borrower for reimbursement of principal and
interest under this Section 5.7 and shall share, in accordance with that pro rata participation, in any principal payment made by the Revolving Loan Borrower with respect to such claim and in any interest payment made by the Revolving
Loan Borrower (but only with respect to periods subsequent to the date such Lender reimbursed the Agent) with respect to such claim. The LC Issuer shall promptly make available to the Agent, in immediately available funds, any amounts due to the
Lenders under this Section 5.7. The LC Issuer shall notify the Revolving Loan Borrower and Agent whenever any demand for payment is made under any Letter of Credit by the beneficiary thereof. 

  
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 5.8 Terms Satisfactory to LC Issuer. Notwithstanding any contrary
provision of this Agreement, any LC Agreement, LC Application, or any other Loan Document, all terms and conditions of each Letter of Credit must be acceptable to LC Issuer in its sole discretion and each Letter of Credit must conform to all
requirements of the LC Issuer. 
 5.9 Obligations Absolute. The obligation of the Revolving Loan Borrower to pay to the
LC Issuer the amount of any payment made by the LC Issuer under any Letter of Credit shall be absolute, unconditional, and irrevocable. Without limiting the foregoing, the Revolving Loan Borrower’s obligation shall not be affected by any of the
following circumstances, except in the event of LC Issuer’s gross negligence or intentional misconduct: 
 (a) any lack of validity or
enforceability of the Letter of Credit, this Agreement, the other Loan Documents, or any other agreement or instrument relating thereto; 

(b) the existence of any claim, setoff, defense, or other rights which any Loan Party may have at any time against the LC Issuer, any
beneficiary of the Letter of Credit (or any Persons for whom any such beneficiary may be acting) or any other Person, whether in connection with the Letter of Credit, this Agreement, or any other agreement or instrument relating thereto, or any
unrelated transactions; 
 (c) any draft, demand, statement, or any other document presented under the Letter of Credit proving to be
forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any respect whatsoever; 
 (d) the
solvency or financial responsibility of any party issuing any documents in connection with a Letter of Credit; 
 (e) any failure or delay
in notice of shipments or arrival of any property; 
 (f) any error, omission, interruption, delay, or loss in the transmission or delivery
of any draft, message, notice, advice, or other communication relating to a Letter of Credit or any delay or interruption in any such message; 

(g) any error, neglect or default of any correspondent of the LC Issuer in connection with a Letter of Credit; 

(h) any error in interpretation of technical terms or any consequence arising from circumstances beyond the control of the LC Issuer; 

(i) any other circumstance whatsoever, whether or not similar to any of the foregoing that might constitute a legal or equitable discharge of,
or provide a right of setoff against, the Obligations of the Revolving Loan Borrower. 

  
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 5.10 Letter of Credit Fees. 

5.10.1 The Revolving Loan Borrower agrees to pay to Agent, for the account of the Lenders ratably in accordance with their Pro Rata Shares, on
the date any Letter of Credit is issued, renewed or extended, with respect to each Letter of Credit, a letter of credit fee at a per annum rate equal to the LC Fee Percentage times the daily maximum amount available to be drawn under such
Letter of Credit (“LC Fee”). The LC Fee on Letters of Credit shall be (i) computed on a quarterly basis in arrears and (ii) due and payable on the first (1st) day of each April, July, October and January, commencing with
the first such date to occur after the issuance of such Letter of Credit, on the Letter of Credit expiration date and thereafter on demand; provided, further, that if any payment to be made by the Borrower under this
Section 5.10.1 shall come due on a day other than a Business Day, such payment shall be due on the next succeeding Business Day. All fees paid under this Section 5.10.1 are
non-refundable, even if the Letter of Credit for which they are paid is terminated or amended before its anticipated expiration or extended expiration date. 

5.10.2 The Revolving Loan Borrower agrees to pay to LC Issuer, for its sole account on demand, (a) the fees agreed to between them as set
forth in any fee letter or as otherwise agreed from time to time, and (b) with respect to each Letter of Credit and each draft drawn thereunder, LC Issuer’s customary fees and charges, including processing, drawing, transfer, amendment,
negotiation, acceptance, and other fees and all out-of-pocket expenses incurred by the LC Issuer in accordance with the issuance, Modification, administration or payment
of any Letter of Credit. 
 5.11 LC Collateral Account. The Revolving Loan Borrower will, upon the request of Agent or
Required Lenders and until the final expiration date of any Letter of Credit and thereafter as long as any amount is payable to the LC Issuer or the Lenders in respect of any Letter of Credit, maintain a special collateral account pursuant to
arrangements satisfactory to the Agent (the “LC Collateral Account”), in the name of the Revolving Loan Borrower but under the sole dominion and control of the Agent, for the benefit of the Lenders and in which the Revolving Loan
Borrower shall have no interest. The Revolving Loan Borrower hereby pledges, assigns and grants to the Agent, on behalf of and for the ratable benefit of the Lenders and the LC Issuer, a security interest in all of the Revolving Loan Borrower’s
right, title and interest in and to all funds which may from time to time be on deposit in the LC Collateral Account to secure the prompt and complete payment and performance of the Obligations and Permitted Swap Obligations. The Agent will invest
any funds on deposit from time to time in the LC Collateral Account in certificates of deposit of Agent having a maturity not exceeding 30 days. Nothing in this Section shall either obligate the Agent to require the Revolving Loan Borrower to
deposit any funds in the LC Collateral Account or limit the right of the Agent to release any funds held in the LC Collateral Account. 

5.12 Borrower Indemnification. The Revolving Loan Borrower hereby agrees to indemnify and hold harmless each Lender, the
LC Issuer and the Agent, and their respective parent corporations, affiliates, subsidiaries, successors, assigns, officers, directors, employees, agents, attorneys and advisors (the “Indemnified Persons”) from and against any and
all claims, losses, liabilities, demands, damages, actions, causes of action, penalties, costs and expenses (including Attorney Costs), defenses, counterclaims, setoffs and claims for recoupment (collectively, “Claims”) which such
Lender, the LC Issuer or the Agent may incur (or which may be claimed against such Lender, the LC Issuer or the Agent by any Person whatsoever) by reason of or in connection with the issuance, execution and delivery or transfer of or payment or
failure to pay under any Letter of Credit or any actual or proposed use of any Letter of Credit, including, without 

  
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limitation, any claims, damages, losses, liabilities, costs or expenses which the LC Issuer may incur by reason of or in connection with (a) the failure of any other Lender to fulfill or
comply with its obligations to the LC Issuer hereunder (but nothing herein contained shall affect any rights the Revolving Loan Borrower may have against any Defaulting Lender) or (b) by reason of or on account of the LC Issuer issuing any
Letter of Credit which specifies that the term “Beneficiary” included therein includes any successor by operation of law of the named Beneficiary, but which Letter of Credit does not require that any drawing by any such successor
Beneficiary be accompanied by a copy of a legal document, satisfactory to the LC Issuer, evidencing the appointment of such successor Beneficiary; provided that the Revolving Loan Borrower shall not be required to indemnify any Lender, the LC
Issuer or the Agent for any Claim to the extent, but only to the extent, caused by (y) the willful misconduct or gross negligence of the LC Issuer in determining whether a request presented under any Letter of Credit complied with the terms of
such Letter of Credit or (z) the LC Issuer’s failure to pay under any Letter of Credit after the presentation to it of a request strictly complying with the terms and conditions of such Letter of Credit. Nothing in this Section 5.12
is intended to limit the obligations of the Revolving Loan Borrower under any other provision of this Agreement. Without limiting the provisions of Section 7.4, this Section 5.12 shall not apply with respect to Taxes other than any Taxes
that represent losses, claims, damages, etc. arising from any non-Tax claim. 
 5.13
Lenders’ Indemnification. Each Lender shall, ratably in accordance with its Pro Rata Share, indemnify the LC Issuer, its affiliates and their respective directors, officers, agents and employees (to the extent
not reimbursed by the Revolving Loan Borrower) against any Claims (except such as result from the LC Issuer’s gross negligence or willful misconduct or the LC Issuer’s failure to pay under any Letter of Credit after the presentation to it
of a request strictly complying with the terms and conditions of the Letter of Credit) that such indemnitees may suffer or incur in connection with this Article 5 or any action taken or omitted by such indemnitees hereunder. 

ARTICLE 6 
 CERTAIN
ADDITIONAL PROVISIONS 
 6.1 Interest. 

6.1.1 Interest Rate. Unless the Default Rate or the rate set forth in Section 7.3 is applicable, (a) New Vehicle Floorplan
Loans and New Vehicle Swing Line Loans shall bear interest at a variable rate per annum equal to the New Vehicle Floorplan Borrowing Rate, (b) Used Vehicle Floorplan Loans and Used Vehicle Swing Line Loans shall bear interest at a variable rate
per annum equal to the Used Vehicle Floorplan Borrowing Rate; (c) Service Loaner Vehicle Floorplan Loans and Service Loaner Vehicle Swing Line Loans shall bear interest at a variable rate per annum equal to the Service Loaner Vehicle Floorplan
Borrowing Rate and (d) Revolving Loans and Revolving Swing Line Loans shall bear interest at a variable rate per annum equal to the Revolving Loan Borrowing Rate, in each case adjusted without notice on the date of each change in the
Eurocurrency Rate. 

  
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 6.1.2 Rates Applicable After Event of Default. During the continuance of an Event of
Default the Required Lenders may, at their option, by notice to the Company, declare that (a) the Loans shall bear interest at a rate per annum equal to the interest rate which would otherwise be in effect from time to time pursuant to
Section 6.1.1, plus 2% per annum (each, a “Default Rate”), and (b) the LC Fee shall be increased by 2% per annum, provided that, during the continuance of an Event of Default under Section 14.1.8, the interest
rate set forth in clause (a) above and the increase in the LC Fee set forth in clause (b) above shall automatically be applicable to all Loans, Letters of Credit, and Credit Extensions without any election or action on the part of the
Agent or any Lender. After an Event of Default has been cured or waived, the interest rate applicable to the Loans and the LC Fee shall revert to the rates applicable prior to the occurrence of an Event of Default. 

6.1.3 Determination of Rate. Notwithstanding any provision of this Agreement to the contrary, each Lender shall be entitled to fund and
maintain its funding of all or any part of the Loans in any manner it elects; it being understood, however, that with respect to Eurocurrency Loans, all determinations hereunder shall be made as if each Lender had actually funded and maintained such
Loans through the purchase of deposits in the London interbank eurodollar market. 
 6.2 Evidence of Debt. The Loans
made by each Lender shall be evidenced by one or more accounts or records maintained by such Lender and by the Agent in the ordinary course of business. The accounts or records maintained by the Agent and each Lender shall be conclusive absent
manifest error of the amount of the Loans made by the Lenders to the New Vehicle Floorplan Borrowers, Used Vehicle Floorplan Borrower, Service Loaner Vehicle Floorplan Borrower and Revolving Loan Borrower and the interest and payments thereon. Any
failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of the Borrowers hereunder to pay any amount owing with respect to the Obligations. In the event of any conflict between the accounts and
records maintained by any Lender and the accounts and records of the Agent in respect of such matters, the accounts and records of the Agent shall control in the absence of manifest error. 

6.3 Borrowing Procedure. 

6.3.1 Requests for Loans. Whenever the New Vehicle Floorplan Borrowers, the Used Vehicle Floorplan Borrower, Service Loaner Vehicle
Floorplan Borrower or the Revolving Loan Borrower, as applicable, wishes to request a Loan, the Company shall give Agent irrevocable notice thereof within the time required by this Agreement. The Company (on behalf of the applicable Borrower or
Borrowers) may request a Loan in writing or by telephone (or with respect to Used Vehicle Sweep Advances, as set forth in Section 3.2.7 and Service Loaner Vehicle Sweep Advances, as set forth in Section 3.4.7) for deposit into the
Company’s deposit account(s) with Agent. Requests for Loans to be deposited or forwarded elsewhere shall be in writing in such form and containing such additional information as Agent may reasonably require in order to confirm the request and
transmit funds. Each Borrower hereby authorizes Lenders and Agent to make Advances and to transfer funds based on telephonic notices made by any Person which Agent or any Lender in good faith believes to be acting on behalf of the Company, it being
understood that the foregoing authorization is specifically intended to allow requests for Advances to be given telephonically. The Company agrees to deliver promptly to the Agent a written confirmation (which may include e-mail) of each telephonic notice. If the written confirmation differs in any material respect from the action taken by the Agent and the Lenders, the records of Agent and the Lenders shall govern absent manifest
error. 

  
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 6.3.2 Lending Installations. Each Lender may book its Advances and its participation
in any LC Obligations and Swing Line Loans and the LC Issuer may book the Letters of Credit at any Lending Installation selected by such Lender or the LC Issuer, as the case may be, and may change its Lending Installation from time to time. All
terms of this Agreement shall apply to any such Lending Installation and the Loans, Letters of Credit, and participations in LC Obligations and Swing Line Loans shall be deemed held by each Lender or the LC Issuer, as the case may be, for the
benefit of any such Lending Installation. Each Lender and the LC Issuer may, by written notice to the Agent and the Company, designate replacement or additional Lending Installations through which Loans will be made by it or Letters of Credit will
be issued by it and for whose account Loan payments or payments with respect to Letters of Credit are to be made. 
 6.4
Obligations Several. The failure of any Lender to make any Loan shall not relieve any other Lender of its obligation to make its Loan on any date, but no Lender shall be responsible for the failure of any other Lender to make any
Loan to be made by such other Lender. 
 6.5 Non-Receipt of Funds by Agent.
Unless the Company (on behalf of any Borrower or Borrowers) or a Lender, as the case may be, notifies Agent prior to the date on which Lender or a Borrower or Borrowers is scheduled to make payment to Agent of (a) in the case of a Lender,
the proceeds of a Loan or participation or (b) in the case of a Borrower or Borrowers, a payment of principal, interest or fees to Agent for the account of the Lenders, that it does not intend to make such payment, Agent may assume that such
payment has been made. The Agent may, but shall not be obligated to, make the amount of such payment available to the intended recipient in reliance upon such assumption. If such Lender or Borrower or Borrowers, as the case may be, has not in fact
made such payment to Agent, the recipient of such payment shall, on demand by Agent, repay to Agent the amount so made available together with interest thereon in respect of each day during the period commencing on the date such amount was so made
available by Agent until the date Agent recovers such amount at a rate per annum equal to (y) in the case of payment by a Lender, the Federal Funds Effective Rate for such day for the first three days and, thereafter, the interest rate
applicable to the relevant Loan or (z) in the case of payment by a Borrower or Borrowers, the interest rate applicable to the relevant Loan or Reimbursement Obligations. 

6.6 Authorization. Any Loan made to any one or more of the Borrowers shall be conclusively presumed to have been made to
or for the benefit of such Borrower or Borrowers when the proceeds of such Loan (a) are deposited to the credit of a Borrower in an account of a Borrower with Agent, or (b) are transmitted to any other bank with directions to credit the
same to the account of any Borrower at such bank, regardless of whether Persons other than those authorized to make requests for Loans have authority to draw against any such account. Each Borrower acknowledges that Agent cannot effectively
determine whether a particular request for a Loan is valid, authorized, or authentic. Therefore, each Borrower assumes all risk of the validity, authenticity, and authorization of such requests, whether or not the individual making such requests has
authority to request Loans. Agent shall be entitled to act on the instructions of anyone identifying himself or herself as authorized to request Loans and each Borrower shall be bound thereby in the same manner as if the Person were actually so
authorized. Agent is authorized to credit any account of (w) any New Vehicle Floorplan Borrower with Agent (or any account any New Vehicle Floorplan Borrower designates in writing) for Loans made to the New Vehicle Floorplan Borrowers,
(x) the Used Vehicle Floorplan Borrower with Agent (or any account the Used Vehicle Floorplan Borrower designates in writing) for loans made to the Used Vehicle 

  
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Floorplan Borrower, (y) the Service Loaner Vehicle Floorplan Borrower with Agent (or any account the Service Loaner Vehicle Floorplan Borrower designates in writing) for loans made to the
Service Loaner Vehicle Floorplan Borrower, and (z) the Revolving Loan Borrower with Agent (or any account the Revolving Loan Borrower designates in writing) for loans made to the Revolving Loan Borrower. A Borrower’s failure to confirm any
telephonic request or otherwise comply with the provisions of this Section 6.6 shall not in any manner affect the obligation of the applicable Borrower or Borrowers to repay such Loans in accordance with the terms of this Agreement. Each
Borrower agrees not to hold Agent or the Lenders liable for any errors or misunderstanding in complying with any written or oral directions for Loans; and each Borrower agrees to indemnify and hold Agent and the Lenders and the other Indemnified
Persons harmless from any and all Claims which may arise or be created by the acceptance of instructions (telephonic or otherwise) for making Loans by wire transfer or otherwise, or for application of payments, other than as a result of Agent’s
gross negligence or willful misconduct. 
 6.7 Interest and Fee Basis. All interest rates and fees referred to
herein shall be calculated for actual days elapsed on the basis of a 360-day year. Interest shall be payable for the day an Advance is made but not for the day of any payment on the amount paid if payment is
received prior to noon (Pacific Time) at the place of payment. If any payment of principal of or interest shall become due on a day which is not a Business Day, such payment shall be made on the next succeeding Business Day, and such extension of
time shall in such case be included in computing interest on such payment. 
 6.8 Method of Payment. All payments of the
Obligations hereunder shall be made, without setoff, deduction, or counterclaim, in immediately available funds to Agent at Agent’s address specified for notice herein, or at any other Lending Installation of the Agent specified in writing by
Agent to the Company, by noon (Pacific Time) on the date when due and shall (except (a) with respect to repayments of Swing Line Loans, (b) in the case of Reimbursement Obligations for which the LC Issuer has not been fully indemnified by
the Lenders, or (c) as otherwise specifically required hereunder) be applied ratably by the Agent among the Lenders, in accordance with their Pro Rata Shares. Each payment delivered to the Agent for the account of any Lender shall be delivered
promptly by the Agent to such Lender in the same type of funds that the Agent received at its address specified for notice herein, or at any Lending Installation specified in a notice received by the Agent from such Lender. Each reference to the
Agent in this Section shall also be deemed to refer, and shall apply equally, to the LC Issuer, in the case of payments required to be made by the Revolving Loan Borrower to the LC Issuer. 

6.9 Payment by Automatic Debit. Each Borrower hereby authorizes Agent to automatically deduct the amount of all principal
and interest payments, Reimbursement Obligations and fees from one or more deposit accounts of the Company with Agent specified in a writing provided by the Company to Agent. Each Borrower will pay all the fees on the account which result from the
automatic deductions, including any overdraft and non-sufficient funds charges. If for any reason Agent does not charge the account for a payment, or if an automatic payment is reversed, the payment is still
due. The Company may change any account number by notifying Agent of the new account number. 

  
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 6.10 Late Charges. Subject to any limitations imposed by Applicable
Law, if any payment of principal or interest on the Loans, the LC Obligations, or other Obligations is fifteen (15) days or more past due, the New Vehicle Floorplan Borrowers, Used Vehicle Floorplan Borrower, Service Loaner Vehicle Floorplan
Borrower, or the Revolving Loan Borrower, as applicable, shall pay to Agent on demand, for the account of the Lenders, a late charge of five percent of the delinquent payment. Each party hereto agrees that it would be difficult or costly to
determine the actual costs incurred by any Lender by reason of late payment. Therefore, the parties agree that this late charge represents a fair and reasonable estimate of the costs incurred by each Lender and is reasonable under the circumstances
existing as of the date hereof. Collection of the late payment fee shall not be deemed to be a waiver of any Default hereunder. 
 6.11
Limitation of Interest. Borrowers, Agent and Lenders intend to strictly comply with all Applicable Laws, including applicable usury laws. Accordingly, the provisions of this Section shall govern and control over every other
provision of this Agreement or any other Loan Document which conflicts or is inconsistent with this Section, even if such provision declares that it controls. As used in this Section, the term “interest” includes the aggregate of all
charges, fees, benefits or other compensation which constitute interest under Applicable Law, provided that, to the maximum extent permitted by Applicable Law, (a) any non-principal payment shall
be characterized as an expense or as compensation for something other than the use, forbearance or detention of money and not as interest, and (b) all interest at any time contracted for, reserved, charged or received shall be amortized,
prorated, allocated and spread, in equal parts during the full term of the Obligations. In no event shall any Borrower or any other Person be obligated to pay, or any Lender have any right or privilege to reserve, receive or retain, (y) any
interest in excess of the maximum amount of nonusurious interest permitted under the Applicable Laws (if any) of the United States or of any applicable state, or (z) total interest in excess of the amount which such Lender could lawfully have
contracted for, reserved, received, retained or charged had the interest been calculated for the full term of the Obligations at the Highest Lawful Rate. On each day, if any, that the interest rate (the “Stated Rate”) called for
under this Agreement or any other Loan Document exceeds the Highest Lawful Rate, the rate at which interest shall accrue shall automatically be fixed by operation of this sentence at the Highest Lawful Rate for that day, and shall remain fixed at
the Highest Lawful Rate for each day thereafter until the total amount of interest accrued equals the total amount of interest which would have accrued if there were no such ceiling rate as is imposed by this sentence. Thereafter, interest shall
accrue at the Stated Rate unless and until the Stated Rate again exceeds the Highest Lawful Rate when the provisions of the immediately preceding sentence shall again automatically operate to limit the interest accrual rate. The daily interest rates
to be used in calculating interest at the Highest Lawful Rate shall be determined by dividing the applicable Highest Lawful Rate per annum by the number of days in the calendar year for which such calculation is being made. None of the terms and
provisions contained in this Agreement or in any other Loan Document which directly or indirectly relate to interest shall ever be construed without reference to this Section, or be construed to create a contract to pay for the use, forbearance or
detention of money at an interest rate in excess of the Highest Lawful Rate. If the term of any Obligation is shortened by reason of acceleration of maturity as a result of any Event of Default or by any other cause, or by reason of any required or
permitted prepayment, and if for that (or any other) reason any Lender at any time, including but not limited to, the stated maturity, is owed or receives (and/or has received) interest in excess of interest calculated at the Highest Lawful Rate,
then and in any such event all of any such excess interest shall be canceled automatically as of the date of such acceleration, 

  
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prepayment or other event which produces the excess, and, if such excess interest has been paid to such Lender, it shall be credited against the then-outstanding principal balance of the
obligations of the applicable Borrower or Borrowers to such Lender, effective as of the date or dates when the event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and
satisfied, whichever occurs first, and any remaining balance of such excess shall be promptly refunded to its payor. 
 6.12 Increase
Option. 
 6.12.1 The Company may from time to time request an increase in the Aggregate New Vehicle Floorplan Commitment, in minimum
increments of $50,000,000.00 or such lower amount as is agreed to between the Company and Agent, so long as, after giving effect thereto, (a) the aggregate amount of all such increases requested after the Closing Date does not exceed
$400,000,000.00, and (b) the Aggregate Commitment does not exceed $3,200,000,000.00. 
 6.12.2 The Company may arrange for any such
increase to be provided by one or more Lenders (each Lender so agreeing to an increase in its Commitment, an “Increasing Lender”), or by one or more new banks, financial institutions (each such new bank, financial institution or
other entity, an “Additional Lender”), which Lender or Lenders shall increase their existing Commitments, or extend Commitments, as the case may be; provided that (a) each Additional Lender and each Increasing Lender and
the amount of the increase of each Additional Lender and Increasing Lender shall be subject to the reasonable approval of the Company, the Agent and the LC Issuer, (b) (i) in the case of an Increasing Lender, the Agent, Borrowers and such
Increasing Lender shall execute an Increasing Lender Agreement substantially in the form of Exhibit N hereto, and (ii) in the case of an Additional Lender, the Agent, Borrowers and such Additional Lender shall execute an Additional
Lender Agreement substantially in the form of Exhibit M hereto, and (c) the applicable Borrower or Borrowers, Increasing Lender, Additional Lender and any other Loan Party shall each deliver to Agent such other documents or amendments to
existing Loan Documents as Agent reasonably deems necessary. 
 6.12.3 No consent of any Lender (other than the Lenders participating in the
increase) shall be required for any increase pursuant to this Section 6.12. Increases and new Commitments created pursuant to this Section 6.12 shall become effective on the date agreed by the Company, the Agent and the relevant Increasing
Lenders or Additional Lenders, and the Agent shall notify each Lender thereof. Notwithstanding the foregoing, no increase in the Aggregate New Vehicle Floorplan Commitment (or in the Commitment of any Lender) shall become effective unless
(a) on the proposed effective date of such increase, (i) no Default has occurred and is continuing or will exist after giving effect to the increase and any Credit Extensions to be made on the effective date, (ii) all representations
and warranties in this Agreement are true and correct in all material respects as of the effective date, (iii) the Company and its Subsidiaries will be in compliance (on a pro forma basis reasonably acceptable to the Agent) with the financial
covenants in Section 11.1 after giving effect to the increase, and (iv) Agent has received a certificate with respect to the matters set forth in the foregoing clauses (a)(i) (ii) and (iii) dated the effective date and executed by the
Company’s chief financial officer or other officer acceptable to Agent, together with such supporting documentation as Agent requires; and (b) the Agent has received such documents as it requires to evidence the power and authority of the
Borrowers to borrow and the Guarantors to guaranty hereunder after giving effect to such increase. 

  
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 6.12.4 On the effective date of any increase in the Aggregate New Vehicle Floorplan
Commitment, (a) each relevant Increasing Lender and Additional Lender shall make available to the Agent such amounts in immediately available funds as the Agent shall determine, for the benefit of the other Lenders, as being required in order
to cause, after giving effect to such increase and the use of such amounts to make payments to such other Lenders, each Lender’s portion of the outstanding New Vehicle Floorplan Loans of all the Lenders to equal its applicable Pro Rata Share of
such outstanding Loans, and (b) the Borrowers shall make such other payments and adjustments as Agent reasonably deems necessary in connection with the changes in the Commitments and Pro Rata Shares of the Lenders. 

6.13 Authorization. Each Borrower authorizes Agent and the Lenders (a) to furnish information about the Loans to each
manufacturer or distributor of Vehicles, and (b) to advise each such manufacturer or distributor of any change or termination which may occur with respect to the Obligations. 

6.14 Defaulting Lenders. 

6.14.1 Defaulting Lender Adjustments. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a
Defaulting Lender, then, until such time as such Lender is no longer a Defaulting Lender, to the extent permitted by Applicable Law: 
 (a)
Waivers and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in the definition of Required Lenders. 

(b) Defaulting Lender Waterfall. Any payment of principal, interest, fees or other amounts received by the Agent for the account of
such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article 14 or otherwise) or received by the Agent from a Defaulting Lender pursuant to Section 17.8 shall be applied at such time or times as may be determined by
the Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to the LC Issuer and
Swing Line Lender hereunder; third, to Cash Collateralize the LC Issuer’s Fronting Exposure with respect to such Defaulting Lender in accordance with Section 6.14.4; fourth, as the Company may request (so long as no Default
or Event of Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Agent; fifth, if so determined by the Agent and the
Company, to be held in a deposit account (including the LC Collateral Account) and released pro rata in order to (i) satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement
and (ii) Cash Collateralize the LC Issuer’s future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance with Section 6.14.4; sixth, to the
payment of any amounts owing to the Lenders, the LC Issuer or Swing Line Lender as a result of any judgment of a court of competent jurisdiction obtained by any Lender, the LC Issuer or Swing Line Lender against such Defaulting Lender as a result of
such Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Default or Event of Default exists, to the payment of any amounts owing to any Borrower as a result of any judgment of a court of competent
jurisdiction obtained by such Borrower against such 

  
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Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; eighth, if so determined by the Agent, distributed to the Lenders other than
the Defaulting Lender until the ratio of the Outstanding Credit Exposure of such Lenders to the Aggregate Outstanding Credit Exposure equals such ratio immediately prior to the Defaulting Lender’s failure to fund any portion of any Loans or
participations in Letters of Credit or Swing Line Loans; and ninth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (i) such payment is a payment of the principal amount of
any Loans or Letters of Credit issuances in respect of which such Defaulting Lender has not fully funded its appropriate share, and (ii) such Loans were made or the related Letters of Credit were issued at a time when the conditions set forth
in Sections 9.2 and 9.3 were satisfied or waived, such payment shall be applied solely to pay the Credit Extensions and funded participations of all Non-Defaulting Lenders on a pro rata basis prior to
being applied to the payment of any Credit Extensions or funded participations of such Defaulting Lender until such time as all Loans and funded and unfunded participations in LC Obligations and Swing Line Loans are held by the Lenders pro rata
in accordance with the Commitments without giving effect to Section 6.14.1(d). Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to
post Cash Collateral pursuant to this Section 6.14.1(b) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto. 

(c) Certain Fees. 
 (i)
No Defaulting Lender shall be entitled to receive any New Vehicle Floorplan Commitment Fee, Used Vehicle Floorplan Commitment Fee, Service Loaner Vehicle Floorplan Commitment Fee, Revolving Loan Commitment Fee or Per Annum Fee for any period during
which that Lender is a Defaulting Lender (and no Borrower shall be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender). 

(ii) Each Defaulting Lender shall be entitled to receive LC Fees for any period during which that Lender is a Defaulting Lender only to the
extent allocable to its ratable share of the stated amount of Letters of Credit for which it has provided Cash Collateral pursuant to Section 6.14.4. 

(iii) With respect to any New Vehicle Floorplan Commitment Fee, Used Vehicle Floorplan Commitment Fee, Service Loaner Vehicle Floorplan
Commitment Fee, Revolving Loan Commitment Fee or LC Fee not required to be paid to any Defaulting Lender pursuant to clause (c)(i) or (ii) above, the applicable Borrower or Borrowers shall (X) pay to each
Non-Defaulting Lender that portion of any such fee otherwise payable to such Defaulting Lender with respect to such Defaulting Lender’s participation in LC Obligations or Swing Line Loans that has been
reallocated to such Non-Defaulting Lender pursuant to clause (d) below, (Y) pay to the LC Issuer and Swing Line Lender, as applicable, the amount of any such fee otherwise payable to such Defaulting
Lender to the extent allocable to the LC Issuer’s or Swing Line Lender’s Fronting Exposure to such Defaulting Lender, and (Z) not be required to pay the remaining amount of any such fee. 

  
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 (d) Reallocation of Participations to Reduce Fronting Exposure. All or any part of
such Defaulting Lender’s participation in LC Obligations and Swing Line Loans shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Pro Rata Shares (calculated without
regard to such Defaulting Lender’s interest as provided in the definition of Pro Rata Share) but only to the extent that (i) the conditions set forth in Sections 9.2 and 9.3 are satisfied at the time of such reallocation (and, unless the
Company shall have otherwise notified the Agent at such time, each Borrower shall be deemed to have represented and warranted that such conditions are satisfied at such time), and (ii) such reallocation does not cause the aggregate Outstanding
Credit Exposure, Outstanding New Vehicle Floorplan Exposure, Outstanding Used Vehicle Floorplan Exposure, Outstanding Service Loaner Vehicle Floorplan Exposure or Outstanding Revolving Loan Exposure of any
Non-Defaulting Lender to exceed such Non-Defaulting Lender’s applicable Commitment. No reallocation hereunder shall constitute a waiver or release of any claim of
any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such
Non-Defaulting Lender’s increased exposure following such reallocation. 
 (e) Cash
Collateral, Repayment of Swing Line Loans. If the reallocation described in clause (d) above cannot, or can only partially, be effected, the applicable Borrowers shall, without prejudice to any right or remedy available to it hereunder or
under law, (i) first, prepay Swing Line Loans in an amount equal to the Swing Line Lender’s Fronting Exposure and (ii) second, Cash Collateralize the LC Issuer’s Fronting Exposure in accordance with the procedures set forth in
Section 6.14.4. 
 6.14.2 Defaulting Lender Cure. If the Borrower, the Agent, the Swing Line Lender and the LC Issuer agree in
writing that a Lender is no longer a Defaulting Lender, the Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with
respect to any Cash Collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as the Agent may determine to be necessary to cause the Loans and funded
and unfunded participations in Letters of Credit and Swing Line Loans to be held pro rata by the Lenders in accordance with the Commitments (without giving effect to Section 6.14.1(d)), whereupon such Lender will cease to be a Defaulting
Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of any Borrower while that Lender was a Defaulting Lender; and provided, further, that except to the extent
otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. 

