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35
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35
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35
216351
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35
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[ "amended", "credit", "agreement", "in", "whole", "or", "in", "part", "at", "any", "time", "without", "premium", "or", "penalty", ",", "subject", "to", "reimbursement", "of", "the", "lenders", "breakage", "and", "redeployment", "costs", "in", "the", "case", "of", "a", "prepayment", "of", "LIBOR", "borrowings", ".", "Under", "the", "amended", "credit", "agreement", ",", "we", "will", "also", "be", "able", "to", "cancel", "the", "unutilized", "portion", "of", "any", "commitment", "under", "the", "revolving", "credit", "facility", "in", "excess", "of", "the", "competitive", "bid", "loans", ",", "the", "swing", "line", "loans", "and", "the", "stated", "amount", "of", "all", "letters", "of", "credit", "in", "whole", "or", "in", "part", "without", "premium", "or", "penalty", ".", "Under", "the", "existing", "credit", "agreement", "we", "are", ",", "and", "under", "the", "amended", "credit", "agreement", "we", "will", "be", ",", "subject", "to", "covenants", "that", "restrict", "our", "ability", "to", ",", "among", "other", "things", ":", "Under", "the", "existing", "credit", "agreement", ",", "we", "are", "subject", "to", "financial", "covenants", "including", "a", "maximum", "leverage", "ratio", "of", "2.75x", "and", "a", "maximum", "capitalization", "ratio", "of", "no", "more", "than", "65", "%", ".", "the", "amended", "credit", "agreement", ",", "we", "will", "be", "subject", "to", "financial", "covenants", "including", "a", "maximum", "leverage", "ratio", "of", "3.25x", "and", "a", "maximum", "capitalization", "ratio", "of", "no", "more", "than", "60", "%", ".", "In", "addition", ",", "unlike", "our", "existing", "credit", "agreement", ",", "the", "maximum", "capitalization", "ratio", "under", "the", "amended", "credit", "agreement", "will", "be", "calculated", "excluding", "goodwill", ",", "franchise", "rights", "and", "long-lived", "asset", "impairments", "subsequent", "to", "2007", ".", "Floorplan", "facilities", "We", "maintain", "secured", "used", "floorplan", "facilities", "primarily", "collateralized", "by", "used", "vehicle", "inventories", "and", "related", "receivables", ".", "At", "December", "31", ",", "2009", ",", "the", "aggregate", "capacity", "under", "these", "facilities", "was", "$", "170.0", "million", ".", "As", "of", "that", "date", ",", "$", "80.8", "million", "had", "been", "borrowed", "under", "these", "facilities", ".", "The", "remaining", "borrowing", "capacity", "under", "these", "facilities", "of", "$", "89.2", "million", "was", "limited", "to", "$", "53.1", "million", "based", "on", "the", "eligible", "used", "vehicle", "inventory", "that", "could", "have", "been", "pledged", "as", "collateral", ".", "Vehicle", "floorplan", "payable-trade", "totaled", "$", "1.0", "billion", "at", "December", "31", ",", "2009", ".", "Vehicle", "floorplan", "payable-trade", "reflects", "amounts", "borrowed", "to", "finance", "the", "purchase", "of", "specific", "new", "vehicle", "inventories", "with", "manufacturers", "captive", "finance", "subsidiaries", ".", "Vehicle", "floorplan", "payable-non-trade", "totaled", "$", "357.6", "million", "at", "December", "31", ",", "2009", ",", "and", "represents", "amounts", "borrowed", "to", "finance", "the", "purchase", "of", "specific", "new", "and", ",", "to", "a", "lesser", "extent", ",", "used", "vehicle", "inventories", "with", "non-trade", "lenders", ".", "All", "the", "floorplan", "facilities", "generally", "utilize", "LIBOR-based", "interest", "rates", ".", "Floorplan", "facilities", "are", "due", "on", "demand", ",", "but", "in", "the", "case", "of", "new", "vehicle", "inventories", ",", "are", "generally", "paid", "within", "several", "business", "days", "after", "the", "related", "vehicles", "are", "sold", ".", "Our", "manufacturer", "agreements", "generally", "require", "that", "the", "manufacturer", "have", "the", "ability", "to", "draft", "against", "the", "new", "floorplan", "facilities", "so", "the", "lender", "directly", "funds", "the", "manufacturer", "for", "the", "purchase", "of", "new", "vehicle", "inventory", ".", "Floorplan", "facilities", "are", "primarily", "collateralized" ]
35
217241
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35
217691
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35
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35
219911
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35
220371
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35
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35
224851
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35
225311
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35
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35
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35
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35
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35
228061
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35
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35
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35