6.14.3 New Swing Line Loans/Letters of Credit. So long as any Lender is a Defaulting Lender, (a) the Swing Line Lender shall not be
required to fund any Swing Line Loans unless it is satisfied that it will have no Fronting Exposure after giving effect to such Swing Line Loan and (b) the LC Issuer shall not be required to issue, extend, renew or increase any Letter of Credit
unless it is satisfied that it will have no Fronting Exposure after giving effect thereto. 
 6.14.4 Cash Collateral. At any time that
there shall exist a Defaulting Lender, within one (1) Business Day following the written request of the Agent or the LC Issuer (with a copy to the Agent) the Revolving Loan Borrower shall Cash Collateralize the LC Issuer’s Fronting
Exposure with respect to such Defaulting Lender (determined after giving effect to Section 6.14.1(d) and any Cash Collateral provided by such Defaulting Lender) in an amount not less than the Minimum Collateral Amount. 

  
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 (a) Grant of Security Interest. The Revolving Loan Borrower, and to the extent
provided by any Defaulting Lender, such Defaulting Lender, hereby grants to the Agent, for the benefit of the LC Issuer, and agrees to maintain, a first priority security interest in all such Cash Collateral as security for the Defaulting
Lender’s obligation to fund participations in respect of LC Obligations, to be applied pursuant to clause (b) below. If at any time the Agent determines that Cash Collateral is subject to any right or claim of any Person other than the
Agent and the LC Issuer as herein provided, or that the total amount of such Cash Collateral is less than the Minimum Collateral Amount, the Revolving Loan Borrower will, promptly upon demand by the Agent, pay or provide to the Agent additional Cash
Collateral in an amount sufficient to eliminate such deficiency (after giving effect to any Cash Collateral provided by the Defaulting Lender). 

(b) Application. Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under this
Section 6.14 in respect of Letters of Credit shall be applied to the satisfaction of the Defaulting Lender’s obligation to fund participations in respect of LC Obligations (including, as to Cash Collateral provided by a Defaulting Lender,
any interest accrued on such obligation) for which the Cash Collateral was so provided, prior to any other application of such property as may otherwise be provided for herein. 

(c) Termination of Requirement. Cash Collateral (or the appropriate portion thereof) provided to reduce the LC Issuer’s Fronting
Exposure shall no longer be required to be held as Cash Collateral pursuant to this Section 6.14.4 following (i) the elimination of the applicable Fronting Exposure (including by the termination of Defaulting Lender status of the
applicable Lender), or (ii) the determination by the Agent and the LC Issuer that there exists excess Cash Collateral; provided that, subject to this Section 6.14 the Person providing Cash Collateral and the LC Issuer may agree that
Cash Collateral shall be held to support future anticipated Fronting Exposure or other obligations and provided further, such Cash Collateral shall remain subject to the security interest granted pursuant to the Loan Documents. 

6.15 Replacement of Lender. If Borrowers are required pursuant to Section 7.1, 7.2 or 7.4 to make any additional
payment to any Lender or if any Lender’s obligation to make Advances based on the Eurocurrency Base Rate is suspended pursuant to Section 7.3 or if any Lender defaults in its obligation to make a Loan, reimburse the LC Issuer pursuant to
Section 5.6 or the Swing Line Lender pursuant to Section 2.2.6, 3.2.6, or 4.2.6 or otherwise becomes a Defaulting Lender (any Lender so affected an “Affected Lender”), the Company may elect, if such amounts continue to be
charged or such suspension is still effective, to replace such Affected Lender as a Lender party to this Agreement, provided that no Default or Event of Default shall have occurred and be continuing at the time of such replacement, and
provided further that, concurrently with such replacement, (a) another bank or other entity which is reasonably satisfactory to the Company and the Agent shall agree, as of such date, to purchase for cash and to pay the Affected Lender
on such date 100% of the outstanding principal amount of the Loans and other Obligations due to the Affected Lender pursuant to an Assignment Agreement and to become a Lender for all purposes under this Agreement and to assume all obligations of the
Affected Lender to be terminated as of such date and to comply with the requirements of Section 17.4 applicable to assignments, and (b) the Borrowers shall pay to such Affected Lender in same day funds on the day of such replacement all
interest, fees and other amounts then accrued but unpaid to such Affected Lender by the Borrowers hereunder to and including the date of termination, including without limitation payments due to such Affected Lender under Sections 7.1, 7.2 and 7.4.

  
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 6.16 Per Annum Fee. The Borrowers agree to pay to Agent, for the
account of each Lender, a fee (“Per Annum Fee”), calculated for each Lender at a per annum rate equal to the rate set forth in the fee letter between such Lender and Borrowers, on the Aggregate Lender Commitment of such Lender as of
the last day of each fiscal quarter. The Per Annum Fee shall be due and payable in arrears on each Quarterly Payment Date hereafter and on the Termination Date for the three month period or other time period ending on the last day of the preceding
fiscal quarter or on the Termination Date. 
 6.17 Reallocation of Commitments. 

6.17.1 Subject to the provisions of this Section 6.17 and so long as no Event of Default has occurred and is continuing or will exist
after giving effect thereto, Borrowers may from time to time request a reallocation of all or part of any unused portion of (a) the Aggregate New Vehicle Floorplan Commitment to the Aggregate Used Vehicle Floorplan Commitment and/or the
Aggregate Revolving Loan Commitment, (b) the Aggregate Used Vehicle Floorplan Commitment to the Aggregate New Vehicle Floorplan Commitment and/or the Aggregate Revolving Loan Commitment or (c) the Aggregate Revolving Loan Commitment to the
Aggregate New Vehicle Floorplan Commitment and/or the Aggregate Used Vehicle Floorplan Commitment (each a “Reallocation”). For the avoidance of doubt, Borrowers may not request a reallocation of all or part of any unused portion of
the Aggregate Service Vehicle Floorplan Commitment to the Aggregate Used Vehicle Floorplan Commitment, Aggregate New Vehicle Floorplan Commitment or the Aggregate Revolving Loan Commitment. 

6.17.2 Borrowers may request a Reallocation no more frequently than once in any calendar month. If Borrowers wish to request a Reallocation,
the Company shall give the Agent irrevocable written notice thereof substantially in the form attached hereto as Exhibit O, or in such other form as is acceptable to Agent (a “Reallocation Request”) no later than 11:00 a.m.
(Pacific Time) at least two Business Days prior to the requested effective date of the Reallocation. Agent will promptly notify the Company and the Lenders of the effective date of any Reallocation, and the amount of the new Commitments for each
Lender. 
 6.17.3 Following any Reallocation, (a) the Aggregate Commitment shall not change; (b) the Aggregate New Vehicle
Floorplan Commitment shall not be less than the then outstanding principal balance of the New Vehicle Floorplan Loans and the New Vehicle Swing Line Loans (which, for purposes of this determination, shall not be deemed to be reduced by amounts in
the PR Accounts); (c) the Aggregate Used Vehicle Floorplan Commitment (i) shall not be more than 16.5% of the amount of the Aggregate Commitment at the time of such Reallocation and (ii) shall not be less than the then outstanding
principal balance of the Used Vehicle Floorplan Loans and the Used Vehicle Swing Line Loans; and (d) the Aggregate Revolving Loan Commitment (i) shall not be more than 18.75% of the amount of the Aggregate Commitment at the time of such
Reallocation and (ii) shall not be less than the then outstanding principal balance of the Revolving Loans and Revolving Swing Line Loans plus the LC Obligations and any Reserve Amount. 

  
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 6.17.4 All Reallocations shall be made pro rata among the Lenders according to their
respective Pro Rata Shares of the Aggregate New Vehicle Floorplan Commitment, Aggregate Used Vehicle Floorplan Commitment and/or Aggregate Revolving Loan Commitment, so that after giving effect to any Reallocation, there is no change in the Pro Rata
Shares of the Lenders. 
 6.17.5 In connection with a Reallocation (a) the New Vehicle Swing Line Commitment, Used Vehicle Swing Line
Commitment, Revolving Swing Line Commitment and LC Commitment shall not be increased, (b) the New Vehicle Swing Line Commitment shall not be reduced, (c) the Used Vehicle Swing Line Commitment shall not be reduced unless the Aggregate Used
Vehicle Floorplan Commitment is reduced to less than the amount of the Used Vehicle Swing Line Commitment, and (d) the Revolving Swing Line Commitment and the Letter of Credit Commitment shall not be reduced unless the Aggregate Revolving Loan
Commitment is reduced to less than the amount of the Revolving Swing Line Commitment and Letter of Credit Commitment. 
 6.17.6 Following any
Reallocation, the Aggregate New Vehicle Floorplan Commitment, Aggregate Used Vehicle Floorplan Commitment and Aggregate Revolving Loan Commitment and the Pro Rata Shares and New Vehicle Floorplan Commitment, Used Vehicle Floorplan Commitment and
Revolving Loan Commitment of each Lender shall be noted in the Agent’s records, which records will be conclusive evidence thereof, absent manifest error; provided, however, that any failure by the Agent to record such information shall not
affect or limit the obligations of the Borrowers hereunder. 
 6.18 Extension of Commitments. 

6.18.1 Requests for Extension. The Company may, no more than one time per Loan Year, by notice to Agent (who shall
promptly notify the Lenders) not earlier than sixty (60) days and not later than thirty-five (35) days prior to the Anniversary Date in such Loan Year, request that each Lender extend such Lender’s Termination Date for an additional
Loan Year from the existing Termination Date. 
 6.18.2 Lender Elections to Extend. Each Lender, acting in its sole
and individual discretion, shall, by notice to Agent given not later than the date (the “Notice Date”) that is thirty (30) days prior to the Anniversary Date in such Loan Year, advise Agent whether or not such Lender agrees to
such extension and each Lender that determines not to so extend its Termination Date (a “Non-Extending Lender”) shall notify Agent of such fact promptly after such determination (but in any
event no later than the Notice Date) and any Lender that does not so advise Agent on or before the Notice Date shall be deemed to be a Non-Extending Lender. The election of any Lender to agree to such
extension shall not obligate any other Lender to so agree. Furthermore, the election of any Non-Extending Lender not to extend initially shall not prohibit such Lender from extending for an additional Loan
Year at subsequent request of the Company, so long as (i) the Company has not prepaid all Loans outstanding of such Non-Extending Lender by such date and (ii) such Lender’s Termination Date
shall be accelerated to the Termination Date of all other Extending Lenders at such time. Once a Lender extends its Termination Date in accordance with this Section it shall no longer be deemed a Non-Extending
Lender for all purposes of this Agreement. 

  
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 6.18.3 Notification by Agent. Agent shall notify the Company of each
Lender’s determination under this Section no later than the date fifteen (15) days prior to the Anniversary Date in such Loan Year (or, if such date is not a Business Day, on the next preceding Business Day). 

6.18.4 Additional Commitment Lenders. The Company shall have the right to replace each
Non-Extending Lender with, and add as “Lenders” under this Agreement in place thereof, one or more Eligible Assignees (each, an “Additional Commitment Lender”) as provided in
Section 6.15; provided that each of such Additional Commitment Lenders shall enter into an Assignment Agreement pursuant to which such Additional Commitment Lender shall, effective as of the Anniversary Date in such Loan Year, undertake a
Commitment (and, if any such Additional Commitment Lender is already a Lender, its Commitment shall be in addition to such Lender’s Commitment hereunder on such date). 

6.18.5 Minimum Extension Requirement. If (and only if) the total of the Commitments of the Lenders that have agreed so
to extend their Termination Date (each, an “Extending Lender”) and the additional Commitments of the Additional Commitment Lenders shall be more than 80% of the Aggregate Commitment in effect immediately prior to the Anniversary
Date in such Loan Year, then, effective as of the Anniversary Date in such Loan Year, the Termination Date of each Extending Lender and of each Additional Commitment Lender shall be extended to the date falling one year after the existing
Termination Date (except that, if such date is not a Business Day, such Termination Date as so extended shall be the next preceding Business Day) and each Additional Commitment Lender shall thereupon become a “Lender” for all purposes of
this Agreement. 
 6.18.6 Conditions to Effectiveness of Extensions. As a condition precedent to such extension, the
Company shall deliver to Agent a certificate of each Loan Party dated as of the Anniversary Date in such Loan Year (in sufficient copies for each Extending Lender and each Additional Commitment Lender) signed by a Responsible Officer of such Loan
Party (i) certifying and attaching the resolutions adopted by such Loan Party approving or consenting to such extension and (ii) in the case of the Company, certifying that, before and after giving effect to such extension, (A) the
representations and warranties contained in Article X and the other Loan Documents are true and correct on and as of the Anniversary Date in such Loan Year, except to the extent that such representations and warranties specifically refer to an
earlier date, in which case they are true and correct as of such earlier date, and except that for purposes of this Section 6.18, the representations and warranties contained in Section 10.4 shall be deemed to refer to the most recent
statements furnished pursuant to Section 11.1, and (B) no Default exists or would result therefrom. In addition, on the Termination Date of each Non-Extending Lender, the Company shall prepay any
Loans outstanding on such date (and pay any additional amounts required pursuant to Section 7.5) to the extent necessary to keep outstanding Loans ratable of the respective Lenders effective as of such date. 

6.18.7 Amendment; Sharing of Payments. In connection with any extension of the Termination Date, the Company, and each
Extending Lender may make such amendments to this Agreement as Agent determines to be reasonably necessary to evidence the extension. This Section 6.18 shall supersede any provisions in Section 17.9 to the contrary. 

  
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 ARTICLE 7 

YIELD PROTECTION; TAXES 

7.1 Yield Protection. If, after the date of this Agreement, there occurs any adoption of or change in any law,
governmental or quasi-governmental rule, regulation, policy, guideline, interpretation, or directive (whether or not having the force of law) or in the interpretation, promulgation, implementation or administration thereof by any governmental or
quasi-Governmental Authority, central bank or comparable agency charged with the interpretation or administration thereof, including, notwithstanding the foregoing, all requests, rules, guidelines or directives (x) in connection with the
Dodd-Frank Wall Street Reform and Consumer Protection Act or (y) promulgated by the Bank for International Settlements, the Basel Committee on Banking Regulations and Supervisory Practices (or any successor or similar authority) or the United
States financial regulatory authorities, in each case of clauses (x) and (y), regardless of the date enacted, adopted, issued, promulgated or implemented, or compliance by any Lender or applicable Lending Installation or the LC Issuer with any
request or directive (whether or not having the force of law) of any such authority, central bank or comparable agency (any of the foregoing, a “Change in Law”) which: 

(a) subjects any Lender or any applicable Lending Installation, the LC Issuer, or the Agent to any Taxes (other than with respect to
Indemnified Taxes, Excluded Taxes, and Other Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto, or 

(b) imposes or increases or deems applicable any reserve, assessment, insurance charge, special deposit or similar requirement against assets
of, deposits with or for the account of, or credit extended by, any Lender or any applicable Lending Installation or the LC Issuer (other than reserves and assessments taken into account in determining the interest rate applicable to Loans bearing
interest based on the Eurocurrency Base Rate (“Eurocurrency Loan”)), or 
 (c) imposes any other condition (other than
Taxes) the result of which is to increase the cost to any Lender or any applicable Lending Installation or the LC Issuer of making, funding or maintaining its Eurocurrency Loans, or of issuing or participating in Letters of Credit, or reduces any
amount receivable by any Lender or any applicable Lending Installation or the LC Issuer in connection with its Eurocurrency Loans, Letters of Credit, or participations therein, or requires any Lender or any applicable Lending Installation or the LC
Issuer to make any payment calculated by reference to the amount of Eurocurrency Loans, Letters of Credit, or participations therein held or interest or fees received by it, by an amount deemed material by such Lender or the LC Issuer as the case
may be, and the result of any of the foregoing is to increase the cost to such Lender or the LC Issuer of making or maintaining its Loans or Commitments or of issuing or participating in Letters of Credit or to reduce the return received by such
Lender or the LC Issuer in connection with such Loans or Commitment, Letters of Credit or participations therein, then, within fifteen (15) days after demand by such Lender or the LC Issuer, the Borrowers shall pay such Lender or the LC Issuer
such additional amount or amounts as will compensate such Lender or the LC Issuer for such increased cost or reduction in amount received. Failure or delay on the part of any Lender or LC Issuer to demand compensation pursuant to this Section shall
not constitute a waiver of such Lender’s or LC Issuer’s right to demand such compensation; provided  

  
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that the Borrowers shall not be required to pay any amount to compensate any Lender or LC Issuer pursuant to the foregoing provisions of this Section 7.1 for any such increased costs
incurred or reductions suffered more than nine months prior to the date that such Lender or such LC Issuer, as the case may be, notifies the Company of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or
such LC Issuer’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period
of retroactive effect). 
 7.2 Changes in Capital Adequacy Regulations. If a Lender or the LC Issuer determines the
amount of capital or liquidity required or expected to be maintained by such Lender or the LC Issuer, any Lending Installation of such Lender or the LC Issuer, or any corporation or holding company controlling such Lender or the LC Issuer is
increased as a result of (a) a Change in Law or (b) any change after the date of this Agreement in the Risk-Based Capital Guidelines, then, within fifteen (15) days of demand by such Lender or the LC Issuer, the Borrowers shall pay
such Lender or the LC Issuer the amount necessary to compensate for any shortfall in the rate of return on the portion of such increased capital which such Lender or the LC Issuer determines is attributable to this Agreement, its Outstanding Credit
Exposure or its Commitment to make Loans and issue or participate in Letters of Credit, as the case may be, hereunder (after taking into account such Lender’s or the LC Issuer’s policies as to capital adequacy or liquidity), in each case
that is attributable to such Change in Law or change in the Risk-Based Capital Guidelines, as applicable. Failure or delay on the part of any Lender or LC Issuer to demand compensation pursuant to this Section shall not constitute a waiver of such
Lender or LC Issuer’s right to demand such compensation; provided that the Borrowers shall not be required to pay any amount to compensate any Lender or LC Issuer pursuant to the foregoing provisions of this Section 7.2 for any
shortfall in the rate of return suffered more than nine months prior to the date that such Lender or such LC Issuer, as the case may be, notifies the Company of the Change in Law giving rise to such shortfall and of such Lender’s or such LC
Issuer’s intention to claim compensation (except that, if the Change in Law giving rise to such shortfall is retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive effect). 

7.3 Availability of Types of Advances; Adequacy of Interest Rate. 

7.3.1 If (a) the Agent or the Required Lenders determine that deposits of a type and maturity appropriate to match fund
Eurocurrency Loans are not available to such Lenders in the relevant market or (b) the Agent, in consultation with the Lenders, determines that the Eurocurrency Base Rate is not ascertainable or does not adequately and fairly reflect the cost
of making or maintaining Eurocurrency Loans, then the Agent shall suspend the availability of the New Vehicle Floorplan Borrowing Rate, Used Vehicle Floorplan Borrowing Rate, Service Loaner Vehicle Floorplan Borrowing Rate, and Revolving Loan
Borrowing Rate, the loans shall thereafter bear interest at the Alternate Base Rate plus the Alternate Base Rate Margin (New Vehicle) for New Vehicle Floorplan Loans and New Vehicle Swing Line Loans, the Alternate Base Rate Margin (Used Vehicle) for
Used Vehicle Floorplan Loans and Used Vehicle Swing Line Loans, the Alternate Base Rate Margin (Service Loaner Vehicle) for Service Loaner Vehicle Floorplan Loans and Service Loaner Vehicle Swing Line Loans, and the Alternate Base Rate Margin
(Revolving) for Revolving Loans and Revolving Swing Line Loans. 

  
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 7.3.2 Notwithstanding the foregoing, in the event the Agent determines
(which determination shall be conclusive absent manifest error) that (i) the circumstances set forth in Section 7.3.1(b) have arisen and such circumstances are unlikely to be temporary, (ii) Thomson Reuters (or any Person that takes
over the administration of such rate) discontinues its administration and publication of interest settlement rate for Dollar LIBOR for one month appearing on the applicable Reuters Screen, or (iii) the supervisor for the administrator of the
interest settlement rate described in clause (ii) of this Section 7.3.2 or a Governmental Authority having jurisdiction over the Agent has made a public statement identifying a specific date after which such interest settlement rate shall
no longer be used for determining interest rates for loans, provided that, at the time of such statement, there is no successor administrator that is satisfactory to the Agent, that will continue to provide Eurocurrency Base Rate after such specific
date, then reasonably promptly after such determination by the Agent, the Agent and the Borrower may amend this Agreement to replace Eurocurrency Base Rate with (x) one or more SOFR-Based Rates or (y) another alternate benchmark rate
giving due consideration to any evolving or then-existing convention for similar Dollar-denominated syndicated credit facilities for such alternative benchmarks and, in each case, including any mathematical or other adjustments to such benchmark
giving due consideration to any evolving or then existing convention for similar Dollar-denominated syndicated credit facilities for such benchmarks, which adjustment or method for calculating such adjustment shall be published on an information
service as selected by the Agent from time to time in its reasonable discretion and may be periodically updated (the “Adjustment;” and any such proposed rate, a “Eurocurrency Successor Rate”) and any such amendment
will become effective at 5:00 p.m. (New York time) on the fifth (5th) Business Day after the Agent has posted such proposed amendment to all Lenders and the Borrower unless, prior to such time, Lenders comprising the Required Lenders have delivered
to the Agent written notice that such Required Lenders (A) in the case of an amendment to replace Eurocurrency Base Rate with a rate described in clause (x) above, object to the Adjustment, or (B) in the case of an amendment to
replace Eurocurrency Base Rate with a rate described in clause (y) above, object to such amendment; provided that, for the avoidance of doubt, in the case of clause (A), the Required Lenders shall not be entitled to object to any SOFR-Based
Rate contained in any such amendment. Such Eurocurrency Successor Rate shall be applied in a manner consistent with market practice; provided that to the extent such market practice is not administratively feasible for the Agent, such Eurocurrency
Successor Rate shall be applied in a manner as otherwise reasonably determined by the Agent. In connection with the implementation of a Eurocurrency Successor Rate, the Agent will have the right to make Eurocurrency Successor Rate Conforming Changes
from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Eurocurrency Successor Rate Conforming Changes will become effective without any further action or consent of any
other party to this Agreement. Notwithstanding anything to the contrary in Section 17.9, such amendment shall become effective without any further action or consent of any other party to this Agreement so long as the Agent shall not have
received, within five Business Days of the date notice of such alternate rate of interest is provided to the Lenders, a written notice from the Required Lenders stating that such Required Lenders (A) in the case of an amendment to replace
Eurocurrency Base Rate with a rate described in clause (x) above, object to the Adjustment, or (B) in the case of an amendment to replace Eurocurrency Base Rate with a rate described in clause (y) above, object to such amendment. If
the alternate rate of interest determined pursuant to this Section 7.3.2 shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement. 

  
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 7.4 Taxes. 

7.4.1 Any and all payments by or on account of any obligation of any Loan Party under any Loan Document shall be made without deduction or
withholding for any Taxes, except as required by Applicable Law. If any Applicable Law (as determined in the good faith discretion of the applicable withholding agent) requires the deduction or withholding of any Tax from any such payment, then the
applicable withholding agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with Applicable Law and, if such Tax is an
Indemnified Tax or Other Tax, then the sum payable by the applicable Loan Party shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums
payable under this Section 7.4) the applicable Lender, the LC Issuer or the Agent receives an amount equal to the sum it would have received had no such deduction or withholding been made as provided in this Section 7.4. 

7.4.2 The Loan Parties shall timely pay to the relevant Governmental Authority in accordance with Applicable Law or at the option of the Agent
timely reimburse it for the payment of, any Other Taxes. 
 7.4.3 The Loan Parties shall indemnify the Lender, the LC Issuer or the Agent,
within fifteen (15) days after demand therefor, for the full amount of any Indemnified Taxes and Other Taxes (including Indemnified Taxes and Other Taxes imposed or asserted on or attributable to amounts payable under this Section 7.4)
payable or paid by such Lender, the LC Issuer or the Agent or required to be withheld or deducted from a payment to such Lender, the LC Issuer or the Agent and any reasonable expenses arising therefrom or with respect thereto, whether or not such
Indemnified Taxes and Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to a Borrower by a Lender or LC Issuer (with a copy to the
Agent), or by the Agent on its own behalf or on behalf of a Lender or LC Issuer, shall be conclusive absent manifest error. 
 7.4.4 Each
Lender shall severally indemnify the Agent, within fifteen (15) days after demand therefor, for (a) any Indemnified Taxes and Other Taxes attributable to such Lender (but only to the extent that any Loan Party has not already indemnified
the Agent for such Indemnified Taxes and Other Taxes and without limiting the obligation of the Loan Parties to do so), (b) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 17.3.3 relating to the
maintenance of a Participant Register, and (c) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with
respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Agent shall be conclusive
absent manifest error. Each Lender hereby authorizes the Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Agent to the Lender from any other source against any amount
due to the Agent under this Section 7.4.4. 

  
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 7.4.5 As soon as practicable after any payment of Taxes by any Loan Party to a Governmental
Authority pursuant to this Section 7.4, such Loan Party shall deliver to the Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other
evidence of such payment reasonably satisfactory to the Agent. 
 7.4.6 (a) Any Lender that is entitled to an exemption from or reduction of
withholding Tax with respect to payments made under any Loan Document shall deliver to the Company and the Agent, at the time or times reasonably requested by the Company or the Agent, such properly completed and executed documentation reasonably
requested by the Company or the Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Company or the Agent, shall deliver such other
documentation prescribed by Applicable Law or reasonably requested by the Company or the Agent as will enable the Company or the Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements.
Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 7.4.6(b)(i), (b)(ii), and (b)(iv)) shall not be required
if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. 

(b) Without limiting the generality of the foregoing, 

(i) any Lender that is a United States person for U.S. federal income Tax purposes shall deliver to the Company and the Agent on or prior to
the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Company or the Agent), executed originals of IRS Form W-9 certifying
that such Lender is exempt from U.S. federal backup withholding Tax; 
 (ii) any Non-U.S. Lender
shall, to the extent it is legally entitled to do so, deliver to the Company and the Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Non-U.S.
Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Company or the Agent), whichever of the following is applicable: 

(A) in the case of a Non-U.S. Lender claiming the benefits of an income Tax treaty to which the United
States is a party (1) with respect to payments of interest under any Loan Document, executed copies of IRS Form W-8BEN or IRS Form
W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such Tax treaty and (2) with
respect to any other applicable payments under any Loan Document, IRS Form W-8BEN or IRS Form W-8BEN-E establishing an exemption
from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income” article of such Tax treaty; 

  
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 (B) executed copies of IRS Form W-8ECI; 

(C) in the case of a Non-U.S. Lender claiming the benefits of the exemption for portfolio interest
under Section 881(c) of the Code, (1) a certificate to the effect that such Non-U.S. Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a
“10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” related to the Borrower as described in Section 881(c)(3)(C) of the Code and
(2) executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E; or 

(D) to the extent a Non-U.S. Lender is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, IRS Form
W-8BEN-E, IRS Form W-8IMY or IRS Form W-9, and/or other certification documents from each
beneficial owner, as applicable. 
 (iii) any Non-U.S. Lender shall, to the extent it is legally
entitled to do so, deliver to the Company and the Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Non-U.S. Lender becomes a Lender under this
Agreement (and from time to time thereafter upon the reasonable request of the Company or the Agent), executed originals of any other form prescribed by Applicable Law as a basis for claiming exemption from or a reduction in U.S. federal withholding
Tax, duly completed, together with such supplementary documentation as may be prescribed by Applicable Law to permit the Company or the Agent to determine the withholding or deduction required to be made; and 

(iv) if a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender
were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Company and the Agent at the time or times
prescribed by law and at such time or times reasonably requested by the Company or the Agent such documentation prescribed by Applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation
reasonably requested by the Company or the Agent as may be necessary for the Company and the Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to
determine the amount, if any, to deduct and withhold from such payment. Solely for purposes of this clause (iv), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. 

(c) Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it
shall update such form or certification or promptly notify the Company and the Agent in writing of its legal inability to do so. 
 7.4.7 If
any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 7.4 (including by the payment of additional amounts pursuant to this
Section 7.4), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-

  
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pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such
indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in
the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph, in no event will the indemnified party be required to pay any amount to an
indemnifying party pursuant to this paragraph the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the
indemnification payments or additional amounts giving rise to such refund had never been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes
that it deems confidential) to the indemnifying party or any other Person. 
 7.4.8 Each party’s obligations under this Section 7.4
shall survive the resignation or replacement of the Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document.

 7.4.9 For purposes of Sections 7.4.4 and 7.4.6, the term “Lender” includes the LC Issuer. 

7.4.10 For purposes of determining withholding Taxes imposed under FATCA, from and after the Closing Date, the Company, the other Borrowers and
the Agent shall treat (and the Lenders hereby authorize Agent to treat) the Loans and the LC Obligations as not qualifying as a “grandfathered obligation” within the meaning of Treasury Regulation
Section 1.1471-2(b)(2)(i). 
 7.5 Selection of Lending Installation; Mitigation
Obligations; Lender Statements; Survival of Indemnity. To the extent reasonably possible, each Lender shall designate an alternate Lending Installation with respect to its Eurocurrency Loans to reduce any liability of the Borrowers to such
Lender under Sections 7.1, 7.2, and 7.4 or to avoid the unavailability of Eurocurrency Loans under Section 7.3, so long as such designation is not, in the judgment of such Lender, disadvantageous to such Lender. Each Lender shall deliver a
written statement of such Lender to the Company (with a copy to the Agent) as to the amount due, if any, under Sections 7.1, 7.2 or 7.4. Such written statement shall set forth in reasonable detail the calculations upon which such Lender determined
such amount and shall be final, conclusive and binding on the Borrowers in the absence of manifest error. Determination of amounts payable under such Sections in connection with a Eurocurrency Loan shall be calculated as though each Lender funded
its Eurocurrency Loan through the purchase of a deposit of the type and maturity corresponding to the deposit used as a reference in determining the Eurocurrency Rate applicable to such Loan, whether in fact that is the case or not. Unless otherwise
provided herein, the amount specified in the written statement of any Lender shall be payable on demand after receipt by the Company of such written statement. The obligations of the Borrowers under Sections 7.1, 7.2 and 7.4 shall survive payment of
the Obligations and termination of this Agreement. 

  
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 ARTICLE 8 

SECURITY AND GUARANTIES 

8.1 Security. 
 8.1.1
Collateral. All present and future Loans, Letters of Credit, Obligations, Guarantor Obligations, and Permitted Swap Obligations of the Loan Parties to Agent and the Lenders under this Agreement and the other Loan Documents shall be secured by
a perfected security interest, subject only to Permitted Liens, in the property described in the Collateral Documents (collectively, “Collateral”); including, without limitation, the following property of the Company and all of its
present and future Subsidiaries, except Excluded Subsidiaries and Silo Subsidiaries, whether now owned or existing or hereafter acquired and wherever located, and all products and proceeds thereof: 

(a) All inventory (including, without limitation, all parts inventory, all Vehicles of whatever make, model and description, trade ins,
repossessions and inventory held for display or demonstration purposes); equipment (other than fixtures); investment property; stock; partnership interests; membership interests; securities (certificated or uncertificated); security entitlements;
securities accounts; accounts; instruments; documents; promissory notes; chattel paper (including electronic and tangible chattel paper); payment intangibles; general intangibles; deposit accounts; contract rights and other rights to payment;
personal property leases; rebates, credits, factory holdbacks, incentive payments and other payments from any manufacturer, factory or distributor. 

(b) All attachments, accessions, accessories, tools, parts, supplies, increases and additions to, and all replacements of, and substitutions
for any property described in this Section 8.1.1; all products, produce, and supporting obligations of any of the property described in this Section 8.1.1; all proceeds (including insurance proceeds) of any of the property described in
this Section 8.1.1; and all records and data relating to any of the property described in this Section 8.1.1, whether in the form of a writing, photograph, microfilm, microfiche, or electronic media, together with all right, title and
interest of the Company and each Subsidiary in and to all computer software required to utilize, create, maintain, and process any such records or data on electronic media. 

Notwithstanding the foregoing, the New Vehicle Floorplan Loan Obligations shall be secured only by the Collateral owned by the New Vehicle Floorplan
Borrowers. For the avoidance of doubt and notwithstanding anything to the contrary set forth in this Agreement or any Security Document, the term “Collateral” as used in this Agreement and in the Security Documents shall not include any
Excluded Property. 
 8.1.2 Collateral Documents. The security interests in the Collateral shall be evidenced by such security
agreements, assignments, Uniform Commercial Code financing statements, Title Documents, trust deeds, mortgages, and other Collateral Documents covering the Collateral as Agent or Required Lenders may at any time reasonably require. 

  
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 8.1.3 Additional Acts. As a condition precedent to the effectiveness of this
Agreement, and from time to time at Agent’s or any Lender’s request, each Person granting Collateral shall execute and/or deliver to Agent such security agreements, assignments, pledge agreements, control agreements, Title Documents,
landlord and owner consents, amendments to any of the foregoing documents and any other documents and instruments (endorsed or assigned to Agent as Agent may request), and shall take such other actions, as may be required under Applicable Law or
which Agent or any Lender may reasonably request to effectuate the transactions contemplated hereunder and to grant, preserve, protect, perfect and continue the validity and priority of their security interests (subject to Permitted Liens). 

8.1.4 Limitations. Notwithstanding any contrary provision of this Agreement or any Collateral Document, unless Agent otherwise requires
(which Agent may do at any time) (a) the security interest of Agent and the Lenders in any Loan Party’s patents, trademarks, copyrights, trade names and other intellectual property will not be perfected by filing with the United States
Patent and Trademark Office or any other agency of the United States government; (b) the security interest of Agent and the Lenders will not be noted on the Title Document for any Vehicle; (c) the security interest of Agent and the Lenders
in deposit accounts maintained by any Loan Party with a financial institution other than U.S. Bank may not be perfected if Agent reasonably determines that the amounts generally maintained in such deposit accounts are not material, (d) the
security interest of Agent and the Lenders in investment property will not be perfected by control, and (e) the security interest of Agent and the Lenders in aircraft will not be perfected. 

8.2 Guaranties. All present and future Revolving Loans, Revolving Swing Line Loans, LC Obligations, Used Vehicle Floorplan
Loans, Used Vehicle Swing Line Loans, Service Loaner Vehicle Floorplan Loans, Service Loaner Vehicle Swing Line Loans and other Revolving Loan Obligations, Service Loaner Vehicle Floorplan Obligations and Used Vehicle Floorplan Obligations of
Revolving Loan Borrower, Service Loaner Vehicle Borrower and Used Vehicle Floorplan Borrower to Agent and the Lenders shall be guaranteed by each of the Guarantors. 

ARTICLE 9 
 CONDITIONS
PRECEDENT 
 9.1 Initial Conditions Precedent. The effectiveness of this Agreement and the obligation of the
Lenders to make the initial Credit Extensions are subject to satisfaction of the following conditions (each, an “Initial Condition”): 

9.1.1 Agent has received the following: 

(a) Such fully executed original Loan Documents as Agent or any Lender requires, including, without limitation, this Agreement; the Security
Agreement, the Pledge Agreement, and any other Collateral Documents; the Guaranty signed by each Guarantor; any required LC Agreement; and each other Loan Document required by Agent or any Lender. 

(b) Documentation satisfactory to the Agent to establish the due organization, valid existence and (if applicable) good standing of each Loan
Party; its qualification to engage in business in each jurisdiction in which it is engaged in business or required to be so qualified; its authority to execute, deliver and perform any Loan Documents to which it is a party and the identity,
authority and capacity of each Person authorized to act on its behalf, which shall, without limitation, include certified copies of articles or certificates of incorporation and amendments thereto, bylaws and amendments thereto, certificates of good
standing, existence and/or qualification to engage in business, corporate resolutions, incumbency certificates, and the like. 

  
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 (c) A favorable opinion of acceptable independent counsel for each Loan Party covering such
matters as Agent or any Lender may reasonably request. 
 (d) A certificate, signed by the chief financial officer of the Company, stating
that on the date of the initial Credit Extension no Default or Event of Default has occurred and is continuing. 
 (e) (i) One or more
intercreditor agreements between Agent and each Person extending floorplan financing to the Dealerships or an amendment to the existing intercreditor agreement, in form and content satisfactory to Agent and the Required Lenders, and (ii) any
other subordination or intercreditor agreements or amendments to existing intercreditor agreements required by Agent or the Required Lenders, all in form and content satisfactory to Agent and the Lenders. 

9.1.2 Agent shall have received copies of any Seller Agreements which it has requested, other than those disclosure of which is prohibited by
the relevant manufacturer or distributor, which must be reasonably satisfactory to Agent, and has received such evidence as it reasonably requires that all Seller Agreements which are necessary for the conduct of the Company’s and each
Dealership’s business, are in full force and effect. 
 9.1.3 Agent shall have a valid and perfected security interest in the Collateral
(subject to the limitations found in Section 8.1.4) with a priority acceptable to Agent and the Required Lenders and subject only to Permitted Liens and Agent shall have received satisfactory evidence of perfection and the priority of such
security interests, including without limitation such Uniform Commercial Code and other searches, termination statements, and other filings as it deems appropriate. 

9.1.4 All required insurance shall be in full force and effect and Agent shall have received such evidence thereof as it requires. 

9.1.5 The representations and warranties contained in this Agreement and in each Loan Document shall be correct, accurate and complete in all
material respects as of the Closing Date. 
 9.1.6 No Default shall have occurred and is continuing on the Closing Date or will exist after
giving effect to the making of the Loans to be made on the Closing Date, the Existing Letters of Credit, and any Letters of Credit to be issued on the Closing Date. 

9.1.7 All fees accrued under the Existing Loan Agreement for periods prior to the Closing Date and all interest accrued on the outstanding
principal balance of the loans made under the Existing Loan Agreement as of the Closing Date shall be paid; provided that (a) interest and fees accrued under the Existing Loan Agreement as of the Closing Date in respect of the Aggregate
New Vehicle Floorplan Commitment and New Vehicle Floorplan Loans shall be due and payable on the New Vehicle Monthly Payment Date immediately following the Closing Date, and (b) the Per Annum Fee shall be due and payable on the Quarterly
Payment Date immediately following the Closing Date. 

  
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 9.1.8 All fees and Attorney Costs payable on or prior to the Closing Date shall have been
paid. 
 9.1.9 Agent shall have received such additional documents, opinions, approvals, consents and information and each Loan Party shall
have satisfied such additional requirements as Agent or any Lender may reasonably require. 
 9.1.10 Upon the reasonable request of any
Lender made at least ten days prior to the Closing Date, the Loan Parties must have provided to such Lender the documentation and other information so requested in connection with applicable “know your customer” and anti-money-laundering
rules and regulations, including the PATRIOT Act, in each case at least five days prior to the Closing Date. 
 9.1.11 At least five
(5) days prior to the Closing Date, if any Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, such Borrower must deliver a Beneficial Ownership Certification in relation to such Borrower. 

9.1.12 Agent shall have received a pro forma Compliance Certificate (calculated after giving effect to this Agreement), dated as of the last
day of the fiscal quarter ending September 30, 2019 and signed by the Company’s chief financial officer or other officer acceptable to Agent. 

9.1.13 Agent shall have received (a) a Used Vehicle Borrowing Base Certificate dated as of the Closing Date certifying as to the Used
Vehicle Borrowing Base as of the last day of the calendar month preceding the calendar month ending prior to the Closing Date, (b) a Service Loaner Vehicle Borrowing Base Certificate dated as of the Closing Date certifying as to the Service
Loaner Vehicle Borrowing Base as of the last day of the calendar month preceding the calendar month ending prior to the Closing Date and (c) a Revolving Borrowing Base Certificate, dated as of the Closing Date certifying as to the Revolving
Borrowing Base as of the last day of the calendar month preceding the calendar month ending prior to the Closing Date, in each case, signed by the Company’s chief financial officer or other officer acceptable to Agent. 

9.2 Conditions Precedent to Each Credit Extension. Except as otherwise set forth herein (including without limitation
Sections 2.2.6(d), 3.2.6(d), and 4.2.6(d)), all of the following conditions must be satisfied on the date of any Credit Extension: 
 9.2.1
Agent shall have received a request for the Loan or Letter of Credit as required by the provisions of this Agreement. 
 9.2.2 No Default
shall have occurred and be continuing or will exist after giving effect to the making of such Credit Extension. 
 9.2.3 All representations
and warranties in this Agreement and the other Loan Documents shall be true and correct in all material respects as of such date, except to the extent they relate to another date, and except as previously disclosed to and accepted by Agent in
writing. 

  
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 9.2.4 All Initial Conditions have been satisfied at the time of the initial Credit
Extension. 
 9.2.5 Agent, and/or any Lender, as applicable, shall have received such documents and information as they reasonably require.

 9.2.6 All conditions in any other provision of this Agreement or any other Loan Document have been satisfied as of the time required. 

9.2.7 With respect to each New Vehicle Loan Advance, Agent shall have received the following: 

(a) For New Vehicle Loan Advances made under a Payment Commitment. Manufacturer or distributor invoice, cash draft, electronic record,
depository transfer check, sight draft, or such other documents as specified in the applicable Payment Commitment, identifying the Vehicles delivered or to be delivered to a New Vehicle Floorplan Dealership. 

(b) For New Vehicle Loan Advances made to finance Fleet Vehicles. If required by Agent, a copy of the applicable Fleet Sale Contract
and/or an agreement from the purchaser of the Fleet Vehicles agreeing to pay the purchase price due to a New Vehicle Floorplan Dealership directly to Agent. 

(c) For New Vehicle Loan Advances made to finance New Vehicles which are obtained from another dealer. Copy of manufacturer or
distributor invoice (or substitute acceptable to Agent) and bill of sale duly executed by the parties to the transaction or other documentation acceptable to Agent evidencing the acquisition cost to a New Vehicle Floorplan Dealership of such
Vehicles. 
 (d) For New Vehicle Loan Advances made to finance any other New Vehicles. Manufacturer or distributor invoice or other
documents acceptable to Agent identifying the Vehicles purchased by a New Vehicle Floorplan Dealership. 
 9.3 Conditions
Precedent to Initial Advance to any New Vehicle Floorplan Borrower. In addition to the requirements in Section 9.1 and 9.2, no New Vehicle Loans shall be made to finance New Vehicles owned by any Dealership (including the initial New
Vehicle Floorplan Borrowers) and no Dealership shall become a New Vehicle Floorplan Borrower unless all of the following conditions have been satisfied with respect to such Dealership: 

9.3.1 All indebtedness and obligations of the Dealership (or if Required Lenders, in their sole discretion, consent in writing, a franchise or
location of a Dealership) to any lender (“Former Lender”) for flooring lines of credit (other than permitted Other Service Loaner Floorplan Financing) have been repaid or will be repaid with the proceeds of the first New Vehicle
Loan Advance to be made to finance New Vehicles owned by such Dealership and all commitments of any Former Lender to extend floorplan financing to such Dealership (or if Required Lenders, in their sole discretion, consent in writing, the applicable
franchise or location of such Dealership) have been terminated. 

  
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 9.3.2 All Liens of any Former Lender in the Collateral (other than Permitted Liens) have
been terminated, or at Agent’s sole discretion, satisfactory arrangements have been made for termination of such Liens, or if such Liens are permitted hereunder, any subordination or intercreditor agreement or amendment to any such agreement
required by Agent has been executed and delivered to Agent. 
 9.3.3 Agent shall have conducted such audits of the Collateral of the New
Vehicle Floorplan Dealership as it requires, the results of which are satisfactory to Agent. 
 9.3.4 Agent shall have received such
Repurchase Agreements relating to the New Vehicle Floorplan Dealership as it requires. 
 9.3.5 All conditions in Section 9.1.2, 9.1.3,
and 9.1.4 shall be satisfied for such Dealership as of the date it becomes a New Vehicle Floorplan Dealership, and with respect to the Dealership, (i) if it is a Subsidiary as of the date of this Agreement or has previously executed a Guarantor
Joinder Agreement, it shall have executed an Existing Subsidiary Joinder Agreement (ii) if it is a new Acquisition Subsidiary, all conditions in Section 13.13 shall have been satisfied, or (iii) if it is a new Subsidiary which is not
an Acquisition Subsidiary, all conditions in Section 12.17 shall have been satisfied. 
 9.3.6 Each Loan Party has satisfied such other
conditions as are reasonably required by Agent. 
 9.4 Real Property Conditions. In addition to the other requirements
set forth herein, no Real Property shall be included or remain in the Revolving Loan Borrowing Base as Eligible Real Property unless all of the following conditions have been satisfied and continue to be satisfied with respect to such Real Property.

 9.4.1 A Real Estate Subsidiary shall hold fee simple title to the Real Property free and clear of all Liens and encumbrances of any nature
or kind whatsoever except any easements, rights of way, zoning restrictions and other minor encumbrances and exceptions which are acceptable to Agent in its sole discretion and which shall be the only encumbrances on the Real Property, and such Real
Estate Subsidiary shall not have entered into any agreement prohibiting or limiting its ability to grant a lien on such Real Property to Agent and the Lenders. 

9.4.2 Prior to inclusion of the Real Property in the Revolving Loan Borrowing Base, Agent shall receive the following, each in form and
substance satisfactory to Agent and Agent shall deliver to Lenders: (a) an acceptable Appraisal of the Real Property; and (b) a title report regarding the Real Property from a title insurance company acceptable to Agent, showing the status
of title to the Real Property, and all liens, encumbrances, easements and other matters affecting the Real Property (“Title Report”). 

9.4.3 If any Real Property remains in the Revolving Loan Borrowing Base for one year or more, Agent shall receive the following, each in form
and substance satisfactory to Agent, on an annual basis (or, if required by Agent, more frequently following the occurrence of an Event of Default) (a) an initial Phase I environmental site assessment report and such other environmental audits,
assessments, studies and reports as Agent requires, prepared by a 

  
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geotechnical engineer or other qualified Person acceptable to Agent (“Environmental Reports”) and thereafter such new or updated Environmental Reports as Agent requires,
(b) such new or updated appraisals, evaluations or reports as Agent requires to determine the Value of the Real Property, and (c) such Title Reports as Agent requires. 

9.4.4 In addition to any other insurance required hereunder, all insurance covering the Real Property which is reasonably required by Agent
shall be in full force and effect and Agent shall receive from time to time such evidence thereof as it requires. 
 9.4.5 The Real Property
and improvements thereon shall be in good condition, and no part of the Real Property and improvements shall have been damaged by fire or other casualty or have been the subject of any eminent domain or condemnation proceedings. 

9.4.6 There are no circumstances affecting the Real Property, including without limitation any requirement of Applicable Law of the
jurisdiction in which it is located which, in the opinion of Agent or its counsel, may materially affect the value of the Real Property. 

9.4.7 Agent shall have received such additional documents and information and each Loan Party shall have satisfied such additional requirements
as Agent reasonably requires, with respect to the Real Property. 
 9.4.8 The Revolving Loan Borrower shall pay all costs and expenses
incurred by Agent in connection with the Real Property, including without limitation all appraisal and appraisal review fees, costs of environmental audits and inspections, and fees of Agent’s counsel. 

ARTICLE 10 

REPRESENTATIONS AND WARRANTIES 

Except as set forth in the Disclosure Schedule, each Borrower hereby represents and warrants to and agrees with Agent and the Lenders: 

10.1 Existence and Standing. Each Loan Party (a) is a corporation, partnership or limited liability company
(i) duly and properly incorporated, organized or formed, as the case may be, validly existing and in good standing (to the extent such concept applies to such entity) or current status, in its jurisdiction of incorporation or organization and
(ii) duly qualified and in good standing (to the extent such concept applies to such entity) or current status, in each other jurisdiction where the conduct of its business or the ownership of its properties requires such qualification, and
(b) has full power, authority and legal right to carry on its business as presently conducted, and to own and operate its properties and assets; except in each case referred to in clause (a)(ii) or (b), to the extent the failure to do so could
not reasonably be expected to have a Material Adverse Effect. 
 10.2 Authorization and Validity. Each Loan Party has
the power and authority and legal right to execute and deliver the Loan Documents to which it is a party and to perform its obligations thereunder. The execution, delivery, and performance of the Loan Documents by each Loan Party have been duly
authorized by proper corporate, limited liability company partnership or other entity proceedings. This Agreement constitutes, and each other Loan Document to which any Loan Party is a party when executed and delivered to Agent will constitute a
legal, valid and binding obligation of such Loan Party, enforceable in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, moratorium, fraudulent transfer and other similar laws affecting
creditors’ rights generally. 

  
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 10.3 Conflict; Government Consent. Neither the execution and delivery
by any Loan Party of the Loan Documents to which it is a party, nor the consummation of the transactions therein contemplated, nor compliance with the provisions thereof will violate (a) any law, rule, regulation, order, writ, judgment,
injunction, decree or award binding on any Loan Party or (b) any Loan Party’s articles or certificate of incorporation, partnership agreement, certificate of limited partnership, articles or certificate of formation or organization, by-laws, or operating or other management agreement, as the case may be, or (c) the provisions of any loan, loan agreement, indenture, instrument or agreement to which any Loan Party is a party or is subject,
or by which it, or its property, is bound, or conflict with or constitute a default thereunder, or result in, or require, the creation or imposition of any Lien in, of or on the property of any Loan Party pursuant to the terms of any such indenture,
instrument or agreement, except, with respect to this clause (c), as could not reasonably be expected to have a Material Adverse Effect. No Governmental Approval of any Governmental Body is required for the due execution, delivery and performance of
the Loan Documents except such as have been obtained and are in full force and effect. 
 10.4 Financial Statements. The
financial statements that have heretofore been delivered to Agent or any Lender, and all schedules and notes included in such financial statements, are true and correct in all material respects and present fairly (a) the financial position of
the Company and its Subsidiaries as of the date of such statements and (b) the results of its operations for the periods covered thereby; and with respect to the consolidated financial statements of the Company and its Subsidiaries (including,
for the avoidance of doubt, all Minority Dealer Subsidiaries), there are not any material liabilities that should have been reflected in the financial statements or the notes thereto under GAAP, contingent or otherwise, including liabilities for
taxes or any unusual forward or long-term commitments, that are not disclosed or reserved against in the statements referred to above or in the notes thereto or that are not disclosed herein. The consolidated financial statements of the Company and
its Subsidiaries (including, for the avoidance of doubt, all Minority Dealer Subsidiaries) have been prepared in accordance with GAAP, except, as to interim financial statements, for the absence of footnotes and subject to year-end adjustments. 
 10.5 Material Adverse Effect. Since the date of the
most recent audited financial statements delivered to the Agent, no event or circumstance has occurred which has had or which could reasonably be expected to have, a Material Adverse Effect. 

10.6 Taxes. Each Loan Party has filed all federal, state, local, and other tax returns which are required to be filed and
has paid all taxes due pursuant to said returns or pursuant to any assessment received by any Loan Party, except such taxes, if any, as are being contested in good faith and by proper proceedings and as to which adequate reserves have been provided
in accordance with GAAP and as to which no Lien exists. 
 10.7 Litigation. There is no litigation, arbitration,
governmental investigation, proceeding or inquiry pending against any Loan Party or, to the knowledge of any of their officers, threatened against or affecting any Loan Party which (a) purport to affect or pertain to this Agreement or any other
Loan Document, or any of the transactions contemplated thereby, which seeks to prevent, enjoin or delay the making of any Credit Extension, or (b) if determined adversely, could reasonably be expected to have a Material Adverse Effect. 

  
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 10.8 Subsidiaries and Affiliates. Set forth in the Disclosure Schedule
is a complete and accurate list as of the Closing Date of the Company and its Subsidiaries and Affiliates (including a complete and accurate list of each Subsidiary that has been designated as a Silo Subsidiary as of the Closing Date) excluding, as
to Affiliates, (a) persons included in clause (c) of the definition of Affiliate, and (b) Persons holding 5% or more of the Company’s Class A Common Stock who have filed required reports under Sections 13(d), 13(g) or 16 of
the Securities Exchange Act of 1934, as amended, or are not required to file such reports, showing the jurisdiction of incorporation of each and showing the percentage of the Company’s ownership of the outstanding stock of each Subsidiary and
Affiliate. All of the outstanding capital stock or other Equity Interests of each such Subsidiary has been validly issued, is fully paid and nonassessable, and is owned (except for (a) Equity Interests of a Minority Dealer Subsidiary owned by
one or more Minority Dealer Partners or (b) up to 20% of the Equity Interests of a Subsidiary that a Loan Party is not permitted to own because of limitations imposed by the relevant manufacturer’s franchise agreement), directly or
indirectly, by the Company free and clear of all Liens. 
 10.9 ERISA. With respect to each Plan, each Loan Party and
all ERISA Affiliates have paid all required minimum contributions and installments on or before the due dates provided under Section 430(j) of the Code and could not reasonably be subject to a lien under Section 430(k) of the Code or Title
IV of ERISA. Neither any Loan Party nor any ERISA Affiliate has filed, pursuant to Section 412(c) of the Code or Section 302(c) of ERISA, an application for a waiver of the minimum funding standard. No ERISA Event has occurred or is
reasonably expected to occur that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur, could reasonably be expected to result in a Material Adverse Effect. 

10.10 Accuracy of Information. 

10.10.1 No report, financial statement, certificate or other written information furnished by or on behalf of any Loan Party
(other than projected financial information, pro forma financial information and information of a general economic or industry nature) to the Agent or any Lender in connection with the transactions contemplated hereby and the negotiation of this
Agreement or delivered hereunder or under any other Loan Document (in each case, as modified or supplemented by other written information so furnished), when taken as a whole, contains any material misstatement of fact or omits to state any material
fact necessary to make the statements therein (when taken as a whole), in the light of the circumstances under which they were made, not materially misleading; provided that, with respect to projected and pro forma financial information, each
Borrower represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time of preparation and delivery; it being understood that such projections may vary from actual results and that such
variances may be material. 
 10.10.2 As of the Closing Date, the information included in any Beneficial Ownership
Certification is true and correct in all respects. 

  
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 10.11 Regulation U. Margin stock (as defined in Regulation U)
constitutes less than 25% of the value of those assets which are subject to any limitation on sale, pledge, or other restriction hereunder. 

10.12 Material Agreements. The Company and each other Loan Party which is a Dealership is in compliance with all Seller
Agreements except as could not reasonably be expected to have a Material Adverse Effect. No Loan Party is a party to any agreement or instrument or subject to any charter or other corporate, partnership, or limited liability company or other
restriction which could reasonably be expected to have a Material Adverse Effect. No Loan Party is in breach of or default in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in (a) any
agreement to which it is a party, or which is binding on it or any of its assets, which default or default could reasonably be expected to have a Material Adverse Effect or (b) any agreement or instrument evidencing or governing Indebtedness in
excess of Indebtedness of the Loan Parties described in Section 14.1.3. 
 10.13 Compliance with Laws. Each Loan
Party is in compliance in all material respects with all Applicable Laws, including without limitation all environmental permits, Environmental Laws, Access Laws, and the FLSA. 

10.14 Ownership of Properties. Each Loan Party is the true and lawful owner of and has good title to, or valid leasehold
interests in, all properties and assets material to its business, real and personal, intangible and tangible which it owns or leases, free of any liens and encumbrances, except Permitted Liens. 

10.15 Plan Assets; Prohibited Transactions. No Loan Party is an entity deemed to hold “plan assets” within the
meaning of 29 C.F.R. § 2510.3-101, as modified by Section 3(42) of ERISA, of an employee benefit plan (as defined in Section 3(3) of ERISA) which is subject to Title I of ERISA or any plan
(within the meaning of Section 4975 of the Code), and neither the execution of this Agreement nor the making of Credit Extensions hereunder gives rise to a Prohibited Transaction. 

10.16 Trademarks; Patents, Etc. Each Loan Party possesses or has the right to use all licenses, permits, franchises,
patents, copyrights, trademarks, trade names, servicemarks, or rights thereto, material to the conduct of its business substantially as now conducted and as presently proposed to be conducted and none of the Loan Parties are in material violation of
any valid rights of others with respect to any of the foregoing. 
 10.17 Burdensome Restrictions. No Loan Party is a
party to or otherwise bound by any indenture, loan or credit agreement or any lease or other agreement or instrument or subject to any charter, corporate, limited liability company or partnership or other restriction which could reasonably be
expected to have a Material Adverse Effect. 
 10.18 Force Majeure. Since the date of the most recent financial
statements provided to Agent, the business, properties and other assets of Loan Parties have not been materially and adversely affected in any way as the result of any fire or other casualty, strike, lockout, or other labor trouble, embargo,
sabotage, confiscation, condemnation, riot, civil disturbance, activity of armed forces or act of God. 

  
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 10.19 Investment Company Act, Etc. No Loan Party, Person Controlling
any Loan Party, or Subsidiary is an “Investment Company” within the meaning of the Investment Company Act of 1940. No Loan Party is subject to regulation under the Federal Power Act, any state public utilities code, or any other federal or
state statute or regulation limiting its ability to incur indebtedness. 
 10.20 Solvency. Each Loan Party is Solvent
and, after the execution and delivery of the Loan Documents and the consummation of the transactions contemplated thereby, including the making of each Credit Extension and the use of the proceeds thereof, will be Solvent. 

10.21 Franchise Agreements; Material Business Relationships. As of the Closing Date, neither the Company nor any of its
Subsidiaries is a party to any dealer franchise agreement, dealer agreement, dealer sales and service agreement or similar agreement (each, a “Franchise Agreement”) other than those specifically listed in the Disclosure Schedule,
which schedule shows the applicable manufacturer or distributor and the Company or Subsidiary, as the case may be, that is a party to each such agreement, the date such agreement was entered into and the expiration date of such agreement. Except as
could not reasonably be expected to result in a Material Adverse Effect: (a) each of such Franchise Agreements is currently in full force and effect; (b) neither the Company nor any Subsidiary has received any notice of termination with
respect to any such agreement; and (c) except as disclosed on the Disclosure Schedule, neither the Company nor any Subsidiary is aware of any event that with notice, lapse of time or both would allow any manufacturer or distributor that is a
party of any Franchise Agreement to terminate any such agreement. There exists no actual or threatened termination, cancellation or limitation of, or any modification or change in, the business relationship between the Company or any of its
Subsidiaries and any customer or any group of customers or with any manufacturer or distributor that, in any case, could reasonably be expected to have a Material Adverse Effect. 

10.22 Security Interests. The Liens created or to be created in favor of Agent and the Lenders under the Collateral
Documents do and will at all times on and after the Closing Date, constitute perfected security interests (subject to Section 8.1.4), subject only to the Permitted Liens, in the Collateral as security for the Obligations specified in the
Collateral Documents. 
 10.23 Continuing Representations and Warranties. Each request for a Credit Extension shall be
deemed to be each Borrower’s representation and warranty that (a) such Credit Extension may be made without exceeding the applicable maximum amount determined in accordance with the provisions of this Agreement, (b) no Default has
occurred, or will exist after giving effect to the making of such Credit Extension, and (c) all representations and warranties set forth in this Agreement, the Collateral Documents and the other Loan Documents are true, accurate and complete in
all material respects as of the date of such request with the same effect as if made on each date, except as previously disclosed to and accepted by Agent in writing, and except for representations and warranties which specifically refer only to
another date. 
 10.24 Anti-Corruption Laws; Sanctions. The Borrowers, their Subsidiaries and their respective officers and
employees, and to the knowledge of the Borrowers, their directors and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. Each Borrower has implemented and maintains in effect for itself and its
Subsidiaries policies and procedures to ensure compliance by each Borrower, its Subsidiaries, and their 

  
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respective officers, employees, directors, and agents with Anti-Corruption Laws and applicable Sanctions. None of the Borrowers, any of their Subsidiaries or any director, officer, employee,
agent, or affiliate of such Borrower or any of its Subsidiaries is an individual or entity that is, or is 50% or more owned (individually or in the aggregate, directly or indirectly) or controlled by individuals or entities (including any agency,
political subdivision or instrumentality of any government) that are (i) the target of any Sanctions or (ii) located, organized or resident in a country or territory that is, or whose government is, the subject of Sanctions (currently
Crimea, Cuba, Iran, North Korea, Sudan and Syria). 
 10.25 EEA Financial Institution. No Loan Party is an EEA Financial
Institution. 
 ARTICLE 11 

FINANCIAL COVENANTS AND INFORMATION 

During the term of this Agreement and until termination of the availability of Credit Extensions and payment and performance in full of all
Obligations and Guarantor Obligations of each Loan Party under the Loan Documents, each Borrower agrees that, unless Required Lenders shall otherwise consent in writing: 

11.1 Financial Covenants. 

11.1.1 Current Ratio. The Current Ratio for the Company and its Subsidiaries on a consolidated basis shall not be less than 1.10 to 1.0
as of the last day of any fiscal quarter. 
 As used herein, 

“Current Assets” means the total assets of any Person that may properly be classified as current assets in accordance with
GAAP, but excluding all loans to and notes and receivables from officers, employees, directors, owners and affiliates of such Person. 