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35
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35
230731
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35
231201
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[ ",", "redemption", "or", "other", "disposition", "of", "a", "note", ",", "unless", "(", "1", ")", "the", "gain", "is", "effectively", "connected", "with", "the", "non-U.S.", "holder", "s", "conduct", "of", "a", "U.S.", "trade", "or", "business", "(", "and", ",", "in", "the", "case", "of", "certain", "tax", "treaties", ",", "the", "gain", "is", "attributable", "to", "a", "permanent", "establishment", "or", "fixed", "base", "within", "the", "United", "States", ")", ";", "or", "(", "2", ")", "in", "the", "case", "of", "an", "individual", ",", "such", "individual", "is", "present", "in", "the", "United", "States", "for", "183", "days", "or", "more", "during", "the", "taxable", "year", "in", "which", "gain", "is", "realized", "and", "certain", "other", "conditions", "are", "met", ".", "Information", "reporting", "and", "backup", "withholding", ".", "holder", "may", "be", "subject", "to", "information", "reporting", "with", "respect", "to", "interest", "paid", "or", "accrued", "on", "a", "note", ",", "the", "amount", "of", "tax", ",", "if", "any", ",", "withheld", "with", "respect", "to", "those", "payments", "and", "with", "respect", "to", "amounts", "realized", "on", "the", "disposition", "of", "a", "note", ".", "holder", "not", "subject", "to", "U.S.", "income", "tax", "may", "nonetheless", "be", "subject", "to", "backup", "withholding", "on", "interest", "paid", "on", "a", "note", ",", "and", "with", "respect", "to", "amounts", "realized", "on", "the", "disposition", "of", "a", "note", ",", "unless", "the", "non-U.S.", "holder", "provides", "the", "withholding", "agent", "with", "the", "applicable", "IRS", "Form", "W-8", "or", "otherwise", "establishes", "an", "exemption", ".", "holders", "should", "consult", "their", "tax", "advisors", "as", "to", "their", "qualifications", "for", "an", "exemption", "for", "backup", "withholding", "and", "the", "procedure", "for", "obtaining", "such", "an", "exemption", ".", "Backup", "withholding", "is", "not", "an", "additional", "tax", ".", "Any", "amounts", "withheld", "under", "the", "backup", "withholding", "rules", "from", "a", "payment", "to", "a", "non-U.S.", "holder", "may", "be", "credited", "against", "the", "non-U.S.", "holder", "s", "U.S.", "federal", "income", "tax", "liability", ",", "if", "any", ",", "or", "refunded", ",", "if", "the", "required", "information", "is", "furnished", "to", "the", "IRS", "in", "a", "timely", "manner", ".", "holders", "should", "consult", "their", "tax", "advisors", "regarding", "the", "applicability", "of", "the", "information", "reporting", "and", "backup", "withholding", "rules", "to", "them", ".", "Banc", "of", "America", "Securities", "LLC", "is", "acting", "as", "representative", "of", "each", "of", "the", "underwriters", "named", "below", ".", "Subject", "to", "the", "terms", "and", "conditions", "set", "forth", "in", "a", "firm", "commitment", "underwriting", "agreement", "among", "us", "and", "the", "underwriters", ",", "we", "have", "agreed", "to", "sell", "to", "the", "underwriters", ",", "and", "each", "of", "the", "underwriters", "has", "agreed", ",", "severally", "and", "not", "jointly", ",", "to", "purchase", "from", "us", ",", "the", "principal", "amount", "of", "notes", "set", "forth", "opposite", "its", "name", "below", ".", "Subject", "to", "the", "terms", "and", "conditions", "set", "forth", "in", "the", "underwriting", "agreement", ",", "the", "underwriters", "have", "agreed", ",", "severally", "and", "not", "jointly", ",", "to", "purchase", "all", "of", "the", "notes", "sold", "under", "the", "underwriting", "agreement", "if", "any", "of", "these", "notes", "are", "purchased", ".", "If", "an", "underwriter", "defaults", ",", "the", "underwriting", "agreement", "provides", "that", "the", "purchase", "commitments", "of", "the", "nondefaulting", "underwriters", "may", "be", "increased", "or", "the", "underwriting", "agreement", "may", "be", "terminated", ".", "We", "have", "agreed", "to", "indemnify", "the", "underwriters", "and", "their" ]
35
232931
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[ "may", "be", "increased", "or", "the", "underwriting", "agreement", "may", "be", "terminated", ".", "We", "have", "agreed", "to", "indemnify", "the", "underwriters", "and", "their", "controlling", "persons", "against", "certain", "liabilities", "in", "connection", "with", "this", "offering", ",", "including", "liabilities", "under", "the", "Securities", "Act", ",", "or", "to", "contribute", "to", "payments", "the", "underwriters", "may", "be", "required", "to", "make", "in", "respect", "of", "those", "liabilities", ".", "The", "underwriters", "are", "offering", "the", "notes", ",", "subject", "to", "prior", "sale", ",", "when", ",", "as", "and", "if", "issued", "to", "and", "accepted", "by", "them", ",", "subject", "to", "approval", "of", "legal", "matters", "by", "their", "counsel", ",", "including", "the", "validity", "of", "the", "notes", ",", "and", "other", "conditions", "contained", "in", "the", "underwriting", "agreement", ",", "such", "as", "the", "receipt", "by", "the", "underwriters", "of", "officer