“Current Liabilities” means the total liabilities of any Person that may properly be classified as current liabilities in
accordance with GAAP. 
 “Current Ratio” means, for any Person at any time, the ratio at such time of (a) such
Person’s Current Assets plus Revolving Loan Availability at such time plus the aggregate amount of borrowing availability under any revolving credit facilities (taking into account any applicable borrowing base and reserve limitations) provided
to Silo Subsidiaries and permitted under Section 13.10(o), to (b) such Person’s Current Liabilities. 
 11.1.2 Fixed Charge
Coverage Ratio. The Fixed Charge Coverage Ratio for the Company and its Subsidiaries, on a consolidated basis, as of the last day of any fiscal quarter, for the period of four consecutive fiscal quarters ending on such date (each, a
“Measurement Period”), shall not be less than 1.20 to 1.0. 
 As used herein, 

  
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 “EBITDAR” means, for any Person, for any time period, (a) such
Person’s net income (or loss) for such time period (adjusted as set forth in the immediately following sentence), plus (b) without duplication, the amounts which, in determining net income or loss, have been deducted for (i) interest
expense, (ii) income tax expense, (iii) depreciation, amortization, goodwill impairment charges, stock-based compensation charges and other non-cash charges approved by Required Lenders (less non-cash gains) and (iv) rental or lease expense. For purposes of clause (a) of this paragraph, net income or loss (A) shall exclude (1) extraordinary gains or losses, and (2) Excluded
Items, and (B) shall include net income or loss from discontinued operations. 
 “Excluded Items” means gain or loss
from (a) the sale, sale and leaseback or financing of real estate, or (b) the sale of all or substantially all of the Equity Interests or assets of (i) a Dealership or other Subsidiary, (ii) a Dealership location, or
(iii) any business unit or franchise of a Dealership or other Subsidiary or a Dealership location. 
 “Fixed Charge Coverage
Ratio” means, as of the last day of any fiscal quarter, the ratio for the Measurement Period ending on such date of (a) (i) EBITDAR, minus (ii) dividends and other distributions in respect of Equity Interests and amounts expended
to repurchase Equity Interests from a Person that is not a Loan Party, minus (iii) income tax expense to the extent paid in cash, minus (iv) an allowance for maintenance capital expenditures in an amount equal to $85,000 for each
Dealership location, plus (v) if any Permitted Acquisition has occurred during any Measurement Period, pro forma EBITDAR minus rental or lease expense attributable to any new Acquisition Subsidiary or business acquired in connection with such
Permitted Acquisition, as applicable, calculated as if the Permitted Acquisition had occurred on the first day of such Measurement Period (it being understood and agreed that pro forma EBITDAR minus rental or lease expense may not be included in
this calculation to the extent that it results in an annualized increase of more than 10% in the Company’s consolidated EBITDAR minus rental or lease expense prior to such adjustment, unless the Company provides to the Agent and the Required
Lenders the supporting calculations for such adjustment and such other information as they may reasonably request to determine the accuracy of such calculations); to (b) the sum for the applicable Measurement Period of (i) cash interest,
plus (ii) required principal payments on Indebtedness plus (iii) rental or lease expense. 
 11.1.3 Leverage Ratio. The
Leverage Ratio for the Company and its Subsidiaries on a consolidated basis, as of the last day of any fiscal quarter, shall not be greater than 5.75 to 1.0. 

As used herein: 

“Leverage Ratio” means, as of the last day of any fiscal quarter, the ratio for the Company and its Subsidiaries on a
consolidated basis of: (a) (i) the then outstanding principal balance of all Funded Debt (minus unrestricted cash and cash equivalents in an amount not to exceed $50,000,000), minus (ii) the sum of the then outstanding principal
balance of the New Vehicle Floorplan Loans, New Vehicle Swing Line Loans, Used Vehicle Floorplan Loans, Used Vehicle Swing Line Loans, Service Loaner Vehicle Floorplan Loans, Service Loaner Vehicle Swing Line Loans, principal amount of any Other
Service Loaner Floorplan Financing, Funded Debt permitted under subsection (o) of Section 13.10 (but only to the extent constituting floor plan financing), Funded Debt permitted under subsection (p) of Section 13.10, and Funded
Debt permitted under subsection (r) of Section 13.10 (but only to the extent not guaranteed by the Company) and, without duplication, Funded Debt permitted under subsection (f) of Section 13.10 (but only to the extent the
underlying indebtedness that is guaranteed constitutes floor plan 

  
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financing), plus (iii) six times rental or lease expense for the Measurement Period ending on such date; to (b) (i) EBITDAR for the Measurement Period ending on such date, minus
(ii) interest expense with respect to the New Vehicle Floorplan Loans, New Vehicle Swing Line Loans, Used Vehicle Floorplan Loans, Used Vehicle Swing Line Loans, Service Loaner Vehicle Loans, Service Loaner Vehicle Swing Line Loans and Funded
Debt permitted under subsection (o) of Section 13.10 (but only to the extent constituting floor plan financing), Funded Debt permitted under subsection (p) of Section 13.10, and Funded Debt permitted under subsection (r) of
Section 13.10 (but only to the extent not guaranteed by the Company), in each case for the Measurement Period ending on such date. 

11.2 Financial Information. The Company shall provide to Agent and each Lender: 

11.2.1 As soon as available and in any event within 120 days after the end of each Fiscal Year of the Company: (a) the Form 10(k) for the
Company and its Subsidiaries as filed with the Securities and Exchange Commission, including financial statements certified by independent public accountants of recognized national standing which are reasonably acceptable to Agent (without a
“going concern” or like qualification or exception and without any qualification or exception as to the scope of such audit and without any other material qualification or exception) to the effect that such financial statements present
fairly in all material respects the financial condition and results of operations of the Company and its Subsidiaries (including, for the avoidance of doubt, all Minority Dealer Subsidiaries) on a consolidated basis in accordance with GAAP
consistently applied; and (b) a consolidating balance sheet and income statement for the Company and its Subsidiaries for such Fiscal Year. 

11.2.2 As soon as available and in any event within 45 days after the end of each of the first three fiscal quarters of each Fiscal Year of the
Company, the Form 10-Q for the Company and its Subsidiaries, as filed with the Securities and Exchange Commission certified by the Company’s chief financial officer or other officer acceptable to Agent as
presenting fairly in all material respects the financial condition and results of operations of the Company and its Subsidiaries (including, for the avoidance of doubt, all Minority Dealer Subsidiaries) on a consolidated basis in accordance with
GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes. 

11.2.3 As soon as available and in any event within 30 days after the end of each calendar month, the internally prepared consolidated balance
sheet and statement of operations for the Company and its Subsidiaries (including, for the avoidance of doubt, all Minority Dealer Subsidiaries) for such month and for the fiscal year to date, including such detail as Agent or any Lender reasonably
requires, certified by the Company’s chief financial officer or other officer acceptable to Agent as presenting fairly in all material respects the financial condition and results of operations of the Company and its Subsidiaries (including,
for the avoidance of doubt, all Minority Dealer Subsidiaries) on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes.

 11.2.4 Within 10 days following delivery thereof, copies of all financial statements, proxy statements, and all material written reports
and information provided to its shareholders generally, and copies of all registration statements, regular, periodic or special reports, and other documents of Company or any Subsidiary filed with the Securities and Exchange Commission (or any
successor agency), any other national securities exchange, or any other governmental securities regulatory authority having jurisdiction over Company or its Subsidiaries. 

  
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 11.2.5 With the financial statements required by Sections 11.2.1 and 11.2.2, and in any
event within the time required for delivery of such financial statements by Sections 11.2.1 and 11.2.2, a Compliance Certificate signed by the Company’s chief financial officer or other officer acceptable to Agent. 

11.2.6 Within 30 days after the end of each month (or more frequently if required by Agent or Required Lenders during the existence of a
Default), a Used Vehicle Borrowing Base Certificate, prepared as of the last day of such month, showing the calculation of the Used Vehicle Borrowing Base. 

11.2.7 Within 30 days after the end of each month (or more frequently if required by Agent or Required Lenders during the existence of a
Default), a Revolving Loan Borrowing Base Certificate, prepared as of the last day of such month, showing the calculation of the Revolving Loan Borrowing Base. 

11.2.8 Within 30 days after the end of each month (or more frequently if required by Agent or Required Lenders during the existence of a
Default), a Service Loaner Vehicle Borrowing Base Certificate, prepared as of the last day of such month, showing the calculation of the Service Loaner Vehicle Borrowing Base. 

11.2.9 Promptly following Agent’s or any Lender’s request, a projected consolidated balance sheet for the Company and its
Subsidiaries (including, for the avoidance of doubt, all Minority Dealership Subsidiaries) and related statements of income and cash flows for the time period requested by Agent or any Lender, signed by the Company’s chief financial officer or
other officer acceptable to Agent, acknowledging his or her review of such projections. 
 11.2.10 Promptly following Agent’s or any
Lender’s request, copies of each financial statement delivered to a manufacturer or distributor by any Dealership, as required by its agreement with the manufacturer or distributor. 

11.2.11 Promptly following any request therefor, such other information regarding the operations, business affairs and financial condition of
any Loan Party, or compliance with the terms of this Agreement, as the Agent or any Lender may reasonably request, which may include without limitation a monthly statement of cash flows. 

If any information which is required to be furnished to the Lenders under this Section is required by law or regulation to be filed by any Loan
Party with a government body on an earlier date, then the information required hereunder shall be furnished to the Lenders at such earlier date. 

Any financial statement required to be furnished pursuant to Section 11.2.1, 11.2.2, or 11.2.4 shall be deemed to have been furnished on
the date on which the Lenders receive notice that the Company has filed such financial statement with the Securities and Exchange Commission and is available on the EDGAR website on the Internet at www.sec.gov or any successor government
website that is freely and readily available to Agent and the Lenders without charge; provided that the Company shall give notice of any such filing to Agent (who shall then give notice of any such filing to the Lenders). Notwithstanding the
foregoing, the Company shall deliver paper copies of any such financial statement to Agent if Agent so requests, until written notice to cease delivering such paper copies is given by Agent. 

  
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 ARTICLE 12 

AFFIRMATIVE COVENANTS 

During the term of this Agreement and until termination of the availability of Credit Extensions and payment and performance in full of all
Obligations and Guarantor Obligations of each Loan Party under the Loan Documents, each Borrower agrees that, unless Required Lenders shall otherwise consent in writing: 

12.1 Maintenance of Existence and Permits. Except as permitted by Section 13.1, each Borrower shall, and the Company
shall cause each Subsidiary to, preserve and maintain its corporate, limited liability company, partnership, trust or other existence and good standing or current status in the jurisdiction of its incorporation or organization and qualify and remain
qualified, as a foreign corporation, limited liability company or other entity in each jurisdiction in which such qualification is required (except to the extent such failure to qualify in a foreign jurisdiction could not reasonably be expected to
have a Material Adverse Effect), and to maintain all patents, trademarks, copyrights, trade names, intellectual property, franchises, licenses, and permits to the extent material and necessary for the conduct of its business and the transactions
contemplated by the Loan Documents. 
 12.2 ERISA. Each Borrower shall maintain, and the Company shall cause each
Subsidiary to maintain, each Plan in compliance with all material applicable requirements of ERISA and of the Code and with all applicable rulings and regulations issued under the provisions of ERISA and of the Code and will not and not permit any
of the ERISA Affiliates to (a) engage in any transaction in connection with which any Loan Party or any of the ERISA Affiliates would be subject to either a civil penalty assessed pursuant to Section 502(i) of ERISA or a tax imposed by
Section 4975 of the Code, (b) fail to make full payment when due of all amounts which, under the provisions of any Plan, any Loan Party or any ERISA Affiliate is required to pay as contributions thereto, or (c) fail to make any
payments to any Multiemployer Plan that any Loan Party or any of the ERISA Affiliates may be required to make under any agreement relating to such Multiemployer Plan or any law pertaining thereto. 

12.3 Inspection. Each Borrower shall, and the Company shall cause each Subsidiary to, permit representatives of Agent and
the Lenders to visit and inspect any of its properties, audit and inspect any of the Collateral and examine any of its books and records (and make copies at its expense) wherever located, including, but not limited to, all manufacturers’
statements of origin, titles, demonstrator agreements, factory invoices, purchase orders, deal jackets and papers included therein, buy-back agreements and other agreements with manufacturers, distributors or
other sellers of Vehicles (excluding agreements between the Company and American Honda Motors or Toyota Motor Sales, to the extent that disclosure is specifically prohibited by the terms of such agreements), and all other instruments, documents and
records at any reasonable time and as often as Agent or any Lender may reasonably desire; and each Borrower shall and the Company shall cause each other Loan Party to, assist Agent and the Lenders in so doing. 

  
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 12.4 Collateral Audits. Each Borrower will, and the Company will cause
each Subsidiary to, permit Agent by or through any of Agent’s representatives, third party inspectors, independent contractors, attorneys or accountants, at such intervals as may be required by Agent in its sole discretion, to conduct audits of
and to verify, the Collateral. Audit reports for any month shall be provided by Agent to the Lenders in the following month. The New Vehicle Floorplan Borrowers shall pay to Agent, for Agent’s sole account, such fees as are agreed to between
them for collateral audits relating to New Vehicles owned by the New Vehicle Floorplan Dealerships; provided, that, (a) prior to the occurrence of an Event of Default, (i) the New Vehicle Floorplan Borrowers shall not be required to pay
such fee for more than three New Vehicle collateral audits in any period of twelve consecutive months, if the Leverage Ratio is equal to or less than 2.50 to 1.0 as of the end of each fiscal quarter during such time period, and (ii) the New
Vehicle Floorplan Borrowers shall not be required to pay such fee for more than four New Vehicle collateral audits in any period of twelve consecutive months, if the Leverage Ratio is greater than 2.50 to 1.0 as of the end of any fiscal quarter
during such time period; and (b) following the occurrence of an Event of Default, the New Vehicle Floorplan Borrowers shall pay the costs of all New Vehicle collateral audits required by Agent. The Company shall pay the cost of all collateral
audits other than collateral audits relating to New Vehicles. 
 12.5 Books and Records. Each Borrower shall, and the
Company shall cause each Subsidiary to, keep adequate records and books of account in which complete entries will be made reflecting all material financial transactions and matters involving the assets and business of the Company or such Subsidiary,
as the case may be, including, books and records specifying the year, make, model, cost, price, location and vehicle identification number of each New Vehicle owned by the Company or such Subsidiary. The Company will prepare all financial
statements, computations and information required hereunder for the Company and its Subsidiaries (including, for the avoidance of doubt, all Minority Dealership Subsidiaries) consolidated in accordance with GAAP. 

12.6 Maintenance of Properties. Each Borrower shall, and the Company shall cause each Subsidiary to, maintain, repair, and
preserve all of each Loan Party’s properties (whether owned, leased or subleased) that are used or useful in the conduct of the business of the Loan Parties, or where any Collateral is located (“Properties”) in good working
order and condition, ordinary wear and tear excepted, and will from time to time make or cause to be made all necessary and proper replacements, repairs, renewals, and improvements so that the efficiency and value of its Properties and facilities
shall not be materially impaired. 
 12.7 Taxes and Other Obligations. Each Borrower shall, and the Company shall cause
each Subsidiary to, timely file complete and correct United States federal and applicable foreign, state and local tax returns required by law and to pay and discharge when due all indebtedness, taxes, and other obligations for which it is liable or
to which its income or property is subject and all claims for labor and materials or supplies which, if unpaid, might become by law a lien upon its assets, unless it is contesting the indebtedness, taxes, or other obligations in good faith and
provision has been made for the payment thereof through setting aside on its books appropriate reserves with respect thereto in accordance with GAAP. 

  
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 12.8 Insurance. 

12.8.1 Maintenance of Insurance. Each Borrower shall, and the Company shall cause each Subsidiary to, maintain policies of insurance
upon all of the insurable Collateral, and on its properties and operations, carried with companies reasonably acceptable to Agent, in such form and amounts and covering such risks as Agent may reasonably require and as are required by Applicable
Law. Without limiting the foregoing, each Borrower shall, and the Company shall cause each Subsidiary to, maintain with financially sound and reputable independent insurers, insurance with respect to its properties and business against loss or
damage of such types and in such amounts as are customarily carried under similar circumstances by Persons engaged in the same or similar businesses. 

12.8.2 Form of Policies. All policies shall be written in form, amounts, coverages and basis reasonably acceptable to Agent and shall be
issued by a company or companies reasonably acceptable to Agent. Agent shall be designated as loss payee with a “Lender’s Loss Payable” endorsement on casualty policies covering the Collateral and as an additional insured on liability
policies. All policies shall include a provision that such policies will not be cancelled or materially amended, which term shall include any reduction in the scope or limits of coverage, without at least thirty (30) days prior written notice
to Agent. Each policy also shall include an endorsement providing that coverage in favor of Agent will not be impaired in any way by any act, omission or default of any Loan Party. 

12.8.3 Delivery of Certificates. Each Borrower shall, and the Company shall cause each Subsidiary to, furnish to Agent a certificate of
insurance in a form reasonably acceptable to Agent evidencing such insurance coverage. At least thirty (30) days prior to the expiration date of each policy, Agent shall be provided with a renewal certificate, together with evidence that the
renewal premium has been paid. 
 12.9 Compliance with Laws; Performance Under Agreements. Each Borrower shall, and
shall cause each Subsidiary to, (i) comply in all material respects with Applicable Laws, including, without limitation, all applicable Environmental Laws, Anti-Corruption Laws and applicable Sanctions and (ii) perform its obligations
under agreements to which it is a party except to the extent the failure to perform could not reasonably be expected to have a Material Adverse Effect. Each Borrower shall maintain in effect and enforce policies and procedures designed to ensure
compliance by such Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions. The Borrowers shall not use or allow any tenants or subtenants to use, or permit any
Subsidiary to use or allow any tenants or subtenants to use, its Property for any business activity that violates in any material respect any federal or state law or that supports a business that violates in any material respect any federal or state
law. 
 12.10 Agreements with Sellers. Each Borrower shall, and the Company shall cause each Subsidiary to, comply with
Franchise Agreements, other Seller Agreements, and all other agreements between such Person and any manufacturer or distributor of New Vehicles in all respects and shall maintain all such agreements in full force and effect, except (a) in
accordance with the disposition of or other transaction involving a Dealership or Subsidiary in accordance with Section 13.1, (b) as a result of termination or cessation of business not restricted by Section 13.8, or (c) to the extent
the failure to comply with this Section 12.10 could not reasonably be expected to have a Material Adverse Effect. 

  
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 12.11 Repurchase Agreements. Each New Vehicle Floorplan Borrower shall
comply with all terms and conditions of any applicable Repurchase Agreement except to the extent the failure to so comply could not reasonably be expected to have a Material Adverse Effect. Each New Vehicle Floorplan Borrower shall take any actions
reasonably required by Agent with respect to any Repurchase Agreement. 
 12.12 Management. The Company shall maintain a
Chief Executive Officer, President, Executive Vice President and Chief Financial Officer, or senior executive performing equivalent functions, with qualifications and experience at least comparable to those currently holding such positions. The
Company shall cause each Subsidiary to maintain executive and management personnel with qualifications and experience at least comparable to current executive and management personnel. 

12.13 Landlord’s Consents. Promptly following the Closing Date and from time to time thereafter, each
Borrower shall, and the Company shall cause each present and future Subsidiary to, use commercially reasonable efforts to obtain and deliver to Agent an agreement, release and consent to the security interest of Agent and the Lenders in the
Collateral, in form and substance reasonably acceptable to Agent from any present or future owner or landlord of any real property leased by a Loan Party (other than a Silo Subsidiary) as lessee (each a “Landlord’s
Consent”). 
 12.14 Notification. Promptly after learning thereof, the Company will notify Agent in writing of:

 12.14.1 The occurrence of any Default, and if such Default is then continuing, will deliver to Agent a certificate of the Company’s
chief financial officer or other authorized officer setting forth the details thereof and the action which it is taking or proposes to take with respect thereto. 

12.14.2 The occurrence of any of the following that could reasonably be expected to have a Material Adverse Effect: (i) the release of any
Hazardous Substances on, under, about, from, or affecting any of the Properties, any adjacent property as a result of contamination, release or activity on the Properties, or any Collateral or (ii) any other condition threatened or asserted
with respect to any such property arising under any Environmental Laws. 
 12.14.3 The details of any lien, litigation, administrative
proceeding or judgment involving $35,000,000.00 or more individually or in the aggregate threatened (in writing), instituted or completed against any Loan Party, any Collateral, or any assets of any Loan Party. 

12.14.4 Any citation, order to show cause, or other legal process or order that has or could reasonably be expected to have a Material Adverse
Effect, directing any Loan Party to become a party to or to appear at any proceeding or hearing by or before any Governmental Body that has granted to it any Governmental Approval, and include with such notice a copy of any such citation, order to
show cause, or other legal process or order. 
 12.14.5 Any (a) refusal, denial, threatened denial, or failure by any Governmental Body
to grant, issue, renew, or extend any material Governmental Approval; (b) proposed or actual revocation, termination, or modification (whether favorable or adverse) of any material Governmental Approval by any Governmental Body;
(c) dispute or other adverse action with regard to any material Governmental Approval by any Governmental Body; (d) notice from any Governmental Body of the imposition of any material fines or penalties or forfeitures; or (e) written
threats or written notice with respect to any of the foregoing or with respect to any proceeding or hearing that might result in any of the foregoing. 

  
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 12.14.6 Any dispute concerning or any threatened nonrenewal or modification of any lease for
real or personal property to which it is a party if such dispute or nonrenewal or modification could reasonably be expected to result in a Material Adverse Effect. 

12.14.7 Any material change in the relationship between any Dealership and any Vehicle manufacturer or distributor including, without
limitation, the loss or cancellation, or threatened loss or cancellation, of a franchise, or any notice of the existence of a default under any Franchise Agreement or other Seller Agreement. 

12.14.8 Any other event or circumstance which has or could reasonably be expected to have a Material Adverse Effect. 

12.14.9 The receipt of any material notices (including notices of default or acceleration) received from any holder or trustee of, under or
with respect to its Subordinated Debt (if any) (which shall include copies of such notices). 
 12.14.10 With respect to a Plan, (i) any
failure to pay all required minimum contributions and installments on or before the due dates provided under Section 430(j) of the Code or (ii) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA, of an
application for a waiver of the minimum funding standard. 
 12.14.11 The occurrence of any ERISA Event that, alone or together with any
other ERISA Events that have occurred, would reasonably be expected to result in material liability. 
 12.15 Further
Assurances. From time to time, when requested by Agent or any Lender, it shall, and the Company shall cause each Subsidiary to, duly execute and deliver or cause to be duly executed and delivered to Agent such further instruments,
agreements, and documents and do or cause to be done such further acts as Agent or any Lender deems reasonably necessary to carry out more effectively the provisions and purpose of this Agreement and the other Loan Documents. Without limiting the
foregoing, each Borrower shall, and the Company shall cause each Subsidiary to, promptly correct any defect or error that may be discovered in any Loan Document or in the execution, acknowledgment or recordation thereof. Promptly upon request by
Agent, each Borrower shall, and the Company shall cause each Subsidiary to, do, execute, acknowledge, deliver, record, re-record, file, re-file, register and reregister,
any and all deeds, conveyances, mortgages, deeds of trust, trust deeds, assignments, estoppel certificates, financing statements and continuations thereof, notices of assignment, transfers, certificates, assurances and other instruments as Agent may
reasonably require from time to time in order: (a) to carry out more effectively the purposes of the Loan Documents and (b) to better assure, convey, grant, assign, transfer, preserve, protect and confirm unto Agent the rights granted now
or hereafter intended to be granted to Agent or the Lenders under any Loan Document or under any other instrument executed in connection with any Loan Document or that any Loan Party may be or become bound to convey, mortgage or assign to Agent in
order to carry out the intention or facilitate the performance of the provisions of any Loan Document. Each Borrower shall, and the Company shall cause each Subsidiary to, furnish to Agent evidence satisfactory to Agent of every such recording,
filing or registration. 

  
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 12.16 Deposit Accounts. Except as consented to in writing by Agent and
Required Lenders, which consent shall not be unreasonably withheld, each Borrower shall, and the Company shall cause each Subsidiary to, maintain its primary operating deposit accounts with one or more of the Lenders. Except as provided in
Subsection (c) of Section 8.1.4, all deposit accounts other than trust accounts shall be subject to a control agreement (in form and content reasonably satisfactory to the Agent and the Required Lenders) between any Lender having a
security interest in such account, depository bank, Agent, and the applicable Loan Parties (other than Silo Subsidiaries), which control agreement shall establish a perfected priority security interest (subject only to the Permitted Liens) in favor
of Agent, for the benefit of the Lenders, in all such deposit accounts. 
 12.17 Joinder of New Subsidiaries. Each
Person that is a Permitted New Dealership, an Other New Subsidiary or otherwise becomes a Subsidiary of the Company (in each case, other than an Acquisition Subsidiary or a Silo Subsidiary), shall execute a Guarantor Joinder Agreement (or if it is
to become a New Vehicle Floorplan Borrower, a Borrower Joinder Agreement) and shall execute such other documents and satisfy such requirements as Agent reasonably requires so that such Person becomes a Guarantor and a Loan Party and, if applicable,
a New Vehicle Floorplan Borrower, and grants a security interest to Agent for the benefit of the Lenders in the Collateral owned by such Person. Each such Person that becomes a Subsidiary of the Company (other than a Silo Subsidiary) shall satisfy
all requirements applicable to an Acquisition Subsidiary which are set forth in Section 13.13 (d), (g), (i), (j), (k) (if such Subsidiary is a Dealership), (l) and (p). Each Person that becomes a Silo Subsidiary shall execute a Guarantor
Joinder Agreement, but only to become a “Guarantor” (as defined in the Loan Agreement and Guaranty) and a Loan Party, and not to become a “Grantor” (as defined in the Security Agreement and Pledge Agreement). 

12.18 Use of Proceeds. The Borrowers will not request any Loan or Letter of Credit, and will not use, and the Borrowers will
ensure that their Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds of any Loan or Letter of Credit in furtherance of an offer, payment, promise to pay, or authorization of the payment or
giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws. The Borrowers will not, directly or indirectly, use the proceeds of the Loans or any Letter of Credit, or lend, contribute or otherwise make
available such proceeds to any subsidiary, joint venture partner or other Person, (i) to fund any activities or business of or with any Person, or in any country or territory, that, at the time of such funding, is, or whose government is, the
subject of Sanctions, or (ii) in any other manner that would, to any Borrower’s knowledge, result in a violation of Sanctions by any Person (including any Person participating in the Loans, whether as underwriter, advisor, investor, or
otherwise). 
 12.19 Anti-Money Laundering Compliance. Each Borrower shall, and shall cause each Subsidiary to, provide
such information and take such actions as are reasonably requested by the Agent or any Lender in order to assist the Agent and the Lenders in maintaining compliance with anti-money laundering laws and regulations. 

  
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 ARTICLE 13 

NEGATIVE COVENANTS 
 During
the term of this Agreement and until termination of the availability of Credit Extensions and payment and performance in full of all Obligations and Guarantor Obligations of each Loan Party under the Loan Documents, each Borrower agrees that, unless
Required Lenders shall otherwise consent in writing: 
 13.1 Mergers, Etc. 

13.1.1 (a) Each Borrower shall not, and the Company shall not permit any Subsidiary to, wind up, liquidate, dissolve or reorganize, merge into
or consolidate with any other Person, permit any other Person to merge into or consolidate with it, or convey, sell, transfer, lease or otherwise dispose of (in one transaction or in a series of transactions) all or any substantial part of its
assets (except, with respect to sales of less than substantially all of its assets, for sales of inventory, chattel paper and equipment in the ordinary course of business) or all or any substantial part of the stock or other Equity Interests of
Subsidiaries of the Company (in each case, whether now owned or hereafter acquired), or take any action to authorize winding up, dissolution, or liquidation, except that, if at the time thereof and after giving effect thereto no Default shall have
occurred and be continuing (i) any Subsidiary may merge into the Company in a transaction in which the Company is the surviving corporation, (ii) any wholly-owned Subsidiary may merge into another wholly-owned Subsidiary, (iii) any
wholly-owned Subsidiary may sell, transfer, lease or otherwise dispose of its assets to the Company or to another wholly-owned Subsidiary, (iv) the Company or any wholly-owned Subsidiary may sell, transfer or otherwise dispose of a portion or
all of the Equity Interests of any wholly-owned Subsidiary to the Company or to another wholly-owned Subsidiary and (v) the Company or any wholly-owned Subsidiary may engage in a transaction to convert its legal form of organization from one
entity type to another entity type or change its jurisdiction of organization, so long as Agent and the Lenders shall continue to have a perfected security interest in any transferred Collateral, subject to no Liens other than Permitted Liens
existing on the date of the transfer. 
 (b) If (i) any New Vehicle Floorplan Dealership is involved in a transaction described in
clause (i), (ii), (iii), (iv) or (v) of Section 13.1.1(a) or in Section 13.1.2 and, as a result thereof, will cease to be a New Vehicle Floorplan Dealership, (ii) any Minority Dealer that is a New Vehicle Floorplan Borrower
ceases to be a Minority Dealer Subsidiary because a Loan Party is no longer the manager of such Minority Dealer or because the manager of the Minority Dealer has no longer delegated to a Loan Party all or a substantial portion of such manager’s
power and authority under the Minority Dealer’s applicable organizational documents or (iii) any New Vehicle Floorplan Dealership will otherwise cease to be a New Vehicle Floorplan Dealership (whether as a result of becoming a Minority
Dealer Affiliate, otherwise ceasing to be a Subsidiary or otherwise), the Subsidiary that is the transferor or will not survive the merger or otherwise will cease to be a New Vehicle Floorplan Dealership (“Terminating Borrower”)
shall execute a Borrower Termination Agreement (or if the Dealership will also cease to be a Guarantor, a Loan Party Termination Agreement), the Dealership Loan Limit for such Dealership shall be deleted, and Agent shall obtain any required
amendment to any intercreditor agreement, the Related Principal Portion of all New Vehicle Loans made to finance New Vehicles for such Terminating Borrower shall be repaid, and all conditions in Section 9.3 shall be satisfied with respect to
any transferee or surviving New Vehicle Floorplan Dealership. 

  
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 (c) If (i) any Subsidiary other than a New Vehicle Floorplan Dealership is involved in
a transaction described in clause (i), (ii), (iii), (iv) or (v) of Section 13.1.1(a) or in Section 13.1.2 and, as a result thereof, will cease to be a Guarantor or (ii) will otherwise cease to be a Guarantor (whether as a result
of becoming a Minority Dealer Affiliate, otherwise ceasing to be a Subsidiary or otherwise), the Subsidiary that is the transferor or will not survive the merger or otherwise will cease to be a Guarantor shall execute a Loan Party Termination
Agreement and satisfy such other conditions as Agent reasonably requires to remove such Subsidiary as a Guarantor. 
 13.1.2 Notwithstanding
the provisions of Section 13.1.1, the Company or any Subsidiary may sell (y) any Equity Interests in any Minority Dealer or any Dealership that as a result of such sale becomes a Minority Dealer (provided such Equity Interests are sold to
a Minority Dealer Partner in such Minority Dealer) and (z) all or any substantial part of the assets of, or all or any substantial part of its capital stock or Equity Interests in, any Dealership or other Subsidiary (or of any business unit or
franchise of a Dealership or other Subsidiary) for not less than fair market value, if, in each case, (a)(i) after giving pro forma effect to such sale (and all other sales permitted under this Section 13.1.2) as if it occurred on the last day
of the fiscal quarter most recently ended prior to such sale, the Company shall be in compliance with the requirements of Section 11.1, (ii) if the sales price (excluding real property and Vehicle inventory) for the assets or Equity Interests
sold is greater than $20,000,000.00, the Company shall have delivered to the Agent a Revolving Loan Borrowing Base Certificate, Used Vehicle Floorplan Borrowing Base Certificate and Service Loaner Vehicle Borrowing Base Certificate, each calculated
on a pro forma basis after giving effect to such sale, (iii) no Default shall exist immediately prior to or upon giving effect to any such sale and (iv) the conditions in Section 13.1.1 are satisfied, or (b) Required Lenders have
consented in writing to the sale and each Loan Party has complied with all terms and conditions of such consent. 
 13.1.3 Notwithstanding
the provisions of this Agreement (including Sections 12.1, 13.1.1, 13.1.2, 13.8 and 13.9), any Subsidiary that no longer has assets (or that has assets (x) with an aggregate book value less than $25,000 or (y) that will be distributed
solely to a Loan Party) may discontinue operations and dissolve or liquidate unless such action would constitute a Material Adverse Effect or any Default shall exist immediately prior to or upon giving effect thereto. 

13.2 Guaranties, Etc. Each Borrower shall not, and the Company shall not permit any Subsidiary to, enter into or permit to
exist any Contingent Obligations, except Contingent Obligations permitted by Section 13.10. 
 13.3 Liens. Each
Borrower shall not, and the Company shall not permit any Subsidiary to, grant or permit to exist a security interest in or Lien on its presently owned or hereafter acquired real or personal property except: 

(a) Liens in favor of Agent for the benefit of the Lenders which secure the Obligations, Guarantor Obligations, and Permitted Swap
Obligations. 

  
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 (b) Liens for taxes, assessments or other government charges or levies not yet due and
payable or, if due and payable, if they are being contested in good faith by appropriate proceedings and for which appropriate reserves are maintained. 

(c) Liens imposed by law, such as mechanics’, materialmen’s, landlords’, warehousemen’s, and carriers’ Liens, and
other similar Liens, securing obligations incurred in the ordinary course of business which are not past due for more than 30 days or which are being contested in good faith by appropriate proceedings and for which appropriate reserves have been
established. 
 (d) Liens under workers’ compensation, unemployment insurance, Social Security, or similar legislation (excluding,
however, Liens arising under ERISA) which are not past due for more than sixty (60) days or which are being contested in good faith by appropriate proceedings and for which appropriate reserves have been established. 

(e) Liens, deposits, or pledges to secure the performance of bids, tenders, contracts (other than contracts for the payment of money), leases
(permitted under the terms of this Agreement), public or statutory obligations, surety, stay, appeal, indemnity, performance or other similar bonds, or other similar obligations arising in the ordinary course of business which are not past due for
more than 30 days or which are being contested in good faith by appropriate proceedings and for which appropriate reserves have been established. 

(f) Judgment and other similar Liens arising in connection with court proceedings, in an aggregate amount not in excess of 3% of Tangible Net
Worth as of the last day of the most recently ended fiscal quarter of the Company and its Subsidiaries; provided the execution or other enforcement of such Liens is effectively stayed and the claims secured thereby are being actively
contested in good faith and by appropriate proceedings, and the existence thereof does not constitute a Default hereunder. 
 (g) Easements,
rights-of-way, zoning restrictions, and other similar encumbrances in existence on the date of this Agreement or which, in the aggregate, do not materially interfere
with the occupation, use, and enjoyment by any Loan Party of the property or assets encumbered thereby in the normal course of its business or materially impair the value of the property subject thereto. 

(h) Liens on Service Loaner Vehicles of a Dealership and proceeds thereof securing Other Service Loaner Floorplan Financing permitted by
Section 13.10(e), and which are, only as to liens in existence on the Closing Date, securing Indebtedness listed on the Disclosure Schedule; provided that if required by Agent, the Other Service Loaner Floorplan Lender providing such
financing has entered into an intercreditor agreement with Agent in form and content reasonably satisfactory to Agent and the Required Lenders. 

(i) Purchase money Liens hereafter created by any Loan Party to secure the purchase price of equipment acquired after the Closing Date, so
long as (i) such equipment is acquired in the ordinary course of such Person’s business, (ii) such Lien attaches to such equipment no later than 10 days after the acquisition thereof; (iii) such Lien does not extend to any
property other than the equipment acquired, (iv) such Lien secures only the obligation to pay the purchase price of such equipment, and (v) the Indebtedness secured is permitted by Section 13.10(j) hereof. 

  
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 (j) Liens in existence on the Closing Date securing Indebtedness permitted by
Section 13.10 hereof (if such Indebtedness is permitted to be secured), which are listed on the Disclosure Schedule. 
 (k) Liens
securing obligations in respect of Capitalized Leases provided that such Capitalized Leases are otherwise permitted under this Agreement, and such Liens attach only to the property being leased. 

(l) Liens arising solely by virtue of any statutory or common law provision relating to banker’s liens, rights of setoff or similar
rights and remedies as to deposit accounts or other funds maintained with a creditor depository institution (provided that such deposit accounts are permitted) and, if such deposit accounts are with a Lender (or with another financial
institution, if required by Agent), such liens are subordinated to the Liens in favor of Agent and the Lenders under the Collateral Documents. 

(m) Liens on property (excluding Collateral) acquired after the Closing Date which are in existence at the time such property is acquired,
which were not incurred in contemplation of the acquisition, and which secure Indebtedness permitted by this Agreement. 
 (n) Liens on
assets owned by any Excluded Tax Credit Investment Subsidiary or any other Subsidiary (other than Collateral and Eligible Real Property) which secure Indebtedness permitted by Section 13.10(d), and Liens on Equity Interests in Excluded Tax
Credit Investment Subsidiaries (other than LCDC) granted in connection with Investments described in Section 13.6(p). 
 (o) Liens
consented to in writing by Agent and Required Lenders. 
 (p) Liens on Vehicles and other assets of a Silo Subsidiary securing Funded Debt
permitted by Section 13.10(o), provided that such Vehicles and other assets do not constitute Collateral. 
 (q) Liens on New Vehicles
of Canadian Dealerships and proceeds thereof securing Indebtedness permitted by Section 13.10(p). 
 (r) (x) Restrictions on
transfer and (y) with respect to Equity Interests in Minority Dealer Subsidiaries, call options or other buy-sell rights in favor of Minority Partners, in each case, set forth in the organizational
documents of Subsidiaries. 
 (s) Liens securing Pari Passu Funded Debt. 

(t) Liens (including, without limitation, certain rights of set-off and title retention agreements) in
favor of an Original Equipment Manufacturer attaching to Inventory sold to a Loan Party by such Original Equipment Manufacturer and securing amounts owing in connection with the purchase of such Inventory by such Loan Party from such Original
Equipment Manufacturer, so long as such Liens do not secure Indebtedness and such Liens arise in the ordinary course of business consistent with the Company’s existing business practices, and Liens consisting of purchase options and rights of
first refusal arising under any Franchise Agreement or Repurchase Agreement. 

  
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 (u) Liens not otherwise permitted under this Section 13.3 provided that (i) at
the time of the creation or incurrence of any such Lien, no Default or Event of Default shall exist or would result from such Lien, (ii) no such Lien attaches to any Collateral, and (iii) the aggregate amount of Indebtedness secured by all
such Liens shall not exceed $25,000,000 at any time. 
 (v) Liens securing Funded Debt incurred by any SCFC Subsidiary to the extent such
Funded Debt is permitted by Section 13.10(r). 
 Notwithstanding the foregoing, except for Liens in favor of Agent, there shall not be any Liens on any
of the capital stock or other Equity Interests of any Subsidiary except for capital stock or Equity Interests owned, directly or indirectly, by a Person other than the Company or any Subsidiary where such ownership is otherwise permitted by this
Agreement. 
 13.4 Restricted Payments. Each Borrower shall not, and the Company shall not permit any Subsidiary to
(a) declare or pay, or agree to declare or pay, or set aside funds for the payment, directly or indirectly of, any Restricted Payment, or (b) pay or agree to pay or set aside funds to pay any management fees or similar fees in the case of
the Company, to any direct or indirect Affiliate thereof, or in the case of any other Loan Party, to any direct or indirect owner of its Equity Interests or any direct or indirect Affiliate thereof, except (c) (i) Subsidiaries of the Company
may make Restricted Payments or payments of such fees to the Company or to any other Loan Party, and (ii) the Company may reacquire shares from eligible participants in its stock incentive plans, as required under the terms of the plans to
permit cashless exercise and tender of shares to meet withholding obligations for income tax purposes. Notwithstanding the foregoing, and so long as no Default or Event of Default has occurred and is continuing or would exist after giving effect
thereto, (w) each Minority Dealer may make distributions to any of its Minority Dealer Partners, (x) the Company or any Subsidiary may acquire, from time to time, any Equity Interests in any Minority Dealer, directly or indirectly, from a
Minority Dealer Partner, (y) the Company may pay dividends on its capital stock, and (z) the Company may repurchase shares of its capital stock. 

13.5 Subordinated Debt. If any Subordinated Debt is outstanding, each Borrower shall not, and the Company shall not permit any
Subsidiary to (a) make any amendment or modification to the indenture, note or other agreement evidencing or governing any Subordinated Debt; (b) make any scheduled payment of the principal of or interest on any Subordinated Debt which
would be prohibited by the terms of such Subordinated Debt or any related subordination agreement; (c) directly or indirectly make any prepayment on or purchase, redeem or defease any Subordinated Debt or offer to do so (whether such
prepayment, purchase or redemption, or offer with respect thereto, is voluntary or mandatory); (d) take or omit to take any action if as a result of such action or omission the subordination of such Subordinated Debt, or any part thereof, to the
Obligations might be terminated, impaired or adversely affected; or (e) omit to give Agent prompt notice of any notice received from any holder of Subordinated Debt, or any trustee therefor, or of any default under any agreement or instrument
relating to any Subordinated Debt by reason whereof such Subordinated Debt might become or be declared to be due or payable. 

  
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 13.6 Loans and Investments. Each Borrower shall not, and the Company
shall not permit any Subsidiary to (a) make or contract to make any loan or advance to any Person (other than short term trade advances in the ordinary course of business), or incur Contingent Obligations with respect to the obligations of any
Person; or (b) purchase or otherwise acquire, any capital stock, obligations, or other securities of, make any capital contributions to, or otherwise invest in or acquire any interest in any Person, or participate as a partner or joint venturer
with any other Person (the matters described in clause (a) and (b) are collectively, “Investments”), except: 
 (a)
Investments by the Company in any Subsidiary or Affiliate or by any Subsidiary in any of its Subsidiaries or Affiliates, in each case, which exist as of the Closing Date; 

(b) In the ordinary course of business, Investments by the Company in any Subsidiary or by any Subsidiary in the Company, or by any Subsidiary
in any other Subsidiary, by way of capital contributions, intercompany loans, advances or guaranties, to the extent permitted by this Agreement; 

(c) Contingent Obligations permitted by Section 13.10; 

(d) Cash Equivalent Investments; 

(e) Bank deposits in the ordinary course of business; 

(f) Investments in securities of account debtors received pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or
insolvency of such account debtors or otherwise in settlement of claims arising in the ordinary course of business; 
 (g) Investments
pursuant to a Permitted Acquisition; 
 (h) Investments not otherwise permitted under this Section 13.6 provided that the aggregate
amount of such Investments do not to exceed 2.00% of the Aggregate Commitments; 
 (i) Investments listed on the Disclosure Schedule; 

(j) Extensions of credit to customers made in the ordinary course of business and in connection with the sale or lease of inventory in the
ordinary course of business; 
 (k) (i) Investments (other than loans or other advances) in Minority Dealers, including the acquisition
of equity ownership interests of Minority Dealers from one or more Minority Dealer Partners, and (ii) Investments not exceeding $60,000,000 in the aggregate consisting of loans or other advances to Minority Dealers or the Minority Dealer
Partners in such Minority Dealers; 
 (l) Such other Investments as are consented to by the Required Lenders in their sole discretion; 

  
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 (m) Extensions of credit to Persons acquiring the assets of a Dealership or another
Subsidiary pursuant to a sale permitted by Section 13.1.2 (“Seller Notes”), in an aggregate principal amount not to exceed, at any time outstanding, 3% of Tangible Net Worth as of the last day of the most recently ended fiscal
quarter of the Company and its Subsidiaries; 
 (n) Investments in equity interests in Permitted New Dealerships; 

(o) Investments not in the ordinary course of business in equity interests in Other New Subsidiaries, provided that the aggregate of all
investments in Other New Subsidiaries under this clause (o) shall not exceed $4,000,000.00 during the time period from the Closing Date to the Termination Date; 

(p) Investments by the Company or any Subsidiary (i) in Community Development Entities under the Federal New Markets Tax Credit
Program or (ii) in any other Person formed for (and continuing to operate for) the purpose of making investments that are intended to qualify for renewable energy or other tax credits, provided that the aggregate amount of such Investments do
not exceed $50,000,000.00 outstanding at any one time; and 
 (q) Investments by the Company and its Subsidiaries in Shift consisting of
(a)(i) preferred equity investments, together with warrants to acquire additional equity interests and any additional equity interests acquired upon exercise of such warrants in an aggregate amount not to exceed $54,000,000, or (ii) other
equity investments, loans or other extensions of credit by the Company and its Subsidiaries to Shift (and/or one or more of its subsidiaries) in an aggregate amount not to exceed $25,000,000 at any time outstanding and (b) guarantees or direct
financing by the Company of the Shift Facility or the acquisition of the Shift Facility from the lenders providing such financing to Shift (each, a “Shift Investment” and collectively, the “Shift Investments”); 

provided that (x) any Investment which when made complies with the requirements of the definition of the term “Cash Equivalent
Investment” may continue to be held notwithstanding that such Investment if made thereafter would not comply with such requirements; (y) no Investment otherwise permitted by clause (c), (g), (h), or (k) shall be permitted to be made
if, immediately before or after giving effect thereto, any Default or Event of Default exists; and (z) the Company shall not, and shall not permit any Subsidiary to, create or acquire, or make any Investment in any Subsidiary not organized
under the laws of a State of the United States or a province or the federal laws of Canada. 
 13.7 Transactions with
Affiliates. Other than (i) service agreements with DiMar Holdings, LLC and its subsidiaries and Minority Dealer Affiliates and (ii) any agreement, contract or transaction entered into in connection with the Shift Investments,
each Borrower shall not, and the Company shall not permit any Subsidiary to, enter into any transaction with any Affiliate, except a Loan Party, including without limitation, the purchase, sale, or exchange of property or the rendering of any
service, except upon fair and reasonable terms no less favorable to it than those that would prevail in a comparable arm’s length transaction with a Person not an Affiliate. 

  
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 13.8 Type of Business. Each Borrower shall not, and the Company shall
not permit any Subsidiary to (i) engage in any line of business different from those lines of business conducted by the Company and its Subsidiaries on the date hereof or any business substantially related or incidental thereto or
(ii) except as a result of transactions permitted by Sections 13.1, interrupt or cease to engage in, for a time deemed material by Agent, any material portion of its business activities or operations. 

13.9 Structure. Each Borrower shall not, and the Company shall not permit any Subsidiary to, make any material change in
its organizational structure or capital structure, or make any material modification in its Articles of Organization or Incorporation, Partnership Agreement, Operating Agreement, Bylaws, or other organizational documents, in each case to the extent
such change or modification impairs the enforceability of any Loan Documents, impairs the ability of any Loan Party to perform its obligations under any Loan Document or would otherwise reasonably be expected to result in a Material Adverse Effect.

 13.10 Indebtedness. Each Borrower shall not, and the Company shall not permit any Subsidiary to, incur or permit to
exist any Indebtedness to any Person except: 
 (a) Indebtedness (including Contingent Obligations) incurred pursuant to this Agreement and
the Loan Documents. 
 (b) Short-term unsecured trade obligations incurred in the ordinary course of business which are outstanding not more
than 90 days after the original date on which such trade obligations were created. 
 (c) Indebtedness in respect of Permitted Swap
Obligations. 
 (d) Funded Debt of any Subsidiary which is secured primarily by real estate owned by such Subsidiary, and Funded Debt of any
Excluded Tax Credit Investment Subsidiary (other than LCDC). 
 (e) Subject to satisfaction of the requirements of Section 13.3(h) by
each Other Service Loaner Floorplan Lender, Funded Debt of the Dealerships with respect to Other Service Loaner Floorplan Financing provided by Other Service Loaner Floorplan Lenders. 

(f) Unsecured guarantees by the Company of, and unsecured co-borrower obligations of the Company in
respect of, (i) Other Service Loaner Floorplan Financing obligations of Dealerships to Other Service Loaner Floorplan Lenders, (ii) debt of any Subsidiary which is permitted under Section 13.10(d), (iii) operating leases of its
Subsidiaries and Minority Dealer Affiliates, (iv) extensions of credit to a Minority Dealer Affiliate, all proceeds of which are used to purchase New Vehicles or Service Loaner Vehicles to be held by the Minority Dealer Affiliate for sale
and/or lease in the ordinary course of business, (v) obligations of Dealerships to manufacturers or distributors of New Vehicles under Seller Agreements, (vi) Indebtedness which is permitted under Section 13.10(o) and (p), (vii) the
Shift Facility and (viii) SCFC Indebtedness in an aggregate outstanding principal amount at any time not to exceed, with respect to the Company’s guarantee under this clause (viii), $250,000,000. 

(g) Unsecured Indebtedness of the Company to any Subsidiary. 

  
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 (h) Unsecured Indebtedness of any Subsidiary to the Company or another Subsidiary. 

(i) Indebtedness existing on the Closing Date and set forth on the Disclosure Schedule, solely to the extent that such Indebtedness is
not increased and no additional collateral is provided for such Indebtedness. 
 (j) Funded Debt consisting of purchase money indebtedness
incurred to acquire equipment which is secured only by the equipment acquired and proceeds therefrom and such equipment secures only the obligation to pay the purchase price. 

(k) Unsecured guaranties by a Subsidiary of the obligations of any other Subsidiary on (i) real estate leases between such other
Subsidiary and an owner of real estate which has been subleased by such other Subsidiary to such Subsidiary, and (ii) Indebtedness incurred by such other Subsidiary which is permitted under Subsection 13.10(d) and which is obtained to finance
real estate leased by such other Subsidiary to such Subsidiary. 
 (l) Additional Funded Debt, including, without limitation, (i) Pari
Passu Funded Debt and (ii) Contingent Obligations in respect of Funded Debt of the Company or any of its Subsidiaries, provided that, after giving pro forma effect to the incurrence of such additional Funded Debt as if
incurred and outstanding on the last day of the fiscal quarter most recently ended prior to such incurrence, the Company would have been in compliance with Section 11.1.3 as of such day (and for purposes of determining such compliance for any
Funded Debt incurred in connection with a Permitted Acquisition, “pro forma effect” shall take into account, for the Measurement Period most recently ended prior to the incurrence, the pro forma EBITDAR attributable to the business
or businesses acquired, less interest expense attributable to the business or businesses acquired with respect to vehicle floor plan financing, calculated as if the Permitted Acquisition had occurred on the first day of such Measurement Period).

 (m) Indebtedness appearing as a claims reserve (or similar term) on the balance sheet of the Company and its Subsidiaries, which
represents amounts which have been received but which will be expended to pay warranty and service claims by customers of the Dealerships. 

(n) Guaranties by Lithia Financial Corporation of Permitted Swap Obligations. 

(o) Funded Debt owing by a Silo Subsidiary in an aggregate outstanding principal amount at any time not to exceed 25% of the amount of the
Aggregate Commitments as in effect from time to time; provided that no Loan Party other than (i) the Company and (ii) one or more Silo Subsidiaries, has any obligation (contingent or otherwise) with respect to such Funded Debt. 

(p) Funded Debt of Canadian Dealerships under floor plan financing arrangements all proceeds of which are used to purchase or finance New
Vehicles located in Canada, in an aggregate principal amount not in excess of $100,000,000.00 (or the Canadian dollar equivalent thereof) outstanding at any time; provided that the lender or lenders providing such floor plan financing
arrangements have entered into an intercreditor agreement with Agent in form and content satisfactory to Agent. 

  
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 (q) Obligations in respect of put rights and other
buy-sell rights granted to a Minority Dealer Partner that are set forth in the organizational documents of a Minority Dealer. 

(r) Funded Debt incurred by and secured solely by the assets of any SCFC Subsidiary (“SCFC Indebtedness”); provided that
upon any such incurrence of Funded Debt, SCFC and the Agent shall execute and deliver to each other a Silo Subsidiary/SCFC Termination Agreement solely with respect to SCFC’s status as a party to the Security Agreement, the Pledge Agreement
and any other Collateral Documents as a Grantor (as defined in the Security Agreement and the Pledge Agreement) (it being understood that such Silo Subsidiary/SCFC Termination Agreement shall not terminate SCFC’s obligations under its Guaranty,
which shall remain in full force and effect); provided further that at the time SCFC becomes an Excluded Subsidiary, SCFC and the Agent shall execute and deliver to each other a Silo Subsidiary/SCFC Termination Agreement which shall terminate
SCFC’s Guaranty and otherwise reflect SCFC’s status as an Excluded Subsidiary. 
 13.11 Margin Stock; Speculation.
Each Borrower shall not, and the Company shall not permit any Subsidiary to, use any part of the proceeds of any Loan, either directly or indirectly, for the purpose, whether immediate, incidental, or ultimate, of purchasing or carrying any
margin stock (within the meaning of Regulation U) or extending credit to others for the purpose of purchasing or carrying any margin stock or for any purpose which violates any applicable provision of any regulation of the Board of Governors of the
Federal Reserve System. No Loan Party shall be engaged principally or as one of its important activities in the business of extending credit for the purpose of purchasing or conveying any margin stock. No part of the proceeds of any Loan will be
used for speculative investment purposes, including without limitation speculating or hedging in the commodities and/or futures market. 

13.12 Restrictive Agreements. Except for Permitted Restrictions, the provisions of this Agreement and the other Loan
Documents or as could not reasonably be expected to have a Material Adverse Effect, each Borrower shall not, and the Company shall not permit any Subsidiary to, (a) enter into or permit to exist any arrangement, contract, or agreement which
directly or indirectly prohibits any Loan Party from or imposes any restrictions on creating, assuming or incurring any Lien upon all or any portion of its properties, revenues or assets or those of any of its Subsidiaries (other than Excluded
Subsidiaries) whether now owned or hereafter acquired, to secure the Obligations or to secure any renewals, refundings, replacements, refinancings or restructurings of the Obligations in an aggregate outstanding principal amount or aggregate
committed amount that is less than or equal to the Aggregate Commitments as of the date of such arrangement, contract, or agreement, (b) enter into or permit to exist any agreement, contract or arrangement restricting the ability of any
Subsidiary (other than Excluded Subsidiaries) from paying or making dividends or distributions in cash or kind to the Company or any other Loan Party, from making loans, advances or other payments of whatsoever nature to the Company or any other
Loan Party, from making transfers or distributions of all or any part of its assets to the Company or any other Loan Party, or from borrowing money from the Company or any other Loan Party, (c) enter into or permit to exist any agreement,
contract or arrangement which directly or indirectly prohibits any Subsidiary (other than an Excluded Subsidiary) from guarantying, or 

  
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imposes restrictions on the ability of any Subsidiary to guaranty, the Obligations, or (d) enter into or permit to exist any agreement or arrangement which would be violated by the
extensions of credit contemplated hereunder or the performance by any Loan Party of its obligations under the Loan Documents. 
 13.13
Permitted Acquisitions. Except as otherwise permitted by Section 13.6 and except for acquisitions of real estate, each Borrower shall not, and the Company shall not permit any Subsidiary to acquire Control of any Person or
acquire all or substantially all of the assets of any Person or of any business unit or line of business of any Person (an “Acquisition”) except upon satisfaction of the following requirements: 

(a) The Acquisition consists of the acquisition by the Company, directly or indirectly, of (i) 100% of the Equity Interests of a Person that
following the Acquisition will be a Dealership or, in the case of a Majority Acquisition, at least 80% of the Equity Interests, (ii) all or substantially all of the assets of a dealership, or of a business unit or line of business of a
dealership, or (iii) Equity Interests in a Person that following the Acquisition will be a Minority Dealer Subsidiary. 
 (b) The
Company shall give Agent prior written notice of the proposed Acquisition at least 30 days prior to the closing date of such Acquisition or, if later, within 5 days after execution of the purchase agreement for such Acquisition. 

(c) The Board of Directors (or other Persons exercising similar functions) of the seller have not disapproved the transaction or recommended
that such transaction be disapproved. 
 (d) Upon consummation of the Acquisition, the Person being acquired (or the Person acquiring the
assets in an asset purchase) shall be (i) a Minority Dealer Subsidiary, (ii) a wholly-owned (or in the case of a Majority Acquisition, at least 80% owned), direct or indirect, Subsidiary of the Company (an “Acquisition
Subsidiary”), or (iii) shall be merged into the Company or a direct or indirect wholly-owned Subsidiary of the Company. 
 (e)
Each Acquisition Subsidiary (including Subsidiaries acquired in Majority Acquisitions) shall execute a Guarantor Joinder Agreement (or if the Acquisition Subsidiary is to become a New Vehicle Floorplan Borrower, a Borrower Joinder Agreement), and
any other documents reasonably required by Agent or any Lender so that such Acquisition Subsidiary becomes a Guarantor of the Used Vehicle Floorplan Obligations, Service Loaner Vehicle Floorplan Obligations, Revolving Loan Obligations and, if
applicable, a New Vehicle Floorplan Borrower, and grants a security interest in the Collateral of such Acquisition Subsidiary. 
 (f) All
representations and warranties in this Agreement shall be true and correct in all material respects as of the date of any Acquisition unless such representation or warranty refers to another date and except as previously disclosed to and accepted by
Agent in writing, and no Default shall have occurred and be continuing or will exist after giving effect to the Acquisition. For purposes of this determination, all requirements applicable to any Guarantor, New Vehicle Floorplan Borrower (if
applicable), or Subsidiary shall be deemed to apply to any Acquisition Subsidiary. 

  
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 (g) Agent shall have received the organizational documents, status or good standing
certificates and resolutions, or other authorizations demonstrating the due organization, valid existence, qualification to do business and (where applicable) good standing of any Acquisition Subsidiary, and the authority of the Acquisition
Subsidiary to become a Loan Party, New Vehicle Floorplan Borrower (if applicable), and Guarantor. 
 (h) Agent shall have received copies of
the purchase agreement and lease, if any, relating to that Acquisition. 
 (i) Agent shall have perfected security interests in the
Collateral owned by the Acquisition Subsidiary as security for all of the Used Vehicle Floorplan Obligations, Service Loaner Vehicle Floorplan Obligations, Revolving Loan Obligations, Guarantor Obligations, and Permitted Swap Obligations, and if
applicable, the New Vehicle Floorplan Loan Obligations, subject only to Permitted Liens, and shall have received satisfactory evidence of perfection and the priority of such security interests, including without limitation such Uniform Commercial
Code and other searches, signed termination statements or payoff letters and other filings as Agent or any Lender deems appropriate, which shall include evidence of the termination of, or reasonably satisfactory arrangements for the termination of,
the security interests of any secured party in any of the assets acquired or of the Acquisition Subsidiary. 
 (j) Agent shall have
conducted such audits of any Collateral being acquired or which is owned by any Acquisition Subsidiary as is desired by Agent, the results of which shall be satisfactory to Agent. 

(k) The Company and/or any Acquisition Subsidiary shall have received approval of all material Seller Agreements (including without limitation
Franchise Agreements), between any Acquisition Subsidiary and any manufacturer or distributor of Vehicles for which the Acquisition Subsidiary will act as a dealer as may be necessary for the Acquisition Subsidiary to conduct its intended business
following the Acquisition. The Company or the Acquisition Subsidiary shall deliver to Agent copies of all such Seller Agreements promptly upon receipt, other than those disclosure of which is prohibited by the relevant manufacturer or distributor,
if requested by Agent or any Lender. 
 (l) All insurance required under Section 12.8 shall have been obtained and Agent shall have
received evidence thereof in the form of a certificate of insurance as required under Section 12.8. 
 (m) The Company has delivered to
Agent a certificate in a form acceptable to Agent and signed by its chief financial officer or other officer acceptable to Agent, certifying that all conditions in Section 13.13(a), (c), (d), (f) and (k) have been satisfied or will be
satisfied as of the date of the Acquisition. 
 (n) If requested by Agent or any Lender, the Company has delivered to Agent, (i) a
Compliance Certificate, together with all supporting documentation reasonably required by Agent or any Lender, prepared on a pro forma basis as of the most recent date for which a Compliance Certificate was furnished to Agent, demonstrating
that the Company and its Subsidiaries would have been in compliance with the requirements of Section 11.1 if the Acquisition had occurred on the first day of the period covered by the Compliance Certificate, and (ii) if requested by Agent
or any Lender, copies of the seller’s financial statements. 

  
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 (o) For any single Acquisition or group of related Acquisitions, either (x) on the
date of consummation of such Acquisition or Acquisitions and after giving pro forma effect thereto, the Leverage Ratio is below 4.00 to 1.0; or (y) the aggregate consideration paid for the assets acquired (other than real property and
Vehicles), or the Equity Interests acquired, is less than or equal to 10% of Tangible Net Worth as of the last day of the fiscal quarter of the Company and its Subsidiaries most recently ended prior to the date of consummation of such Acquisition or
Acquisitions. For purposes of this subsection (o) of Section 13.13, “pro forma effect” shall mean that the Leverage Ratio shall be calculated as if (i) such Acquisition or Acquisitions had occurred on the first day of the
Measurement Period most recently ended prior to consummation of such Acquisition or Acquisitions, taking into account the pro forma EBITDAR attributable to the business or businesses acquired, less interest expense attributable to the
business or businesses acquired with respect to vehicle floor plan financing, and (ii) any Indebtedness incurred or acquired in connection with such Acquisition or Acquisitions (including without limitation any Indebtedness incurred to enable
the Company or any Subsidiary to effect such Acquisition or Acquisitions) had been incurred or acquired on the last day of such Measurement Period. 

(p) Agent has received such additional documents, approvals, consents and information and each Loan Party has satisfied such additional
requirements as Agent or any Lender reasonably requests. 
 13.14 Accounting Changes; Fiscal Year. Each Borrower shall
not, and the Company shall not permit any Subsidiary to, make any change in accounting treatment or reporting practices, except as permitted by GAAP, or change its Fiscal Year. 

13.15 Excluded Tax Credit Investment Subsidiaries. No Excluded Tax Credit Investment Subsidiary (other than LCDC) shall
own any assets other than Investments permitted under Section 13.6(p). 
 ARTICLE 14 

DEFAULT AND REMEDIES 

14.1 Events of Default. The occurrence of any of the following shall constitute an Event of Default under this Agreement
and each of the Loan Documents: 
 14.1.1 Any Loan Party shall fail to pay (a) when due, any principal owing under this Agreement,
Letter of Credit, LC Agreement, or any other Loan Document, or (b) within five (5) days after it is due, any interest or fee payable under this Agreement, Letter of Credit, LC Agreement, or any other Loan Document or (c) when due and
uncured within five (5) days after notice from Agent that such amount remains unpaid, any other amount payable under this Agreement, Letter of Credit, LC Agreement, or any other Loan Document. 

  
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 14.1.2 Any default under or any failure of any Loan Party to perform or comply with any
term, condition, covenant or obligation (a) set forth in Section 11.1, 12.1, 12.10 or Article 13 of this Agreement (except Section 13.15) or (b) set forth in any provision of this Agreement (except an Event of Default specified
in Section 14.1.1, 14.1.2(a) or elsewhere in Section 14.1), any other Loan Document or any other Agreement between Agent or any Lender and any Loan Party, and such default or failure is not cured within 30 days after the earlier of the
date any Loan Party knows thereof or the date on which Agent gives written notice thereof to Borrower (provided, however, that such cure period is available only if the applicable default or failure is reasonably capable of being cured). 

14.1.3 Any Loan Party defaults in the payment or performance of any material provisions of any agreement or condition relating to any
Indebtedness of such Loan Party (except as described in Section 14.1.16) in an aggregate amount outstanding for such Indebtedness for all Loan Parties that, together with amounts described in Section 14.1.16, is in excess of 1.25% of the
amount of the Aggregate Commitment (other than Indebtedness owing under the Loan Documents), and the period of grace, if any, to cure such default shall have passed, and the default constitutes (a) nonpayment or (b) any event or condition,
the effect of which is to cause or permit the holder of such Indebtedness to cause such Indebtedness to become due prior to its maturity date. 

14.1.4 (a) Any default occurs under or any Loan Party fails to pay, perform or comply with any material terms, conditions or obligations in any
Collateral Document or (b) other than in accordance with the terms of such Collateral Document, any Lien created or purported to be created by any Collateral Document shall cease to be, or shall be asserted by any Person not to be, a valid,
perfected Lien with a priority that is subject only to the Permitted Liens, and in each case, such default or failure is not cured within ten (10) days after the earlier of the date any Loan Party knows thereof or the date on which Agent gives
written notice thereof to the Company. 
 14.1.5 (a) Other than in accordance with the terms of the Loan Documents, any Guaranty or other
Loan Document ceases to be, or shall be asserted by any Borrower or any Guarantor not to be, in full force and effect, or (b) any Guarantor shall attempt to revoke, repudiate, or limit any Guaranty. 

14.1.6 Any warranty, representation, statement, or information made or furnished to Agent or any Lender by or on behalf of any Loan Party
proves to have been false or misleading in any material respect when made, furnished, or certified, or when deemed made, furnished, or certified. 

14.1.7 Custody or control of any substantial part of the property of any Loan Party is assumed by any Governmental Body or any Governmental
Body takes any final action, the effect of which would be a Material Adverse Effect. 
 14.1.8 (a) Any Loan Party shall commence any case,
proceeding, or other action (i) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization, or relief of debtors, seeking to have an order for relief entered with respect to it,
or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition, or other relief with respect to it or its debts, or
(ii) seeking appointment of a receiver, trustee, custodian, or other similar official for it or for all or any substantial part of its assets, or any Loan Party shall make a general assignment for the benefit of its creditors; or (b) there
shall be commenced against any Loan Party 

  
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any case, proceeding, or other action of a nature referred to in clause (a) above which (iii) results in the entry of an order for relief or any such adjudication or appointment or
(iv) remains undismissed, undischarged, unstayed, or unbonded for a period of 30 days; or (c) there shall be commenced against any Loan Party any case, proceeding, or other action seeking issuance of a warrant of attachment, execution,
distraint, or similar process against all or any substantial part of its assets that results in the entry of an order for any such relief which shall not have been vacated, discharged, stayed, or bonded pending appeal within 30 days from the entry
thereof; or (d) any Loan Party shall take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in any of the acts set forth in clauses (a), (b), or (c) above; (e) any Loan Party shall admit in writing
its inability to pay its debts as they become due or shall, within the meaning of the United States Bankruptcy Code (11 U.S.C. §101 et seq.), generally not pay its debts as they become due; or (f) any Loan Party is not Solvent. 

14.1.9 Except as permitted by Section 13.1, (a) any Loan Party which is a corporation, partnership, limited liability company or other
type of entity is dissolved or liquidated or takes any action to authorize a dissolution or liquidation; or (b) any Loan Party which is a trust (or trustee acting with respect to property held in trust) is revoked, amended or terminated. 

14.1.10 Any refusal or failure by any Governmental Body to issue, renew, or extend any material lease or Governmental Approval with respect to
the operation of the business of any Loan Party or its Subsidiaries, or any denial, forfeiture or revocation by any Governmental Body of any Governmental Approval, that could reasonably be expected to have a Material Adverse Effect. 

14.1.11 One or more judgments, writs of attachment, or similar process, in an aggregate amount in excess of an amount equal to 1.25% of the
Aggregate Commitment at such time (in excess of insurance coverage) shall be entered or filed against any Loan Party or any property of any Loan Party and remains unpaid, unvacated, unbonded or unstayed for a period of sixty (60) days or more.

 14.1.12 (a) With respect to a Plan, a Loan Party or an ERISA Affiliate is subject to a lien in excess of an amount equal to 1.25% of the
Aggregate Commitment at such time, pursuant to Section 430(k) of the Code or Section 302(c) or ERISA or Title IV or ERISA, or (b) an ERISA Event shall have occurred that, in the opinion of the Required Lenders, when taken together
with all other ERISA Events that have occurred, could reasonably be expected to result in a Material Adverse Effect. 
 14.1.13 (a) The
Company or any New Vehicle Floorplan Dealership fails to pay, perform or comply with any term, condition or obligation in any Seller Agreement, or any such agreement ceases to be, or is asserted by any Person not to be, in full force and effect, or
the other party to such agreement gives notice of default to the Company or any New Vehicle Floorplan Dealership, or (b) any event specified in clause (a) occurs with respect to any Loan Party other than a New Vehicle Floorplan Borrower,
except in each case described in clauses (a) and (b) above to the extent such failure, cessation, assertion or notice of default (either individually or in the aggregate with all other such failures, cessations, assertions and notices of
default) could not reasonably be expected to have a Material Adverse Effect. 

  
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 14.1.14 Any Repurchase Agreement ceases to be, or is asserted by any manufacturer or
distributor of Vehicles not to be, in full force and effect, except in each case to the extent such cessation or assertion (either individually or in the aggregate with all other such cessations and assertions) could not reasonably be expected to
have a Material Adverse Effect. 
 14.1.15 There is any Change in Control. 

14.1.16 (a) Any default occurs under or any Loan Party fails to pay, perform or comply with the terms of any Swap or (b) there occurs
under any Swap an Early Termination Date (as defined in such Swap) resulting from (i) any event of default under such Swap as to which the Company or any Subsidiary is the Defaulting Party (as defined in such Swap) or (ii) any Termination
Event (as so defined) under such Swap as to which the Company or any Subsidiary is an Affected Party (as so defined) and, in either event, the Swap Termination Value owing by the Applicable Loan Parties under all such Swaps as a result thereof,
together with all defaulted Indebtedness of the Loan Parties described in Section 14.1.3, is greater than 1.25% of the amount of the Aggregate Commitment. 

14.2 Consequences of Default; Rights and Remedies. Time is of the essence of this Agreement. 

14.2.1 Upon the occurrence or existence of any Event of Default (other than an Event of Default referred to in Section 14.1.8) and at any
time thereafter during the continuance of such Event of Default, Agent shall have the right, by written notice to the Company, to: (a) terminate the availability of PR Account Advances and terminate the Commitments to make Loans and issue
Letters of Credit; (b) declare all outstanding Obligations payable by the Revolving Loan Borrower, Used Vehicle Floorplan Borrower, Service Loaner Vehicle Floorplan Borrower, and the New Vehicle Floorplan Borrowers to be immediately due and
payable without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the Loan Documents to the contrary notwithstanding; (c) direct the Revolving Loan Borrower
to deliver to Agent funds in an amount equal to the aggregate stated amount of the LC Obligations, such funds to be held in the LC Collateral Account, and/or (d) direct the New Vehicle Floorplan Borrowers to deliver to Agent funds in an amount
which Agent estimates it or the Swing Line Lender may be required to pay pursuant to Payment Commitments which may be presented thereafter, such collateral to be held in the Payment Commitment Collateral Account. The applicable Borrowers shall
immediately deliver to Agent all such funds required by Agent. 
 14.2.2 Upon the occurrence or existence of any Event of Default described
in Section 14.1.8, immediately and without notice, (a) the Commitments and the availability of Loans and Letters of Credit shall automatically terminate, (b) all outstanding Obligations shall automatically become immediately due and
payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the Loan Documents to the contrary notwithstanding, (c) the Revolving Loan Borrower shall
automatically become obligated to deliver to the Agent Cash Collateral in an amount equal to the aggregate stated amount of the LC Obligations, which funds shall be held by the Agent in the LC Collateral Account, and (d) the New Vehicle
Floorplan Borrowers shall automatically become obligated to deliver to Agent funds in an amount which Agent estimates it or the Swing Line Lender may be required to pay pursuant to Payment Commitments which may be presented thereafter, which funds
shall be held by the Agent in the Payment Commitment Collateral Account. 

  
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 14.2.3 In addition to the foregoing remedies, upon the occurrence or existence of any Event
of Default, Agent and the Lenders shall have the right to exercise any right, power or remedy available under this Agreement, any of the other Loan Documents, or otherwise available at law or in equity. 

14.2.4 The Agent shall promptly inform the Lenders of the occurrence of any Event of Default of which it is deemed to have knowledge or notice
pursuant to Section 16.9 and will promptly provide the Lenders with copies of any and all notices that Agent has received with respect thereto. After such notification, the Lenders shall meet to determine the desired course of action and the
Agent shall take such course of action, and pursue such rights and remedies under the Loan Documents, as the Required Lenders shall determine. If the Required Lenders have not agreed upon a course of action within 90 days after the date that the
Lenders have received a notice from the Agent of the occurrence of an Event of Default, the Agent shall (and shall be obligated to) terminate the Commitments, accelerate all of the Obligations, apply all amounts collected from the Borrowers, any
Guarantors and the Collateral as set forth herein and pursue such other rights and remedies as are prudent under the circumstances. During the time between the Agent’s giving notice of the occurrence of an Event of Default to the Lenders and
the earlier of (a) the Required Lender’s agreement on a course of action or (b) the expiration of the 90 day decision period, the Agent shall take such actions on behalf of the Lenders as the Agent deems prudent. To the extent
inconsistent with Section 14.2.2, this Section shall not apply to any Event of Default referred to in Section 14.1.8 and any Event of Default referred to in Section 14.1.8 shall be governed by Section 14.2.2. However, decisions
as to how to handle, vote, or compromise the Agent’s claims on behalf of the Lenders in any bankruptcy or insolvency proceeding shall be governed by this Section. This Section confers no rights upon any Loan Party. 

14.3 Application of Payments. If the Obligations have become due and payable in full or if at any time insufficient funds
are received by and available to the Agent to fully pay all fees, costs, expenses, principal, interest and other amounts due to Agent and the Lenders under this Agreement and the other Loan Documents, such funds received by Agent shall be applied:
(a) first, to the payment of fees, costs, disbursements, indemnities and other expenses (including Attorney Costs of Agent’s counsel) owing to Agent, including without limitation, if applicable, amounts incurred in realizing on Collateral
or otherwise enforcing the Loan Documents; (b) second, to the payment of fees, costs, disbursements, indemnities, and other expenses owing to the Lenders (other than LC Fees, Revolving Loan Commitment Fee, Used Vehicle Floorplan Commitment Fee,
Service Loaner Vehicle Floorplan Commitment Fee and New Vehicle Floorplan Commitment Fee), including without limitation, if applicable, amounts incurred in realizing on Collateral or otherwise enforcing the Loan Documents and amounts owing pursuant
to Article 7 and Section 17.1; (c) third, to the payment of LC Fees, Revolving Loan Commitment Fees, New Vehicle Floorplan Commitment Fee, Used Vehicle Floorplan Commitment Fee and Service Loaner Vehicle Floorplan Commitment Fee;
(d) fourth to the payment of accrued interest on all of the Loans and other Obligations, (e) fifth to the payment to Swing Line Lender of any principal amount of the New Vehicle Swing Line Loans in excess of the New Vehicle Swing Line
Commitment; (f) sixth, to the payment of the remaining principal owing to all of the Lenders on all of the Loans, LC Obligations, and other Obligations, allocated to the Lenders 

  
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 based upon their Pro Rata Shares; (g) seventh, to fully cash collateralize the LC Obligations and any
outstanding Payment Commitments; (h) eighth, to payment of the Permitted Swap Obligations, ratably among the Lenders in proportion to the respective amounts described in this clause (h) held by them; and (i) ninth, the balance, if
any, to the Borrowers or as otherwise required by law. 
 ARTICLE 15 

HAZARDOUS SUBSTANCES 

15.1 Representations and Warranties. Each Borrower represents and warrants that to its knowledge, as of the
Closing Date, any Properties identified as such in the Disclosure Schedule are the only Properties requiring remedial action under applicable Environmental Laws, resulting from the use, generation, manufacture, storage, treatment, disposal, release,
or threatened release of any Hazardous Substances on, under, about or from any of the Properties. The performance of such remedial actions will not have a Material Adverse Effect on any Loan Party or its businesses. 

15.2 Activities. Each Borrower shall, and the Company shall cause each Subsidiary to use, generate, manufacture, store,
treat, release or dispose of Hazardous Substances on, under, about or from the Properties only as is reasonable and necessary in the operation of its business, and in substantial compliance with all applicable Environmental Laws. 

15.3 Inspections. Each Borrower will permit and the Company will cause each other Loan Party to permit representatives of
Agent and the Lenders to enter upon the Properties to make such inspections and tests as they may reasonably deem appropriate to determine compliance of the Properties with this Article. Any such inspections or tests shall be at the expense of
Borrowers and for Agents’ and the Lenders’ purposes only, and shall not be construed to create any responsibility or liability on the part of Agent or any Lender to any Borrower or any other Person. 

15.4 Release and Indemnity. Each Borrower hereby (a) releases and waives any future claims against Agent and each Lender for
indemnity or contribution in the event the Company or any of its Subsidiaries becomes liable for cleanup or other costs under any Environmental Laws, and (b) agrees to indemnify and hold harmless Agent and each Lender and the other Indemnified
Persons against any and all Claims which such Person may directly or indirectly sustain or suffer resulting from a breach of this Article by the Company or any other Borrower or as a consequence of any use, generation, manufacture, storage,
disposal, release or threatened release of a Hazardous Substance on the Properties, except to the extent arising from the gross negligence or willful misconduct of such Indemnified Person. 

15.5 Survival. The provisions of this Article, including the obligation to indemnify, shall survive the repayment of the
Loans and Letters of Credit and other liabilities and Obligations of any one or more of the Borrowers under this Agreement and the other Loan Documents, and the termination or expiration of this Agreement, and, if applicable, shall not be affected
by Lender’s acquisition of any interest in any of the Properties, whether by foreclosure or otherwise. 

  
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 ARTICLE 16 

THE AGENT 
 16.1
Appointment; Nature of Relationship. U.S. Bank is hereby appointed by each of the Lenders as its contractual representative (herein referred to as the “Agent”) hereunder and under each other Loan Document, and each
of the Lenders irrevocably authorizes Agent to act as the contractual representative of such Lender with the rights and duties expressly set forth herein and in the other Loan Documents. Agent agrees to act as such contractual representative upon
the express conditions contained in this Article 16. Notwithstanding the use of the defined term “Agent,” it is expressly understood and agreed that Agent shall not have any fiduciary responsibilities to any Lender by reason of this
Agreement or any other Loan Document and that Agent is merely acting as the contractual representative of the Lenders with only those duties as are expressly set forth in this Agreement and the other Loan Documents. In its capacity as the
Lenders’ contractual representative, Agent (a) does not hereby assume any fiduciary duties to any of the Lenders, (b) is a “representative” of the Lenders within the meaning of the term “secured party” as defined
in the Uniform Commercial Code and (c) is acting as an independent contractor, the rights and duties of which are limited to those expressly set forth in this Agreement and the other Loan Documents. Each of the Lenders hereby agrees to assert
no claim against Agent on any agency theory or any other theory of liability for breach of fiduciary duty, all of which claims each Lender hereby waives. 

16.2 Powers. Agent shall have and may exercise such powers under the Loan Documents as are specifically delegated to Agent
by the terms of each thereof, together with such powers as are reasonably incidental thereto. Agent shall have no implied duties to the Lenders, or any obligation to the Lenders to take any action thereunder except any action specifically provided
by the Loan Documents to be taken by Agent. 
 16.3 General Immunity. Neither Agent nor any of its directors, officers,
agents or employees shall be liable to any Borrower or any Lender for any action taken or omitted to be taken by it or them hereunder or under any other Loan Document or in connection herewith or therewith except to the extent such action or
inaction is determined in a final non-appealable judgment by a court of competent jurisdiction to have arisen from the gross negligence or willful misconduct of such Person. 

16.4 No Responsibility for Loans, Recitals, Etc. Neither Agent nor any of its directors, officers, agents or employees
shall be responsible for or have any duty to ascertain, inquire into, or verify (a) any statement, warranty or representation made in connection with any Loan Document or any borrowing hereunder; (b) the performance or observance of any of
the covenants or agreements of any obligor under any Loan Document, including, without limitation, any agreement by an obligor to furnish information directly to each Lender; (c) the satisfaction of any condition specified in Article 9, except
receipt of items required to be delivered solely to Agent; (d) the existence or possible existence of any Default or Event of Default; (e) the validity, enforceability, effectiveness, sufficiency or genuineness of any Loan Document or any
other instrument or writing furnished in connection therewith; (f) the value, sufficiency, creation, perfection or priority of any Lien in any Collateral; or (g) the financial condition of any Loan Party or of any of any Loan Party’s
Subsidiaries. The foregoing notwithstanding, however, Agent shall, upon a reasonable request from a Lender, provide such information as may be necessary to demonstrate to such Lender that Agent has the ability to comply, or has in fact complied,
with all regulations or mandates from a governing entity that are applicable to the Loans, including without limitation, the Flood Disaster Protection Act of 1973 and the national Flood Insurance Reform Act (1994). 

  
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 16.5 Action on Instructions of Lenders. Agent shall in all cases be
fully protected in acting, or in refraining from acting, hereunder and under any other Loan Document in accordance with written instructions signed by the Required Lenders, and such instructions and any action taken or failure to act pursuant
thereto shall be binding on all of the Lenders. The Lenders hereby acknowledge that Agent shall be under no duty to take any discretionary action permitted to be taken by it pursuant to the provisions of this Agreement or any other Loan Document
unless it shall be requested in writing to do so by the Required Lenders. Agent shall be fully justified in failing or refusing to take any action hereunder and under any other Loan Document unless it shall first be indemnified to its satisfaction
by the Lenders pro rata against any and all liability, cost and expense that it may incur by reason of taking or continuing to take any such action. 

16.6 Employment of Agents and Counsel. Agent may perform any of its duties as Agent hereunder and under any other Loan
Document by or through employees, agents, and attorneys-in-fact and shall not be answerable to the Lenders, except as to money or securities received by it or its
authorized agents, for the default or misconduct of any such agents or attorneys-in-fact selected by it with reasonable care. Agent shall be entitled to advice of
counsel concerning the contractual arrangement between Agent and the Lenders and all matters pertaining to Agent’s duties hereunder and under any other Loan Document. 

16.7 Reliance on Documents; Counsel. Agent shall be entitled to rely upon any notice, consent, certificate, affidavit,
letter, telegram, facsimile, telex, electronic mail message, statement, paper or document believed by it to be genuine and correct and to have been signed or sent by the proper person or persons, and, in respect to legal matters, upon the opinion of
counsel selected by Agent, which counsel may be employees of Agent. For purposes of determining compliance with the conditions specified in Article 9, each Lender that has signed this Agreement shall be deemed to have consented to, approved or
accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless Agent shall have received notice from such Lender prior to the applicable date
specifying its objection thereto. 
 16.8 Reimbursement and Indemnification. The Lenders agree to reimburse and indemnify Agent
ratably in proportion to their respective Commitments (or, if the Commitments have been terminated, in proportion to their Commitments immediately prior to such termination) (a) for any amounts not reimbursed by the Borrowers for which Agent is
entitled to reimbursement by a Borrower or Borrowers under the Loan Documents, (b) for any other expenses incurred by Agent on behalf of the Lenders, in connection with the preparation, execution, delivery, administration and enforcement of the
Loan Documents (including, without limitation, for any expenses incurred by Agent in connection with any dispute between Agent and any Lender or between two or more of the Lenders) and (c) for any liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses or disbursements of any kind and nature whatsoever which may be imposed on, incurred by or asserted against Agent in any way relating to or arising out of the Loan Documents or any other document
delivered in connection therewith or the transactions contemplated thereby (including, without limitation, for any such amounts incurred by or asserted against Agent in connection with any dispute between Agent and any

  
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Lender or between two or more of the Lenders), or the enforcement of any of the terms of the Loan Documents or of any such other documents, provided that (y) no Lender shall be liable
for any of the foregoing to the extent any of the foregoing is found in a final non-appealable judgment by a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of
Agent and (z) any indemnification required pursuant to Section 7.4.4 shall, notwithstanding the provisions of this Section, be paid by the relevant Lender in accordance with the provisions thereof. The obligations of the Lenders under this
Section shall survive payment of the Obligations and Permitted Swap Obligations and termination of this Agreement. 
 16.9 Notice
of Event of Default. Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default hereunder, except with respect to defaults in the payment of principal, interest and fees required to be paid
to Agent, unless (i) Agent has actual knowledge of such Default or Event of Default or (ii) Agent has received written notice from a Lender or Borrower referring to this Agreement describing such Default or Event of Default and stating
that such notice is a “notice of default.” In the event that Agent receives such a notice, Agent shall give prompt notice thereof to the Lenders; provided that, except as expressly set forth in the Loan Documents, Agent shall not
have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to a Loan Party or any of its Subsidiaries that is communicated to or obtained by the bank serving as Agent or any of its Affiliates in any
capacity. 
 16.10 Rights as a Lender. Agent shall have the same rights and powers hereunder and under any other Loan
Document with respect to its Commitments and its Loans as any Lender and may exercise the same as though it were not Agent, and the term “Lender” or “Lenders” shall, at any time when Agent is a Lender, unless the context
otherwise indicates, include Agent in its individual capacity. Agent and its Affiliates may accept deposits from, lend money to, and generally engage in any kind of trust, debt, equity or other transaction, in addition to those contemplated by this
Agreement or any other Loan Document, with any Loan Party, or any of their Subsidiaries and Affiliates in which any Loan Party is not restricted hereby from engaging with any other Person. 

16.11 Lender Credit Decision, Legal Representation. 

(a) Each Lender acknowledges that it has, independently and without reliance upon Agent, or any other Lender and based on the financial
statements prepared by the Borrowers and such other documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement and the other Loan Documents. Each Lender also acknowledges that it
will, independently and without reliance upon Agent, or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this
Agreement and the other Loan Documents. Except for any notice, report, document or other information expressly required to be furnished to the Lenders by Agent hereunder or as may be reasonably requested by a Lender from Agent, Agent shall have no
duty or responsibility (either initially or on a continuing basis) to provide any Lender with any notice, report, document, credit information or other information concerning the affairs, financial condition or business of any Loan Party or any of
its Affiliates that may come into the possession of Agent (whether or not in its capacity as Agent) or any of their Affiliates. 

  
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 (b) Each Lender further acknowledges that it has had the opportunity to be represented by
legal counsel in connection with its execution of this Agreement and the other Loan Documents, that it has made its own evaluation of all Applicable Laws relating to the transactions contemplated hereby, and that the counsel to Agent represents only
Agent and not the Lenders in connection with this Agreement and the transactions contemplated hereby. 
 16.12 Successor
Agent. Agent may resign at any time by giving written notice thereof to the Lenders and the Company, such resignation to be effective upon the appointment of a successor Agent or, if no successor Agent has been appointed, forty-five days
after the retiring Agent gives notice of its intention to resign. Upon any such resignation, the Required Lenders shall have the right to appoint, on behalf of the Borrowers and the Lenders, a successor Agent. Unless a Default exists, such successor
Agent shall be reasonably acceptable to the Company. If no successor Agent shall have been so appointed by the Required Lenders within thirty days after the resigning Agent’s giving notice of its intention to resign, then the resigning Agent
may appoint, on behalf of Borrowers and the Lenders, a successor Agent. Notwithstanding the previous sentence, Agent may at any time without the consent of any Borrower or any Lender, appoint any of its Affiliates which is a commercial bank as a
successor Agent hereunder. If Agent has resigned and no successor Agent has been appointed, the Lenders may perform all the duties of Agent hereunder and each Borrower shall make all payments in respect of the Obligations to the applicable Lender
and for all other purposes shall deal directly with the Lenders. No successor Agent shall be deemed to be appointed hereunder until such successor Agent has accepted the appointment. Any such successor Agent shall be a commercial bank having capital
and retained earnings of at least $3,000,000,000.00. Upon the acceptance of any appointment as Agent hereunder by a successor Agent, such successor Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties
of the resigning Agent. Upon the effectiveness of the resignation of Agent, the resigning Agent shall be discharged from its duties and obligations hereunder and under the Loan Documents. After the effectiveness of the resignation of an Agent, the
provisions of this Article 16 shall continue in effect for the benefit of such Agent in respect of any actions taken or omitted to be taken by it while it was acting as Agent hereunder and under the other Loan Documents. In the event that there is a
successor to Agent by merger, or Agent assigns its duties and obligations to an Affiliate pursuant to this Section, then the term “Prime Rate” as used in this Agreement shall mean the prime rate, base rate or other analogous rate of the
new Agent. 
 16.13 Agent’s Fees. Each Borrower agrees to pay to Agent, for its account, the fees
agreed to by such Borrower and Agent pursuant to any fee letter between them, or as otherwise agreed from time to time. 
 16.14
Delegation to Affiliates. Each Borrower and the Lenders agree that Agent may delegate any of its duties under this Agreement to any of its Affiliates. Any such Affiliate (and such Affiliate’s directors, officers, agents and
employees) which performs duties in connection with this Agreement shall be (i) entitled to the same benefits of the indemnification, waiver and other protective provisions to which Agent is entitled under this Agreement; and (ii) subject
to the same obligations of Agent hereunder. 

  
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 16.15 Execution of Collateral Documents. The Lenders hereby empower and
authorize Agent to execute and deliver the Collateral Documents and all related agreements, documents or instruments as shall be necessary or appropriate to effect the purposes of the Collateral Documents. 

16.16 Collateral Releases. The Lenders hereby empower and authorize Agent to execute and deliver on their behalf any
agreements, documents or instruments as shall be necessary or appropriate to effect any releases of Collateral which shall be permitted by the terms hereof or any other Loan Document or which shall otherwise have been approved by the Required
Lenders (or, if required by the terms of this Agreement, all of the Lenders) in writing. If any of the Collateral shall be sold or otherwise disposed of by any Loan Party in a transaction permitted by the Loan Documents, then Agent, at the request
and sole expense of the applicable Loan Party, shall execute and deliver to such Loan Party all releases and other documents reasonably necessary or advisable for the release of the Liens created under the Loan Documents on such Collateral, provided
that the applicable Loan Party shall provide to the Agent evidence of such transaction’s compliance with the Loan Documents as Agent shall reasonably request. 

16.17 No Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated hereby (including
in connection with any amendment, waiver or other modification hereof or of any other Loan Document), each Borrower acknowledges and agrees that: (a)(i) the arranging and other services regarding this Agreement provided by the Lenders are arm’s-length commercial transactions between each Borrower and its Affiliates, on the one hand, and the Lenders, on the other hand, (ii) each Borrower has consulted its own legal, accounting, regulatory
and tax advisors to the extent it has deemed appropriate, and (iii) each Borrower is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents;
(b)(i) each of the Lenders is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for any Borrower or any of its
Affiliates, or any other Person and (ii) no Lender has any obligation to any Borrower or any of its Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan
Documents; and (c) each of the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Borrowers and their Affiliates, and no Lender has any obligation to
disclose any of such interests to any Borrower or its Affiliates. To the fullest extent permitted by law, each Borrower hereby waives and releases any claims that it may have against each of the Lenders with respect to any breach or alleged breach
of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby. 
 16.18 Co-Documentation Agents, Syndication Agent, etc. Neither any Documentation Agent or the Syndication Agent shall have any right, power, obligation, liability, responsibility or duty under this Agreement other
than those applicable to all Lenders as such. Without limiting the foregoing, none of such Lenders shall have or be deemed to have a fiduciary relationship with any Lender. Each Lender hereby makes the same acknowledgments with respect to such
Persons as it makes with respect to the Agent in Section 16.11. 

  
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 16.19 Certain ERISA Matters. 

(a) Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the
date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Agent and the Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of
the Company or any other Loan Party, that at least one of the following is and will be true: (i) such Lender is not using “plan assets” within the meaning of 29 C.F.R. § 2510.3-101, as
modified by Section 3(42) of ERISA, of any Benefit Plans with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit or the Commitments, (ii) the transaction
exemption set forth in one or more prohibited transaction exemptions issued by the Department of Labor (each, a “PTE”), such as PTE 84-14 (a class exemption for certain transactions determined by
independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a
class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in,
administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, (iii) (A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI
of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Letters of Credit, the
Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements of
sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, or (iv) such
other representation, warranty and covenant as may be agreed in writing between the Agent, in its sole discretion, and such Lender. 
 (b) In
addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or (2) such Lender has not provided another representation, warranty and
covenant as provided in sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and
(y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Agent and the Arranger and their respective Affiliates, and not, for the avoidance of
doubt, to or for the benefit of the Company or any other Loan Party, that the Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance into, participation in, administration of and performance of the
Loans, the Letters of Credit, the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the Agent under this Agreement, any Loan Document or any documents related hereto or thereto). 

  
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 ARTICLE 17 

MISCELLANEOUS 
 17.1
Expenses; Indemnification. Each Borrower hereby agrees: 
 (a) to pay or reimburse Agent on demand for all reasonable
costs and expenses (including reasonable Attorney Costs of Agent’s counsel) incurred in connection with the syndication, negotiation, due diligence, preparation, execution, delivery, distribution (including, without limitation, via DebtX and
any other internet service selected by the Agent), review, administration and enforcement of the Loan Documents and the transactions contemplated thereby, and any amendment, supplement or modification to, the Loan Documents and any other documents
prepared in connection therewith, whether or not the transactions contemplated hereby are consummated, including without limitation all recording costs, filing fees, consultants’ fees, travel expenses, costs of appraisals and reviews,
environmental audits and reviews (including costs of internal review of a third party report), collateral audits (subject to Section 12.4), title insurance, lien searches, and costs of perfecting, continuing, monitoring, preserving and
protecting security interests in the Collateral; 
 (b) to pay or reimburse Agent and each Lender for all their reasonable costs and
expenses incurred in connection with, and to pay, indemnify, and hold the Indemnified Persons harmless from and against any and all claims, liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses,
disbursements, and Attorney Costs of every kind and nature arising out of or in connection with, the collection, enforcement or protection of any rights and remedies under the Loan Documents and any other documents prepared in connection therewith
(including without limitation in connection with negotiations or workout or restructuring affecting the Loan Documents or Obligations and any bankruptcy, or similar proceeding or other legal proceeding involving any Loan Party); 

(c) to pay, indemnify, and to hold the Indemnified Persons harmless from, any and all recording and filing fees and any and all liabilities
with respect to, or resulting from any failure or delay in paying, stamp, excise and other taxes (other than income and gross revenue taxes), if any, which may be payable or determined to be payable in connection with the execution and delivery of,
or consummation of any of the transactions contemplated by, or any amendment, supplement or modification of, or any waiver or consent under or in respect of, any Loan Document and any such other documents including reasonable Attorney Costs of
counsel to Agent and each Lender in connection with the foregoing and in connection with advising Agent with respect to its rights and responsibility under any Loan Document; and 

(d) to pay, indemnify, and hold the Indemnified Persons harmless from and against any and all other liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature (including reasonable Attorney Costs) which may be incurred by or asserted against any Indemnified Person arising out of or in connection with the
Loan Documents, the transactions contemplated by the Loan Documents, or the use of the proceeds of the Loans (including, without limitation, in connection with any investigation, litigation, or proceeding or preparation of defense in connection
therewith), whether or not any of the indemnified Persons is a party thereto, or by reason of or in connection with the execution and delivery or transfer of, or payment or failure to make payments under, Letters of Credit (it being agreed
that nothing in this Section 17.1 is intended to limit the Revolving Loan Borrower’s obligations pursuant to Section 5.9). 

  
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 Notwithstanding the foregoing, a Borrower shall have no obligation to indemnify any
Indemnified Person with respect to any costs of the matters described in subsections (a), (b), (c) and (d) of this Section 17.1 which arise from the gross negligence or willful misconduct of such Indemnified Person. The agreements in this
Section 17.1 shall survive repayment of the Obligations and Permitted Swap Obligations and termination of this Agreement. Without limiting the provisions of Section 7.4, this Section 17.1(d) shall not apply with respect to Taxes other
than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim. 

17.2 Successors and Assigns. The terms and provisions of the Loan Documents shall be binding upon and inure to the benefit
of the Borrowers and the Lenders and their respective successors and assigns permitted hereby, except that (a) no Borrower shall have the right to assign its rights or obligations under the Loan Documents without the prior written consent of
each Lender, (b) any assignment by any Lender must be made in compliance with Section 17.4, and (c) any transfer by participation must be made in compliance with the terms of this Agreement. Any attempted assignment or transfer by any
party not made in compliance with this Section shall be null and void, unless such attempted assignment or transfer is treated as a participation in accordance with the terms of this Agreement. The parties to this Agreement acknowledge that clause
(b) of this Section relates only to absolute assignments and this Section 17.2 does not prohibit assignments creating security interests, including, without limitation, any pledge or assignment by any Lender of all or any portion of its
rights under this Agreement to a Federal Reserve Bank; provided, however, that no such pledge or assignment creating a security interest shall release the transferor Lender from its obligations hereunder unless and until the parties thereto
have complied with the provisions of Section 17.4. The Agent may treat the Person which made any Loan as the owner thereof for all purposes hereof unless and until such Person complies with Section 17.4; provided, however, that the
Agent may in its discretion (but shall not be required to) follow instructions from the Person which made any Loan to direct payments relating to such Loan to another Person. Any assignee of the rights to any Loan agrees by acceptance of such
assignment to be bound by all the terms and provisions of the Loan Documents. Any request, authority or consent of any Person, who at the time of making such request or giving such authority or consent is the owner of the rights to any Loan, shall
be conclusive and binding on any subsequent holder or assignee of the rights to such Loan. 
 17.3 Participations. 

17.3.1 Permitted Participants; Effect. Any Lender may, in accordance with Applicable Law, at any time sell to one or more banks or other
entities (each, a “Participant”) participating interests in any Outstanding Credit Exposure owing to such Lender, the Commitments of such Lender or any other interest of such Lender under the Loan Documents. In the event of any such
sale by a Lender of participating interests to a Participant, such Lender’s obligations under the Loan Documents shall remain unchanged, such Lender shall remain solely responsible to the other parties hereto for the performance of such
obligations, such Lender shall remain the owner of its Outstanding Credit Exposure for all purposes under the Loan Documents, all amounts payable by Borrowers under this Agreement shall be determined as if such Lender had not sold such participating
interests, and Borrowers and Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under the Loan Documents. 

  
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 17.3.2 Voting Rights. Each Lender shall retain the sole right to approve, without the
consent of any Participant, any amendment, modification or waiver of any provision of the Loan Documents; provided, however, that any agreement pursuant to which any Lender sells a participating interest may require the Lender to obtain
Participant’s consent to any amendment, modification or waiver which would require the consent of all Lenders pursuant to Section 17.9. 

17.3.3 Benefit of Certain Provisions. Each Borrower agrees that each Participant shall be deemed to have the right of setoff provided in
Section 17.8 in respect of its participating interest in amounts owing under the Loan Documents to the same extent as if the amount of its participating interest were owing directly to it as a Lender under the Loan Documents, provided that
each Lender shall retain the right of setoff provided in Section 17.8 with respect to the amount of participating interests sold to each Participant. The Lenders agree to share with each Participant, and each Participant, by exercising the
right of setoff provided in Section 17.8, agrees to share with each Lender, any amount received pursuant to the exercise of its right of setoff, such amounts to be shared in accordance with Section 17.7 as if each Participant were a
Lender. Each Borrower further agrees that each Participant shall be entitled to the benefits of Sections 7.1, 7.2, 7.4, and 17.1 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 17.4,
provided that (a) a Participant shall not be entitled to receive any greater payment under Sections 7.1 or 7.2, or 7.4 than the Lender who sold the participating interest to such Participant would have received had it retained such
interest for its own account, unless the sale of such interest to such Participant is made with the prior written consent of the Company, and (b) a Participant shall not be entitled to receive any greater payment under Section 7.4 than the
Lender who sold the participating interest to such Participant would have received had it retained such interest for its own account (i) except to the extent such entitlement to receive a greater payment results from a change in treaty, law or
regulation (or any change in the interpretation or administration thereof by any Governmental Authority) that occurs after the Participant acquired the applicable participation and (ii), in the case of any Participant that would be a Non-U.S. Lender if it were a Lender, such Participant agrees to comply with the provisions of Section 7.4 to the same extent as if it were a Lender (it being understood that the documentation required under
Section 7.4.6 shall be delivered to the participating Lender). Each Lender that sells a participation shall, acting solely for this purpose as an agent of the Borrowers, maintain a register on which it enters the name and address of each
Participant and the principal amounts (and stated interest) of each Participant’s interest in any Outstanding Credit Exposure, any Commitment or any other obligations under the Loan Documents (the “Participant Register”);
provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any Outstanding Credit
Exposure, any Commitment or any other obligations under the Loan Documents) to any Person except to the extent that such disclosure is necessary to establish that such Outstanding Credit Exposure, any Commitment or any other obligations under the
Loan Documents is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender
shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Agent (in its capacity as
Agent) shall have no responsibility for maintaining a Participant Register. 

  
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 17.4 Assignments. 

17.4.1 Permitted Assignments. Any Lender may at any time sell to one or more Eligible Assignees or other financial institutions
reasonably acceptable to Agent (each an “Assignee”) all or a ratable part of its Loans and participations in Swing Line Loans and Letters of Credit and other interests under this Agreement and the Loan Documents; provided,
however, that (a) unless each of the Company and Agent otherwise consents, each assignment shall be in a minimum amount of $5,000,000 or if less, the entire Aggregate Lender Commitment and Outstanding Credit Exposure of such Lender;
(b) after giving effect to any Assignment, the Aggregate Lender Commitment of the assigning Lender shall be at least $5,000,000.00 or shall be $0; and (c) each assignment shall be of a constant and not a varying, percentage of all of the
interests of such Lender in its Outstanding Credit Exposure and all Commitments, Loans and Letters of Credit. Any assignment shall be pursuant to an Assignment Agreement in such other form reasonably acceptable to the Agent as may be agreed to by
the parties thereto. 
 17.4.2 Consents. The consent of the Company shall be required prior to an assignment becoming effective unless
the Assignee is a Lender, an Affiliate of a Lender or an Approved Fund, provided that the consent of the Company shall not be required if an Event of Default has occurred and is continuing; provided further that the Company shall be
deemed to have consented to any such assignment unless it shall object thereto by written notice to the Agent within five (5) Business Days after having received written notice thereof. The consent of the Agent shall be required prior to an
assignment becoming effective unless the Assignee is a Lender, an Affiliate of a Lender or an Approved Fund. The consent of each of the LC Issuer and the Swing Line Lender shall be required prior to an assignment of a Commitment becoming effective
unless the Assignee is a Lender with a Commitment. Any consent required under this Section 17.4.2 shall not be unreasonably withheld or delayed. 

17.4.3 Effect; Effective Date. Upon (a) delivery to the Agent of an Assignment Agreement, together with any required consents, and
(b) payment of a $3,500 fee to the Agent for processing such assignment (unless such fee is waived by the Agent), such assignment shall become effective on the effective date specified in such assignment. The assignment shall contain a
representation by the Assignee to the effect that none of the consideration used to make the purchase of the Commitments and Outstanding Credit Exposure under the applicable Assignment Agreement constitutes “plan assets” as defined under
ERISA and that the rights and interests of the Assignee in and under the Loan Documents will not be “plan assets” under ERISA. On and after the effective date of such assignment, the Assignee shall for all purposes be a Lender party to
this Agreement and any other Loan Document executed by or on behalf of the Lenders and shall have all the rights and obligations of a Lender under the Loan Documents, to the same extent as if it were an original party thereto, and the transferor
Lender shall be released with respect to the Commitments and Outstanding Credit Exposure assigned to the Assignee without any further consent or action by any Borrower, the Lenders or the Agent. In the case of an assignment covering all of the
assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a Lender hereunder but shall continue to be entitled to the benefits of, and subject to, those provisions of this Agreement and the other Loan
Documents which survive payment of the Obligations and termination of the applicable agreement. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section shall be treated for purposes
of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with Section 17.3. 

  
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 17.4.4 Tax Treatment. If any interest in any Loan Document is transferred to any
Assignee or Participant which is not incorporated under the laws of the United States or any State thereof, the transferor Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, to comply with the provisions of
Section 7.4. 
 17.5 Register. The Agent, acting solely for this purpose as an agent of the Borrowers, shall
maintain at one of its offices in the United States of America, a copy of each Assignment delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and stated
interest) of the Loans owing to, each Lender, and participations of each Lender in Letters of Credit, pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive in the absence of
manifest error, and the Borrower, the Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary.
The Register shall be available for inspection by any Borrower or Lender at any reasonable time and from time to time upon reasonable prior notice. 

17.6 Dissemination of Information. Each Borrower, for itself and its Subsidiaries, authorizes each Lender to disclose to
any Participant or Assignee and prospective Participant or Assignee any and all financial or other information in such Lender’s possession concerning any Loan Party, subject to the confidentiality requirements of Section 17.26 of this
Agreement. 
 17.7 Ratable Payments. If any Lender, whether by setoff or otherwise, has payment made to it upon its
Outstanding Credit Exposure, Outstanding New Vehicle Floorplan Exposure, Outstanding Used Vehicle Floorplan Exposure, Outstanding Service Loaner Vehicle Floorplan Exposure, and/or Outstanding Revolving Loan Exposure (other than payments received
pursuant to Sections 7.1, 7.2 or 7.4 or payments specifically payable only to such Lender) in a greater proportion than that received by any other Lender, such Lender agrees, promptly upon demand, to purchase a portion of the Aggregate Outstanding
Credit Exposure held by the other Lenders so that after such purchase each Lender will hold its Pro Rata Share of the Aggregate Outstanding Credit Exposure, Outstanding New Vehicle Floorplan Exposure, Outstanding Used Vehicle Floorplan Exposure,
Outstanding Service Loaner Vehicle Floorplan Exposure and/or Outstanding Revolving Loan Exposure. If any Lender, whether in connection with setoff or amounts which might be subject to setoff or otherwise, receives collateral or other protection for
its Obligations or such amounts which may be subject to setoff, such Lender agrees, promptly upon demand, to take such action necessary such that all Lenders share in the benefits of such collateral or other protection ratably in proportion to their
respective Pro Rata Shares. In case any such payment is disturbed by legal process, or otherwise, appropriate further adjustments shall be made. 

  
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 17.8 Setoff. Each Borrower hereby grants each Lender a security
interest in all deposits, credits and deposit accounts (including all account balances, whether provisional or final and whether or not collected or available) of such Borrower with such Lender or any Affiliate of such Lender (the
“Deposits”). In addition to, and without limitation of, any rights of the Lenders under Applicable Law, if any Borrower is not Solvent, or if any Event of Default occurs, each Borrower authorizes each Lender to offset and apply all
such Deposits toward the payment of the Obligations owing to such Lender, whether or not the Obligations, or any part thereof, shall then be due and regardless of the existence or adequacy of any collateral, guaranty or any other security, right or
remedy available to such Lender or the Lenders; provided, that in the event that any Defaulting Lender shall exercise such right of setoff, (a) all amounts so set off shall be paid over immediately to the Agent for further
application in accordance with the provisions of Section 6.14 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Agent, the LC Issuer, and the Lenders,
and (b) the Lender shall provide promptly to the Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The aforesaid rights may be exercised by Agent or
such Lender against any Borrower or against any trustee in bankruptcy, debtor in possession, assignee for the benefit of creditors, receiver or execution, judgment or attachment creditor of any Borrower or against anyone else claiming through or
against any Borrower or such trustee in bankruptcy, debtor in possession, assignee for the benefit of creditors, receiver, or execution, judgment or attachment creditor, notwithstanding the fact that such right of setoff shall not have been
exercised by Agent or such Lender prior to the occurrence of an Event of Default. 
 17.9 Amendments and Waivers. 

17.9.1 Subject to the provisions of this Section 17.9, the Required Lenders (or the Agent with the consent in writing of the Required
Lenders) and the Borrowers may enter into agreements supplemental hereto for the purpose of adding or modifying any provisions to the Loan Documents or changing in any manner the rights of the Lenders or Borrowers hereunder or waiving any Event of
Default hereunder; provided, however, that no such supplemental agreement shall: 
 (a) without the consent of all Lenders, extend
the final maturity of any Loan, or extend the expiry date of any Letter of Credit to a date after the Termination Date or postpone any regularly scheduled payment of principal of any Loan or forgive all or any portion of the principal amount thereof
or any Reimbursement Obligation, or reduce the rate (except as provided in Section 7.3.2) or extend the time of payment of interest or fees thereon or on Reimbursement Obligations or increase the amount of any Commitment of any Lender
hereunder. 
 (b) without the consent of all of the Lenders, change the definition of Required Lenders or the Pro Rata Shares required to
take any action hereunder. 
 (c) without the consent of all of the Lenders, extend the Termination Date, or permit any Borrower to assign
its rights under this Agreement. 
 (d) without the consent of all of the Lenders, amend this Section 17.9, or any provision herein
which requires consent or other action by all Lenders. 
 (e) without the consent of all of the Lenders, except as permitted by this
Agreement, release any Guarantor or, except as provided herein or in the Collateral Documents, release all or a substantial part of the Collateral. 

  
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 No amendment of any provision of this Agreement relating to the Agent shall be effective without the written
consent of the Agent, and no amendment of any provision relating to the LC Issuer shall be effective without the written consent of the LC Issuer. No amendment to any provision of this Agreement relating to the Swing Line Lender or any Swing Line
Loans shall be effective without the written consent of the Swing Line Lender. 
 17.9.2 Notwithstanding the foregoing, or the provisions of
this Section 17.9, any fee or other amount payable by any Borrower or Borrowers solely to Agent, the Swing Line Lender or the LC Issuer, may be changed with the consent of only such Borrower or Borrowers and Agent and, if applicable, the
affected Swing Line Lender or LC Issuer, provided that no Lender will be required to pay any such fee to which it has not agreed. 
 17.10
Waiver; Cumulative Remedies. No failure or delay on the part of Agent or any Lender in exercising any right, power, remedy or privilege hereunder or under any of the other Loan Documents and no course of dealing between any Loan
Party and Agent or any Lender will operate as a waiver of such right, power, remedy or privilege, nor will any single or partial exercise of any right, power or privilege hereunder preclude other or further exercise thereof or the exercise of any
other right, power, remedy or privilege. Waiver of any Default shall not be a waiver of any other subsequent or prior Default. No waiver of any Default (whether or not Agent or any Lender knows or should have known of such Default) shall be deemed
to have occurred unless Agent (to the extent authorized under Section 14.2.4 or 17.9.2) or the Required Lenders has expressly agreed in writing specifying such waiver. No amendment, modification or waiver of, or consent with respect to, any
provision of this Agreement shall in any event be effective unless the same shall be in writing and signed and delivered by Agent, the Required Lenders, or all of the Lenders, as otherwise set forth in this Agreement. Any waiver of any provision of
this Agreement, and any consent to any departure by any Loan Party from the terms of any provision of this Agreement, shall be effective only in the specific instance and for the specific purpose for which given. No notice to or demand on any Loan
Party not required hereunder shall in any event entitle any Loan Party to any other or further notice or demand in similar or other circumstances or constitute a waiver of the right of Agent or any Lender to any other or further action in any
circumstances without notice or demand. The rights and remedies herein specified are cumulative and are not exclusive of any rights or remedies which Agent or any Lender would otherwise have at law or in equity or otherwise by agreement. 

17.11 Notices. 
 17.11.1
Notices Generally. Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided in Section 17.11.2 below), all notices and other communications provided for herein shall be
in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile as follows: 

(a) if to any Borrower, at its address or facsimile number set forth on the signature page hereof; 

(b) if to the Agent, at its address or facsimile number set forth on the signature page hereof; 

  
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 (c) if to LC Issuer, at its address or facsimile number set forth on the signature page
hereof; 
 (d) if to a Lender, to it at its address or facsimile number set forth in its Administrative Questionnaire, a copy of which
Administrative Questionnaire shall be provided to the Company. 
 Notices sent by hand or overnight courier service, or mailed by certified
or registered mail, shall be deemed to have been given when received; notices sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been
given at the opening of business on the next Business Day for the recipient). Notices delivered through electronic communications to the extent provided in Section 17.11.2 below, shall be effective as provided in said Section 17.11.2.
Notwithstanding any contrary provision hereof, any request for a Credit Extension shall not be effective until received by Agent. 
 17.11.2
Electronic Communications. 
 (a) Notices and other communications to the Lenders and the LC Issuer hereunder may be delivered or
furnished by electronic communication (including e-mail and internet or intranet websites) pursuant to procedures approved by the Agent or as otherwise determined by the Agent, provided that the
foregoing shall not apply to notices to any Lender or the LC Issuer if such Lender or the LC Issuer, as applicable, has notified the Agent that it is incapable of receiving notices by electronic communication. The Agent or any Borrower may, in its
respective discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it or as it otherwise determines, provided that such determination or approval may be
limited to particular notices or communications. 
 (b) Unless the Agent otherwise prescribes, (i) notices and other communications sent
to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as
available, return e-mail or other written acknowledgement), provided that if such notice or other communication is not given during the normal business hours of the recipient, such notice or
communication shall be deemed to have been given at the opening of business on the next Business Day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed
receipt by the intended recipient at its e-mail address as described in the foregoing clause (a) of notification that such notice or communication is available and identifying the website address
therefor. 
 17.11.3 Change of Address. Any party hereto may change its address or facsimile number for notices and other
communications hereunder by notice to the other parties hereto. 

  
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 17.12 Integration; Conflicting Terms. This Agreement (including the
exhibits and schedules) together with the other Loan Documents embody the entire agreement of the parties on the subject matter hereof and except as otherwise specifically set forth in this Agreement or any other Loan Document, supersedes and
replaces all prior agreements, oral and written, on such subject matter. If any term of any of the other Loan Documents expressly conflicts with the provisions of this Agreement, the provisions of this Agreement shall control; provided,
however, that the inclusion of additional, greater or supplemental rights and remedies of Agent and Lenders or the inclusion of additional or greater obligations and responsibilities of the Loan Parties, in any of the other Loan Documents shall
not be deemed a conflict with this Agreement. 
 17.13 Governing Law. Except to the extent that Agent or any Lender has
greater rights and remedies under federal law or to the extent otherwise specifically stated in any Loan Document, this Agreement and the other Loan Documents shall be governed by and construed and enforced in accordance with the laws of the State
of Oregon without regard to conflicts of law principles but giving effect to federal laws applicable to national banks, except that matters concerning the validity and perfection of security interests covered thereby shall be governed by the
conflicts of law provisions of the applicable Uniform Commercial Code. 
 17.14 Consent To Jurisdiction. EACH BORROWER HEREBY IRREVOCABLY
SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR STATE COURT LOCATED IN OR WITH JURISDICTION OVER PORTLAND, OREGON IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THE
OBLIGATIONS AND THE LOAN DOCUMENTS AND EACH BORROWER HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS
TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM. NOTHING HEREIN SHALL LIMIT THE RIGHT OF THE AGENT, THE LC ISSUER OR ANY LENDER TO BRING PROCEEDINGS AGAINST ANY BORROWER IN THE
COURTS OF ANY OTHER JURISDICTION. ANY JUDICIAL PROCEEDING BY ANY BORROWER AGAINST THE AGENT, THE LC ISSUER OR ANY LENDER OR ANY AFFILIATE OF THE AGENT, THE LC ISSUER OR ANY LENDER INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER IN ANY WAY ARISING OUT
OF, RELATED TO, OR CONNECTED WITH ANY LOAN DOCUMENT SHALL BE BROUGHT ONLY IN A COURT LOCATED IN OR WITH JURISDICTION OVER PORTLAND, OREGON. 

17.15 Documents Satisfactory to Agent and Required Lenders. All information, documents and instruments required to be
executed or delivered to Agent shall be in form and substance reasonably satisfactory to Agent and the Required Lenders. 
 17.16
Exhibits. All exhibits and schedules referred to herein are attached hereto and hereby incorporated by reference as if fully set forth herein. 

17.17 Headings. Section headings in the Loan Documents are for convenience of reference only, and shall not govern the
interpretation of any of the provisions of the Loan Documents. 

  
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 17.18 Nonliability of Lenders. The relationship between the Borrowers
on the one hand and the Lenders, the LC Issuer and the Agent on the other hand shall be solely that of borrower and lender. Neither the Agent, the Arranger, the LC Issuer nor any Lender shall have any fiduciary responsibilities to any Borrower.
Neither the Agent, the Arranger, the LC Issuer nor any Lender undertakes any responsibility to any Borrower to review or inform any Borrower of any matter in connection with any phase of any Borrower’s business or operations. Each Borrower
agrees that neither the Agent, the Arranger, the LC Issuer nor any Lender shall have liability to any Borrower (whether sounding in tort, contract or otherwise) for losses suffered by any Borrower in connection with, arising out of, or in any way
related to, the transactions contemplated and the relationship established by the Loan Documents, or any act, omission or event occurring in connection therewith, unless it is determined in a final
non-appealable judgment by a court of competent jurisdiction that such losses resulted from the gross negligence or willful misconduct of the party from which recovery is sought. Neither the Agent, the
Arranger, the LC Issuer nor any Lender shall have any liability with respect to, and each Borrower hereby waives, releases and agrees not to sue for, any special, indirect, consequential or punitive damages suffered by any Borrower in connection
with, arising out of, or in any way related to the Loan Documents or the transactions contemplated thereby. It is agreed that the Arranger shall, in its capacity as such, have no duties or responsibilities under the Agreement or any other Loan
Document. Each Lender acknowledges that it has not relied and will not rely on the Arranger in deciding to enter into the Agreement or any other Loan Document or in taking or not taking any action. 

17.19 Survival of Representations. All representations and warranties of any Borrower contained in this Agreement shall
survive the making of the Credit Extensions herein contemplated. 
 17.20 Governmental Regulation. Anything contained in
this Agreement to the contrary notwithstanding, neither the LC Issuer nor any Lender shall be obligated to extend credit to the Borrowers in violation of any limitation or prohibition provided by any Applicable Law. 

17.21 Counterparts. This Agreement may be executed in counterparts (and by different parties hereto in different
counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Agreement by telecopy shall be effective as delivery
of a manually executed counterpart of this Agreement. 
 17.22 Severability. Whenever possible, each provision of this
Agreement and each of the other Loan Documents shall be interpreted in such a manner as to be valid and effective under Applicable Law. Any provision in any Loan Document that is held to be inoperative, unenforceable, or invalid in any jurisdiction
shall, as to that jurisdiction, be inoperative, unenforceable, or invalid without affecting the remaining provisions in that jurisdiction or the operation, enforceability, or validity of that provision in any other jurisdiction, and to this end the
provisions of all Loan Documents are declared to be severable. 
 17.23 Construction. This Agreement and the other Loan
Documents are the result of negotiations among, and have been reviewed by, each Loan Party, each Lender, Agent and their respective counsel (or, if any party has not had the Loan Documents reviewed by its counsel, such party has had the opportunity
to do so and has voluntarily chosen not to do so). Accordingly, the Loan Documents shall be deemed to be the product of all parties hereto, and no ambiguity shall be construed in favor of or against any Loan Party, Agent, or any Lender. 

  
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 17.24 USA Patriot Act Notification. The following notification is
provided to each Borrower pursuant to Section 326 of the USA Patriot Act of 2001, 31 U.S.C. Section 5318: 
 Each Lender that is
subject to the requirements of the PATRIOT Act hereby notifies each Borrower and each other Loan Party that pursuant to the requirements of the PATRIOT Act, it is required to obtain, verify and record information that identifies such Loan Party,
which information includes the name and address of such Loan Party and other information that will allow such Lender to identify such Loan Party in accordance with the PATRIOT Act. 

17.25 Nonreliance. Each Lender hereby represents that it is not relying on or looking to any margin stock (as defined in
Regulation U) of the Board for the repayment of the Credit Extensions provided for herein. 
 17.26 Confidentiality.
Agent and each Lender agree to take reasonable precautions, in accordance with customary procedures, to maintain the confidentiality of all non-public information provided to it by any Loan Party under
this Agreement or any other Loan Document, which is identified as confidential at the time such Person provides the information, and agrees that it shall not use any such information other than in connection with or in enforcement of this Agreement
and the other Loan Documents or in connection with other business now or hereafter existing or contemplated with any Loan Party, except to the extent such information (a) was or becomes generally available to the public other than as a result
of disclosure by Agent or Lender, or (b) was or becomes available on a non-confidential basis from a source other than a Loan Party, provided that such source is not bound by a confidentiality
agreement with a Loan Party known to Agent or such Lender; provided, however, that Agent or any Lender may disclose such confidential information (p) at the request or pursuant to any requirement of any Governmental Body or in connection
with an examination of Agent or such Lender by any such authority; (q) pursuant to subpoena or other court process; (r) when requested or required to do so in accordance with the provisions of any Applicable Law; (s) to the extent
reasonably required in connection with any litigation or proceeding to which Agent, any Lender or their respective affiliates may be party; (t) to the extent reasonably required in connection with the exercise of any remedy hereunder or under
any other Loan Document; (u) to Agent’s or such Lender’s and its affiliates, directors, officers, employees and agents, including accountants, attorneys and other professional advisors who are subject to similar limitations;
(v) to any Participant or Assignee, actual or potential, provided that such Person agrees in writing to keep such information confidential to the same extent required of the Lenders hereunder; (w) to its direct or indirect
contractual counterparties in swap agreements or to legal counsel, accountants and other professional advisors to such counterparties, (x) to rating agencies if requested or required by such agencies in connection with a rating relating to the
Obligations hereunder; (y) as to Agent or any Lender or its affiliates, as expressly permitted under the terms of any other document or agreement regarding confidentiality to which any Loan Party is party or is deemed party with Agent or such
Lender or affiliate; and (z) to its affiliates; provided, that with respect to disclosures under clauses (q) and (r), such Lender shall use commercially reasonable efforts to notify the Company (unless such notification is
prohibited by any Applicable Law) of the proposed disclosure before such disclosure is made to reasonably afford the Company the opportunity to seek to prevent such disclosure. 

  
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 17.27 Ford Letter Agreement. Each Lender hereby agrees to the terms and
conditions set forth in the letter agreement regarding Clarification of Supplemental Terms and Conditions Agreement dated April 5, 2012 and agreed to on April 10, 2012 between Ford Motor Company and the Company, a copy of which has been
provided to each Lender. 
 17.28 Waiver of Jury Trial. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH BORROWER, THE AGENT, THE
LC ISSUER AND EACH LENDER HEREBY WAIVE TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THE OBLIGATIONS
AND THE LOAN DOCUMENTS OR THE RELATIONSHIP ESTABLISHED THEREUNDER. EACH OF THEM REPRESENTS TO THE OTHER PARTIES THAT THIS WAIVER IS KNOWINGLY, WILLINGLY AND VOLUNTARILY GIVEN. 

17.29 Disclosure. Under Oregon law, most agreements promises and commitments made by any Lender concerning loans and other credit extensions
which are not for personal, family or household purposes or secured solely by the borrower’s residence must be in writing, express consideration and be signed by the Lender to be enforceable. 

17.30 Acknowledgement and Consent to Bail-In of EEA Financial Institutions.
Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan
Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 

(a) the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may
be payable to it by any party hereto that is an EEA Financial Institution; and 
 (b) the effects of any
Bail-In Action on any such liability, including, if applicable: 
  

	 	(i)	 a reduction in full or in part or cancellation of any such liability; 

 

	 	(ii)	 a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA
Financial Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such
liability under this Agreement or any other Loan Document; or 

  

	 	(iii)	 the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion
Powers of any EEA Resolution Authority. 

  
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 17.31 Amendment and Restatement. This Agreement constitutes an amendment and
restatement of the Existing Loan Agreement effective from and after the Closing Date. The execution and delivery of this Agreement shall not constitute a novation of any indebtedness or other obligations owing to the existing Lenders or Agent under
the Existing Loan Agreement. On the Closing Date, the credit facilities described in the Existing Loan Agreement shall be amended, supplemented, modified and restated in their entirety as described herein, and all loans and other obligations of the
Company and the other Borrowers outstanding as of such date under the Existing Loan Agreement shall be deemed to be loans and obligations outstanding under the corresponding facilities described herein, without any further action by any Person,
except that Agent shall make such transfers of funds as are necessary in order that the outstanding balance of such loans, together with any extensions of credit made on the Closing Date, reflect the Commitments of the Lenders hereunder. 

17.32 Acknowledgement Regarding any Supported QFCs. To the extent that the Loan Documents provide support, through a guarantee or
otherwise, for any Swap or any other agreement or instrument that is a QFC (such support, “QFC Credit Support”, and each such QFC, a “Supported QFC”), the parties acknowledge and agree as follows with respect to the
resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the
“U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by
the laws of the State of New York and/or of the United States or any other state of the United States): 
 (a) In the event a Covered Entity
that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and
obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective
under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a
Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that
may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws
of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered
Party with respect to a Supported QFC or any QFC Credit Support. 
 (b) As used in this Section 17.31, the
following terms have the following meanings: 
 “BHC Act Affiliate” of a party means an “affiliate” (as such term
is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party. 

  
 156 

 “Covered Entity” means any of the following: (i) a “covered
entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a
“covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b). 
 “Default
Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable. 

“QFC” has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in
accordance with, 12 U.S.C. 5390(c)(8)(D). 
 [Signature pages follow] 

  
 157 

			
	BORROWERS:
	
	LITHIA MOTORS, INC.
		
	By:	 	 /s/ Tina Miller

			
	Name:	 	 Tina Miller

			
	Title:	 	 Senior Vice President and Chief Financial Officer

 BAIERL AUTOMOTIVE CORPORATION 

BAIERL CHEVROLET, INC. 
 CADILLAC OF PORTLAND LLOYD CENTER, LLC

 CAMP AUTOMOTIVE, INC. 
 CRANBERRY AUTOMOTIVE, INC. 

DARON MOTORS LLC 
 DCH (OXNARD) INC. 

DCH BLOOMFIELD LLC 
 DCH CA, LLC 

DCH CALABASAS-A, LLC 
 DCH
CALIFORNIA MOTORS INC. 
 DCH DEL NORTE, INC. 
 DCH ESSEX INC.

 DCH FREEHOLD LLC 
 DCH KOREAN IMPORTS LLC 

DCH MAMARONECK LLC 
 DCH MISSION VALLEY LLC 

DCH MONMOUTH LLC 
 DCH MONTCLAIR LLC 

DCH MOTORS LLC 
 DCH NANUET LLC 

DCH NY MOTORS LLC 
 DCH OXNARD 1521 IMPORTS INC. 

DCH RIVERSIDE-S, INC. 

DCH TEMECULA IMPORTS LLC 
 DCH TEMECULA MOTORS LLC 

DCH TORRANCE IMPORTS INC. 
 FREEHOLD NISSAN LLC 

HUTCHINS EUGENE NISSAN, INC. 
 HUTCHINS IMPORTED MOTORS, INC. 

LAD CARSON-N, LLC 
 LAD
MISSION VIEJO-JLR, INC. 
 LAD-AU, LLC 

LAD-MB, LLC 
 LAD-N, LLC 
 LAD-P, LLC 

 LAD-T, LLC 

LAD-V, LLC 
 LBMP, LLC

 LFKF, LLC 
 LGPAC, INC. 

LITHIA ACDM, INC. 
 LITHIA
ANCHORAGE-C, LLC 
 LITHIA ANCHORAGE-H, LLC 

LITHIA ARMORY GARAGE, LLC 
 LITHIA
BAIERL-S, LLC 
 LITHIA BRYAN TEXAS, INC. 

LITHIA BUFFALO-A, LLC 

LITHIA CCTF, INC. 
 LITHIA CDH, INC. 

LITHIA CIMR, INC. 
 LITHIA CJDO, INC. 

LITHIA CJDSA, INC. 
 LITHIA CJDSF, INC. 

LITHIA CM, INC. 
 LITHIA CO, INC. 

LITHIA CRATER LAKE-M, INC. 

LITHIA CSA, INC. 
 LITHIA DE, INC. 

LITHIA DES MOINES-VW, LLC 

LITHIA DMID, INC. 
 LITHIA DODGE OF
TRI-CITIES, INC. 
 LITHIA FRESNO, INC. 

LITHIA HAMILTON-H, LLC 

LITHIA HAZLETON-H, LLC 

LITHIA HDM, INC. 
 LITHIA HGF, INC. 

LITHIA HMID, INC. 
 LITHIA IMPORTS OF ANCHORAGE, INC. 

LITHIA JEF, INC. 
 LITHIA KLAMATH, INC. 

LITHIA KLAMATH-T, INC. 

LITHIA LSGF, INC. 
 LITHIA MBDM, INC. 

LITHIA McMURRAY-C, LLC 

LITHIA MEDFORD HON, INC. 
 LITHIA
MIDDLETOWN-L, LLC 
 LITHIA MOON-S, LLC 

LITHIA MOON-V, LLC 

LITHIA MORGANTOWN-CJD, LLC 

LITHIA MORGANTOWN-S, LLC 

LITHIA MTLM, INC. 

 LITHIA NA, INC. 

LITHIA NC, INC. 
 LITHIA ND ACQUISITION CORP. #3 

LITHIA ND ACQUISITION CORP. #4 
 LITHIA NDM, INC. 

LITHIA NF, INC. 
 LITHIA NSA, INC. 

LITHIA OF ABILENE, INC. 
 LITHIA OF ANCHORAGE, INC. 

LITHIA OF BEND #1, LLC 
 LITHIA OF BEND #2, LLC 

LITHIA OF BENNINGTON – 2, LLC 
 LITHIA OF BENNINGTON –
3, LLC 
 LITHIA OF BENNINGTON – 4, LLC 
 LITHIA OF
BILLINGS II LLC 
 LITHIA OF BILLINGS, INC. 
 LITHIA OF CLEAR
LAKE, LLC 
 LITHIA OF CONCORD I, INC. 
 LITHIA OF CONCORD II,
INC. 
 LITHIA OF DES MOINES, INC. 
 LITHIA OF EUREKA, INC. 

LITHIA OF FAIRBANKS, INC. 
 LITHIA OF GREAT FALLS, INC. 

LITHIA OF HELENA, INC. 
 LITHIA OF
HONOLULU-A, INC. 
 LITHIA OF HONOLULU-BGMCC, LLC 

LITHIA OF HONOLULU-V, LLC 

LITHIA OF KILLEEN, LLC 
 LITHIA OF LODI, INC. 

LITHIA OF MAUI-H, LLC 

LITHIA OF MISSOULA II, LLC 
 LITHIA OF MISSOULA, INC. 

LITHIA OF POCATELLO, INC. 
 LITHIA OF PORTLAND I, LLC 

LITHIA OF PORTLAND, LLC 
 LITHIA OF ROBSTOWN, LLC 

LITHIA OF ROSEBURG, INC. 
 LITHIA OF SANTA ROSA, INC. 

LITHIA OF SEATTLE, INC. 
 LITHIA OF SOUTH CENTRAL AK, INC. 

LITHIA OF STOCKTON, INC. 
 LITHIA OF STOCKTON-V, INC. 
 LITHIA OF TF, INC. 

LITHIA OF TROY, LLC 
 LITHIA OF UTICA – 1, LLC 

LITHIA OF UTICA – 3, LLC 

 LITHIA OF UTICA – 4, LLC 

LITHIA OF WALNUT CREEK, INC. 
 LITHIA OF WASILLA, LLC 

LITHIA OF YORKVILLE – 1, LLC 
 LITHIA OF YORKVILLE – 2,
LLC 
 LITHIA OF YORKVILLE – 3, LLC 
 LITHIA OF YORKVILLE
– 4, LLC 
 LITHIA OF YORKVILLE – 5, LLC 
 LITHIA
ORCHARD PARK-H, LLC 
 LITHIA PARAMUS-M, LLC 

LITHIA PITTSBURGH-S, LLC 

LITHIA RAMSEY-B, LLC 

LITHIA RAMSEY-L, LLC 

LITHIA RAMSEY-M, LLC 

LITHIA RAMSEY-T, LLC 

LITHIA RENO-CJ, LLC 

LITHIA RENO-VW, LLC 

LITHIA RENO SUB-HYUN, INC. 

LITHIA SALMIR, INC. 
 LITHIA SEA P, INC. 

LITHIA SEASIDE, INC. 
 LITHIA SOC, INC. 

LITHIA SPOKANE-B, LLC 

LITHIA SPOKANE-S, LLC 

LITHIA TA, INC. 
 LITHIA TO, INC. 

LITHIA TR, INC. 
 LITHIA VAUDM, INC. 

LITHIA WEXFORD-H, LLC 

LLL SALES CO LLC 
 LMBB, LLC 

LMBP, LLC 
 LMOP, LLC 

PARAMUS WORLD MOTORS LLC 

SALEM-B, LLC 
 SALEM-H, LLC 
 SALEM-V, LLC 

SHARLENE REALTY LLC 

TAMPA-H, LLC 
 TUSTIN
MOTORS INC. 
 WESLEY CHAPEL-H, LLC 

WESLEY CHAPEL-T, LLC 

			
	By:	 	 /s/ Tina Miller

	Name: Tina Miller
	Title: Authorized Agent

 ACKNOWLEDGMENT AND CONSENT OF GUARANTORS 

Each undersigned Guarantor hereby acknowledges, consents, and agrees to all terms and conditions of the foregoing amendment. 

797 VALLEY STREET LLC 
 BAIERL CHEVROLET, INC. 

BAIERL AUTO PARTS, LLC 
 BAIERL AUTOMOTIVE CORPORATION 

BAIERL HOLDING, LLC 
 CADILLAC OF PORTLAND LLOYD CENTER, LLC 

CAMP AUTOMOTIVE, INC. 
 CARBONE AUTO BODY, LLC 

CRANBERRY AUTOMOTIVE, INC. 
 DAH CHONG HONG CA TRADING LLC 

DAH CHONG HONG TRADING CORPORATION 
 DARON MOTORS LLC 

DCH (OXNARD) INC. 
 DCH AUTO GROUP (USA) INC. 

DCH BLOOMFIELD LLC 
 DCH CA, LLC 

DCH CALABASAS-A, LLC 
 DCH
CALIFORNIA INVESTMENTS LLC 
 DCH CALIFORNIA MOTORS INC. 
 DCH
DEL NORTE, INC. 
 DCH DMS NJ, LLC 
 DCH ESSEX INC. 

DCH FINANCIAL NJ, LLC 
 DCH FREEHOLD - V, LLC 

DCH FREEHOLD LLC 
 DCH HOLDINGS LLC 

DCH INVESTMENTS INC. (NEW JERSEY) 
 DCH INVESTMENTS INC. (NEW
YORK) 
 DCH KOREAN IMPORTS LLC 
 DCH MAMARONECK LLC 

DCH MISSION VALLEY LLC 
 DCH MONMOUTH LLC 

DCH MONTCLAIR LLC 
 DCH MOTORS LLC 

DCH NANUET LLC 
 DCH NORTH AMERICA INC. 

DCH NY MOTORS LLC 
 DCH OXNARD 1521 IMPORTS INC. 

DCH RIVERSIDE-S, INC. 

DCH SIMI VALLEY INC. 

  
 [LITHIA MOTORS –
THIRD AMENDED AND RESTATED LOAN AGREEMENT] 

 DCH SUPPORT SERVICES, LLC 

DCH TEMECULA IMPORTS LLC 
 DCH TEMECULA MOTORS LLC 

DCH THOUSAND OAKS-F, INC. 

DCH TL HOLDINGS LLC 
 DCH TL NY HOLDINGS LLC 

DCH TORRANCE IMPORTS INC. 
 DRIVEWAY MOTORS, LLC 

ELIZABETH COLLISION, LLC 
 LITHIA FLORIDA HOLDING, INC. 

FLORIDA SS, LLC 
 FREEHOLD NISSAN LLC 

FUSE AUTO SALES, LLC 
 HUTCHINS EUGENE NISSAN, INC. 

HUTCHINS IMPORTED MOTORS, INC. 
 LA MOTORS HOLDING, LLC 

LAD ADVERTISING, INC. 
 LAD
CARSON-N, LLC 
 LAD MISSION VIEJO-JLR, INC. 

LAD-AU, LLC 
 LAD-MB, LLC 
 LAD MOBU, INC. 

LAD-N, LLC 
 LAD-P, LLC 
 LAD-T, LLC 

LAD-V, LLC 
 LBMP, LLC

 LFKF, LLC 
 LGPAC, INC. 

LITHIA ACDM, INC. 
 LITHIA AIRCRAFT, INC. 

LITHIA ANCHORAGE-C, LLC 

LITHIA ANCHORAGE-H, LLC 

LITHIA ARMORY GARAGE, LLC 
 LITHIA AUCTION & RECON, LLC

 LITHIA AUTO SERVICES, INC. 
 LITHIA AUTOMOTIVE, INC. 

LITHIA BA HOLDING, INC. 
 LITHIA
BAIERL-S, LLC 
 LITHIA BNM, INC. 

LITHIA BRYAN TEXAS, INC. 
 LITHIA
BUFFALO-A, LLC 
 LITHIA CCTF, INC. 

LITHIA CDH, INC. 
 LITHIA CIMR, INC. 

LITHIA CJDO, INC. 

  
 [LITHIA MOTORS –
THIRD AMENDED AND RESTATED LOAN AGREEMENT] 

 LITHIA CJDSA, INC. 

LITHIA CJDSF, INC. 
 LITHIA CM, INC. 

LITHIA CO, INC. 
 LITHIA CSA, INC. 

LITHIA CRATER LAKE-F, INC. 

LITHIA CRATER LAKE-M, INC. 

LITHIA DE, INC. 
 LITHIA DES
MOINES-VW, LLC 
 LITHIA DM, INC. 

LITHIA DMID, INC. 
 LITHIA DODGE OF
TRI-CITIES, INC. 
 LITHIA EATONTOWN-F, LLC 

LITHIA FINANCIAL CORPORATION 
 LITHIA FLCC, LLC 

LITHIA FMF, INC. 
 LITHIA FORD OF BOISE, INC. 

LITHIA FRESNO, INC. 
 LITHIA
HAMILTON-H, LLC 
 LITHIA HAZLETON-H, LLC 

LITHIA HDM, INC. 
 LITHIA HGF, INC. 

LITHIA HMID, INC. 
 LITHIA HPI, INC. 

LITHIA IDAHO FALLS-F, INC. 

LITHIA IMPORTS OF ANCHORAGE, INC. 
 LITHIA JEF, INC. 

LITHIA KLAMATH, INC. 
 LITHIA
KLAMATH-T, INC. 
 LITHIA LBGGF, INC. 

LITHIA LHGF, INC. 
 LITHIA LSGF, INC. 

LITHIA MBDM, INC. 
 LITHIA
McMURRAY-C, LLC 
 LITHIA MEDFORD HON, INC. 

LITHIA MIDDLETOWN-L, LLC 

LITHIA MMF, INC. 
 LITHIA
MONROEVILLE-A, LLC 
 LITHIA MONROEVILLE-C, LLC 

LITHIA MONROEVILLE-F, LLC 

LITHIA MONROEVILLE-V, LLC 

LITHIA MOON-S, LLC 

LITHIA MOON-V, LLC 

LITHIA MORGANTOWN-CJD, LLC 

LITHIA MORGANTOWN-F, LLC 

LITHIA MORGANTOWN-S, LLC 

  
 [LITHIA MOTORS –
THIRD AMENDED AND RESTATED LOAN AGREEMENT] 

 LITHIA MOTORS SUPPORT SERVICES, INC. 

LITHIA MTLM, INC. 
 LITHIA NA, INC. 

LITHIA NC, INC. 
 LITHIA ND ACQUISITION CORP. #1 

LITHIA ND ACQUISITION CORP. #3 
 LITHIA ND ACQUISITION CORP. #4

 LITHIA NDM, INC. 
 LITHIA NF, INC. 

LITHIA NORTHEAST REAL ESTATE, LLC 
 LITHIA NSA, INC. 

LITHIA OF ABILENE, INC. 
 LITHIA OF ANCHORAGE, INC. 

LITHIA OF BEND #1, LLC 
 LITHIA OF BEND #2, LLC 

LITHIA OF BENNINGTON – 1, LLC 
 LITHIA OF BENNINGTON –
2, LLC 
 LITHIA OF BENNINGTON – 3, LLC 
 LITHIA OF
BENNINGTON – 4, LLC 
 LITHIA OF BILLINGS II LLC 
 LITHIA
OF BILLINGS, INC. 
 LITHIA OF CASPER, LLC 
 LITHIA OF CLEAR
LAKE, LLC 
 LITHIA OF CONCORD I, INC. 
 LITHIA OF CONCORD II,
INC. 
 LITHIA OF CORPUS CHRISTI, INC. 
 LITHIA OF DES MOINES,
INC. 
 LITHIA OF EUREKA, INC. 
 LITHIA OF FAIRBANKS, INC. 

LITHIA OF GREAT FALLS, INC. 
 LITHIA OF HELENA, INC. 

LITHIA OF HONOLULU-A, INC. 

LITHIA OF HONOLULU-BGMCC, LLC 
 LITHIA OF HONOLULU-F, LLC 
 LITHIA OF HONOLULU-V, LLC 

LITHIA OF KILLEEN, LLC 
 LITHIA OF LODI, INC. 

LITHIA OF MAUI-H, LLC 

LITHIA OF MISSOULA II, LLC 
 LITHIA OF MISSOULA III, INC. 

LITHIA OF MISSOULA, INC. 
 LITHIA OF POCATELLO, INC. 

LITHIA OF PORTLAND I, LLC 
 LITHIA OF PORTLAND, LLC 

LITHIA OF ROBSTOWN, LLC 
 LITHIA OF ROSEBURG, INC. 

  
 [LITHIA MOTORS –
THIRD AMENDED AND RESTATED LOAN AGREEMENT] 

 LITHIA OF SANTA ROSA, INC. 

LITHIA SEATTLE, INC. 
 LITHIA OF SOUTH CENTRAL AK, INC. 

LITHIA OF SPOKANE II, INC. 
 LITHIA OF SPOKANE, INC. 

LITHIA OF STOCKTON, INC. 
 LITHIA OF STOCKTON-V, INC. 
 LITHIA OF TF, INC. 

LITHIA OF TROY, LLC 
 LITHIA OF UTICA – 1, LLC 

LITHIA OF UTICA – 2, LLC 
 LITHIA OF UTICA – 3, LLC 

LITHIA OF UTICA – 4, LLC 
 LITHIA OF WALNUT CREEK, INC. 

LITHIA OF WASILLA, LLC 
 LITHIA OF YORKVILLE – 1, LLC 

LITHIA OF YORKVILLE – 2, LLC 
 LITHIA OF YORKVILLE – 3,
LLC 
 LITHIA OF YORKVILLE – 4, LLC 
 LITHIA OF YORKVILLE
– 5, LLC 
 LITHIA ORCHARD PARK-H, LLC 

LITHIA PARAMUS-M, LLC 

LITHIA PITTSBURGH-S, LLC 

LITHIA RAMSEY-B, LLC 

LITHIA RAMSEY-L, LLC 

LITHIA RAMSEY-M, LLC 

LITHIA RAMSEY-T, LLC 

LITHIA REAL ESTATE, INC. 
 LITHIA
RENO-CJ, LLC 
 LITHIA RENO-VW, LLC 

LITHIA RENO SUB-HYUN, INC. 

LITHIA ROSE-FT, INC. 

LITHIA SALMIR, INC. 
 LITHIA SEA P, INC. 

LITHIA SEASIDE, INC. 
 LITHIA SOC, INC. 

LITHIA SPOKANE-B, LLC 

LITHIA SPOKANE-S, LLC 

LITHIA SSP, LLC 
 LITHIA TA, INC. 

LITHIA TO, INC. 
 LITHIA TR, INC. 

LITHIA UNIONTOWN-C, LLC 

LITHIA VAUDM, INC. 
 LITHIA VF, INC. 

LITHIA WEXFORD-H, LLC 

  
 [LITHIA MOTORS –
THIRD AMENDED AND RESTATED LOAN AGREEMENT] 

 LLL SALES CO LLC 

LMBB, LLC 
 LMBP, LLC 

LMOP, LLC 
 LSTAR, LLC 

MEDFORD INSURANCE, LLC 
 MILFORD DCH, INC. 

NORTHLAND FORD INC. 
 PA REAL ESTATE, LLC 

PA SUPPORT SERVICES, LLC 
 PARAMUS COLLISION, LLC 

PARAMUS WORLD MOTORS LLC 
 PERSONALIZED MARKETING, LLC 

RFA HOLDINGS, LLC 

SALEM-B, LLC 
 SALEM-H, LLC 
 SALEM-V, LLC 

SHARLENE REALTY LLC 
 SHIFT PORTLAND, LLC 

SOUTHERN CASCADES FINANCE CORPORATION 
 TAMPA-H, LLC 
 TUSTIN MOTORS INC. 

WESLEY CHAPEL-H, LLC 

WESLEY CHAPEL-T, LLC 

ZELIENOPLE REAL ESTATE, L.L.C. 
 ZELIENOPLE REAL ESTATE I, L.P.

  

			
	 By:
	 	 /s/ Tina Miller

	 Name:
	 	 Tina Miller

	 Title:
	 	 Authorized Agent

  
 [LITHIA MOTORS –
THIRD AMENDED AND RESTATED LOAN AGREEMENT] 

 U.S. BANK NATIONAL ASSOCIATION, as 

Agent, Lender, Swing Line Lender, and LC Issuer 
  

			
	 By:
	 	 /s/ Gilmore Hector

	 Name:
	 	Gilmore Hector

			
	 Title:
	 	Vice President

 Notice Address: 
 13010 SW 68th
Parkway 
 Portland, OR 97223 
 Fax: (503) 872-7562 

 JPMORGAN CHASE BANK, N.A., as Lender 

 

			
	By:	 	 /s/ Jeffrey Calder

	Name:	 	Jeffrey Calder
	Title:	 	Executive Director

 [Signature Page to Third Amended and Restated Loan Agreement] 

 TOYOTA MOTOR CREDIT CORPORATION, as Lender 

 

			
	By:	 	 /s/ Steve Estes

	Name:	 	Steve Estes
	Title:	 	National Accounts Manager

 [Signature Page to Third Amended and Restated Loan Agreement] 

 AMERICAN HONDA FINANCE CORPORATION, as Lender 

 

			
	By:	 	 /s/ Matthew Weitzer

	Name:	 	Matthew Weitzer
	Title:	 	DFS Manager

 [Signature Page to Third Amended and Restated Loan Agreement] 

 MERCEDES-BENZ FINANCIAL SERVICES 

USA LLC, as Lender 
  

			
	By:	 	 /s/ Michele Nowak

	Name:	 	Michele Nowak
	Title:	 	Credit Director, National Accounts

 [Signature Page to Third Amended and Restated Loan Agreement] 

 BANK OF AMERICA, NA, as Lender 
  

			
	By:	 	 /s/ Dawn M. Winchell

	Name:	 	Dawn M. Winchell
	Title:	 	Vice President

 [Signature Page to Third Amended and Restated Loan Agreement] 

 TD BANK, N.A., as Lender 
  

			
	By:	 	 /s/ Judy C. Johnson

	Name:	 	Judy C. Johnson
	Title:	 	VP, Major Accounts, Market Credit Manager

 [Signature Page to Third Amended and Restated Loan Agreement] 

 BMW FINANCIAL SERVICES NA, LLC, as Lender 

 

			
	By:	 	 /s/ Alex Calcasola

	Name:	 	Alex Calcasola
	Title:	 	Commercial Finance Credit Manager
		 	 BMW Financial Services NA, LLC

  

			
	By:	 	 /s/ Thomas Rumfola

	Name:	 	Thomas Rumfola
	Title:	 	General Manager, Commercial Finance Credit BMW Financial Services NA, LLC

 [Signature Page to Third Amended and Restated Loan Agreement] 

 CAPITAL ONE, N.A., as Lender 
  

			
	By:	 	 /s/ Paul M. Forman

	Name:	 	Paul M. Forman
	Title:	 	Vice President

 [Signature Page to Third Amended and Restated Loan Agreement] 

 BRANCH BANKING & TRUST COMPANY, as Lender 

 

			
	By:	 	 /s/ Robert Johnson

	Name:	 	Robert Johnson
	Title:	 	Vice President Dealer Commercial Sales & Service Officer Team Leader

 [Signature Page to Third Amended and Restated Loan Agreement] 

 Wells Fargo bank, N.A., as Lender 
  

			
	By:	 	 /s/ Eric Scott Fuller

	Name:	 	Eric Scott Fuller
	Title:	 	Senior Vice President

 [Signature Page to Third Amended and Restated Loan Agreement] 

 NISSAN MOTOR ACCEPTANCE CORPORATION, as Lender 

 

			
	By:	 	 /s/ Edwin M. Sweda

	Name:	 	Edwin M. Sweda
	Title:	 	Sr. Manager - Commercial Credit

 [Signature Page to Third Amended and Restated Loan Agreement] 

 SANTANDER BANK, N.A., as Lender 
  

			
	By:	 	 /s/ Edward Brewer

	Name:	 	Edward Brewer
	Title:	 	SVP

 [Signature Page to Third Amended and Restated Loan Agreement] 

 ALLY BANK, as Lender 
  

			
	By:	 	 /s/ Ellie W. Harris

	Name:	 	Ellie W. Harris
	Title:	 	Authorized Representative

 [Signature Page to Third Amended and Restated Loan Agreement] 

 BMO HARRIS BANK N.A., as Lender 
  

			
	By:	 	 /s/ James Kozola

	Name:	 	James Kozola
	Title:	 	Assistant Vice President

 [Signature Page to Third Amended and Restated Loan Agreement] 

 PNC BANK, NATIONAL ASSOCIATION, as Lender 

 

			
	By:	 	 /s/ Philip K. Liebscher

	Name:	 	Philip K. Liebscher
	Title:	 	Senior Vice President

 [Signature Page to Third Amended and Restated Loan Agreement] 

 VW CREDIT, INC., as Lender 
  

			
	By:	 	 /s/ Dean Taylor

	Name:	 	Dean Taylor
	Title:	 	Senior Manager, Commercial Credit

 [Signature Page to Third Amended and Restated Loan Agreement] 

 HYUNDAI CAPITAL AMERICA, as Lender 

 

			
	By:	 	 /s/ Andrew Leone

	Name:	 	Andrew Leone
	Title:	 	Commercial Credit Risk, Vice President

 [Signature Page to Third Amended and Restated Loan Agreement] 

 M&T BANK, as Lender 
  

			
	By:	 	 /s/ Brendan Kelly

	Name:	 	Brendan Kelly
	Title:	 	VP

 [Signature Page to Third Amended and Restated Loan Agreement] 

 SCHEDULE 1 
  

																					
	 Name of Financial

Institution
	  	Pro Rata Share
of Aggregate
Lender
Commitment	 	  	New Vehicle
Floorplan
Commitment	 	  	Used Vehicle
Floorplan
Commitment	 	  	Revolving
Loan
Commitment	 	  	Service Loaner
Vehicle
Commitment	 
	 U.S. Bank
	  	 	[    ]%	 	  	$	[    ]	 	  	$	[    ]	 	  	$	[    ]	 	  	$	[    ]	 
	 JP Morgan Chase Bank
	  	 	[    ]%	 	  	$	[    ]	 	  	$	[    ]	 	  	$	[    ]	 	  	$	[    ]	 
	 Toyota Motor Credit
	  	 	[    ]%	 	  	$	[    ]	 	  	$	[    ]	 	  	$	[    ]	 	  	$	[    ]	 
	 American Honda Financial
	  	 	[    ]%	 	  	$	[    ]	 	  	$	[    ]	 	  	$	[    ]	 	  	$	[    ]	 
	 Mercedes-Benz Financial
	  	 	[    ]%	 	  	$	[    ]	 	  	$	[    ]	 	  	$	[    ]	 	  	$	[    ]	 
	 Bank of America
	  	 	[    ]%	 	  	$	[    ]	 	  	$	[    ]	 	  	$	[    ]	 	  	$	[    ]	 
	 TD Bank
	  	 	[    ]%	 	  	$	[    ]	 	  	$	[    ]	 	  	$	[    ]	 	  	$	[    ]	 
	 BMW Financial Services
	  	 	[    ]%	 	  	$	[    ]	 	  	$	[    ]	 	  	$	[    ]	 	  	$	[    ]	 
	 Capital One NA
	  	 	[    ]%	 	  	$	[    ]	 	  	$	[    ]	 	  	$	[    ]	 	  	$	[    ]	 
	 Branch Banking & Trust Company
	  	 	[    ]%	 	  	$	[    ]	 	  	$	[    ]	 	  	$	[    ]	 	  	$	[    ]	 
	 Wells Fargo Bank, NA
	  	 	[    ]%	 	  	$	[    ]	 	  	$	[    ]	 	  	$	[    ]	 	  	$	[    ]	 
	 Nissan Motor Acceptance Corporation
	  	 	[    ]%	 	  	$	[    ]	 	  	$	[    ]	 	  	$	[    ]	 	  	$	[    ]	 
	 Santander Bank, N.A.
	  	 	[    ]%	 	  	$	[    ]	 	  	$	[    ]	 	  	$	[    ]	 	  	$	[    ]	 
	 Ally Bank
	  	 	[    ]%	 	  	$	[    ]	 	  	$	[    ]	 	  	$	[    ]	 	  	$	[    ]	 
	 BMO Harris Bank
	  	 	[    ]%	 	  	$	[    ]	 	  	$	[    ]	 	  	$	[    ]	 	  	$	[    ]	 
	 PNC Bank, National Association
	  	 	[    ]%	 	  	$	[    ]	 	  	$	[    ]	 	  	$	[    ]	 	  	$	[    ]	 
	 VW Credit, Inc.
	  	 	[    ]%	 	  	$	[    ]	 	  	$	[    ]	 	  	$	[    ]	 	  	$	[    ]	 
	 Hyundai Capital America
	  	 	[    ]%	 	  	$	[    ]	 	  	$	[    ]	 	  	$	[    ]	 	  	$	[    ]	 
	 M&T Bank
	  	 	[    ]%	 	  	$	[    ]	 	  	$	[    ]	 	  	$	[    ]	 	  	$	[    ]	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 TOTAL
	  	$	2,800,000,000	 	  	$	2,095,000,000	 	  	$	358,000,000	 	  	$	247,000,000	 	  	$	100,000,000	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

 PRICING SCHEDULE 

In addition to the terms defined elsewhere in this Agreement, for purposes of determining the applicable interest rates and fees, the
following terms shall have the meanings set forth in this Pricing Schedule: 
 “Alternate Base Rate Margin (New Vehicle)”
means a percentage rate per annum equal to 0.10%. 
 “Alternate Base Rate Margin (Service Loaner Vehicle)” means a
percentage rate per annum equal to 0.10%. 
 “Alternate Base Rate Margin (Used Vehicle)” means a percentage rate per annum
equal to 0.40%. 
 “LC Fee Percentage” means the applicable percentage rates per annum set forth below opposite the
applicable Leverage Ratio, as adjusted from time to time. 
 “New Vehicle Floorplan Commitment Fee Rate” means a percentage rate per annum equal to 0.15%. 
 “New Vehicle
Floorplan Margin” means a percentage rate per annum equal to 1.10%. 
 “Revolving Loan Margin”, “Revolving Loan
Commitment Fee Rate” and “Alternate Base Rate Margin (Revolving)” mean the applicable percentage rates per annum set forth below opposite the applicable Leverage Ratio, as adjusted from time to time. 

 

													
	 Leverage Ratio
	  	LC Fee
Percentage/
Revolving
Loan Margin	 	 	Revolving Loan
Commitment Fee Rate	 	 	Alternate Base Rate
Margin (Revolving)	 
	 Greater than 4.50 to 1.00
	  	 	2.00	% 	 	 	0.40	% 	 	 	1.00	% 
	 Greater than 4.00 to 1.00 but less than or equal to 4.50 to 1.00
	  	 	1.75	% 	 	 	0.30	% 	 	 	0.75	% 
	 Greater than 3.50 to 1.00 but less than or equal to 4.00 to 1.00
	  	 	1.50	% 	 	 	0.25	% 	 	 	0.50	% 
	 Greater than 2.50 to 1.00 but less than or equal to 3.50 to 1.00
	  	 	1.25	% 	 	 	0.20	% 	 	 	0.25	% 
	 Less than or equal to 2.50 to 1.00
	  	 	1.00	% 	 	 	0.15	% 	 	 	0.15	% 

 The Revolving Loan Margin (“Applicable Margin”) and Revolving Loan
Commitment Fee Rate (“Applicable Fee Rate”) shall be determined by Agent from time to time based upon the information set forth in Borrower’s financial statements and Compliance Certificate furnished to Agent pursuant to this
Agreement as of the end of each fiscal quarter and shall be based upon the Leverage Ratio as of such date. 
 Any change in the Applicable
Margin or Applicable Fee Rate shall take effect on the first Business Day of the month following the date of delivery to Agent of the applicable financial statements and Compliance Certificate, and the Applicable Margin and Applicable Fee Rate, as
so determined, shall remain in effect until the earlier of: 
 a. the first Business Day of the month following the delivery
to Agent of a subsequent financial statement and Compliance Certificate indicating a Leverage Ratio requiring a change in the Applicable Margin or Applicable Fee Rate, or 

b. the day upon which the Company fails to deliver to Agent the applicable financial statements and Compliance Certificate
within the time provided under this Agreement. Upon any failure of the Company to deliver to Agent the applicable financial statements and Compliance Certificate within the time required by this Agreement, the Applicable Margin and Applicable Fee
Rate shall be the highest Applicable Margin and Applicable Fee Rate set forth in the foregoing table, which shall remain in effect until five Business Days following the date of delivery to Agent of financial statements and Compliance Certificate
reflecting a Leverage Ratio for which a lower Applicable Margin and Applicable Fee Rate would be applicable. 
 Notwithstanding the foregoing, the Revolving
Loan Margin shall be 1.50% and the Revolving Loan Commitment Fee Rate shall be 0.20% from the Closing Date until the earlier of (a) the first Business Day of the month following the delivery to Agent of a financial statement and Compliance
Certificate indicating a Leverage Ratio requiring a change in the Applicable Margin or Applicable Fee Rate, or (b) the day upon which the Company fails to deliver to Agent the applicable financial statements and Compliance Certificate within
the time provided under this Agreement. 
 If, as a result of any restatement of or other adjustment to the financial statements of the
Company and its Subsidiaries or for any other reason, the Agent determines that the calculation of the Leverage Ratio by the Company as of the last day of any fiscal quarter was inaccurate and a correct calculation of the Leverage Ratio would have
resulted in a higher Applicable Margin and 

 
Applicable Fee Rate, the Applicable Margin and Applicable Fee Rate shall be retroactively adjusted to the rate that would have been applicable if the Leverage Ratio had been correctly calculated.
Promptly upon demand by the Agent, the Revolving Loan Borrower shall pay to the Agent for the account of the Lenders the additional interest and fees that would have been payable based upon the correct calculation of the Leverage Ratio. Nothing set
forth herein shall limit the Required Lenders’ right to increase the interest rate upon the occurrence of an Event of Default. 

“Service Loaner Vehicle Floorplan Commitment Fee Rate” means a percentage rate per annum equal to 0.15%. 

“Service Loaner Vehicle Floorplan Margin” means a percentage rate per annum equal to 1.20%. 

“Used Vehicle Floorplan Commitment Fee Rate” means a percentage rate per annum equal to 0.15%. 

“Used Vehicle Floorplan Margin” means a percentage rate per annum equal to 1.40%.

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