", "s", "certificates", "and", "legal", "opinions", ".", "The", "underwriters", "reserve", "the", "right", "to", "withdraw", ",", "cancel", "or", "modify", "offers", "to", "the", "public", "and", "to", "reject", "orders", "in", "whole", "or", "in", "part", ".", "The", "underwriters", "may", "offer", "and", "sell", "notes", "through", "certain", "of", "their", "affiliates", ".", "Commissions", "and", "Discounts", "The", "representatives", "have", "advised", "us", "that", "the", "underwriters", "propose", "initially", "to", "offer", "the", "notes", "to", "the", "public", "at", "the", "public", "offering", "price", "set", "forth", "on", "the", "cover", "page", "of", "this", "prospectus", "supplement", ".", "After", "the", "initial", "offering", ",", "the", "public", "offering", "price", "or", "any", "other", "term", "of", "the", "offering", "may", "be", "changed", ".", "The", "expenses", "of", "the", "offering", ",", "not", "including", "the", "underwriting", "discount", ",", "are", "estimated", "at", "$", "900,000", "and", "are", "payable", "by", "us", ".", "New", "Issue", "of", "Notes", "The", "notes", "are", "a", "new", "issue", "of", "securities", "with", "no", "established", "trading", "market", ".", "We", "do", "not", "intend", "to", "apply", "for", "listing", "of", "the", "notes", "on", "any", "national", "securities", "exchange", "or", "for", "inclusion", "of", "the", "notes", "on", "any", "automated", "dealer", "quotation", "system", ".", "We", "have", "been", "advised", "by", "the", "underwriters", "that", "they", "presently", "intend", "to", "make", "a", "market", "in", "the", "notes", "after", "completion", "of", "the", "offering", ".", "market-making", "activities", "at", "any", "time", "without", "any", "notice", ".", "We", "can", "not", "assure", "the", "liquidity", "of", "the", "trading", "market", "for", "the", "notes", "or", "that", "an", "active", "public", "market", "for", "the", "notes", "will", "develop", ".", "If", "an", "active", "public", "trading", "market", "for", "the", "notes", "does", "not", "develop", ",", "the", "market", "price", "and", "liquidity", "of", "the", "notes", "may", "be", "adversely", "affected", ".", "If", "the", "notes", "are", "traded", ",", "they", "may", "trade", "at", "a", "discount", "from", "their", "initial", "offering", "price", ",", "depending", "on", "prevailing", "interest", "rates", ",", "the", "market", "for", "similar", "securities", ",", "our", "operating", "performance", "and", "financial", "condition", ",", "general", "economic", "conditions", "and", "other", "factors", ".", "No", "Sales", "of", "Similar", "Securities", "We", "have", "agreed", "that", "we", "will", "not", ",", "for", "a", "period", "of", "60", "days", "after", "the", "date", "of", "this", "prospectus", "supplement", ",", "without", "first", "obtaining", "the", "prior", "written", "consent", "of", "Banc", "of", "America", "Securities", "LLC", ",", "directly", "or", "indirectly", ",", "issue", ",", "sell", ",", "offer", "to", "contract", "or", "grant", "any", "option", "to", "sell", ",", "pledge", ",", "transfer", "or", "otherwise", "dispose", "of", ",", "any", "debt", "securities", "or", "securities", "exchangeable", "for", "or", "convertible", "into" ]
35
233401
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[ "sell", ",", "pledge", ",", "transfer", "or", "otherwise", "dispose", "of", ",", "any", "debt", "securities", "or", "securities", "exchangeable", "for", "or", "convertible", "into", "debt", "securities", ",", "except", "for", "the", "notes", "sold", "to", "the", "underwriters", "pursuant", "to", "the", "underwriting", "agreement", ".", "Short", "Positions", "In", "connection", "with", "the", "offering", ",", "the", "underwriters", "may", "purchase", "and", "sell", "the", "notes", "in", "the", "open", "market", ".", "These", "transactions", "may", "include", "short", "sales", "and", "purchases", "on", "the", "open", "market", "to", "cover", "positions", "created", "by", "short", "sales", ".", "Short", "sales", "involve", "the", "sale", "by", "the", "underwriters", "of", "a", "greater", "principal", "amount", "of", "notes", "than", "they", "are", "required", "to", "purchase", "in", "the", "offering", ".", "The", "underwriters", "must", "close", "out", "any", "short", "position", "by", "purchasing", "notes", "in", "the", "open", "market", ".", "A", "short", "position", "is", "more", "likely", "to", "be", "created", "if", "the", "underwriters", "are", "concerned", "that", "there", "may", "be", "downward", "pressure", "on", "the", "price", "of", "the", "notes", "in", "the", "open", "market", "after", "pricing", "that", "could", "adversely", "affect", "investors", "who", "purchase", "in", "the", "offering", ".", "The", "underwriters", "also", "may", "impose", "a", "penalty", "bid", ".", "This", "occurs", "when", "a", "particular", "underwriter", "repays", "to", "the", "underwriters", "a", "portion", "of", "the", "underwriting", "discount", "received", "by", "it", "because", "the", "representatives", "have", "repurchased", "notes", "sold", "by", "or", "for", "the", "account", "of", "such", "underwriter", "in", "stabilizing", "or", "short", "covering", "transactions", ".", "Similar", "to", "other", "purchase", "transactions", ",", "the", "underwriters", "purchases", "to", "cover", "the", "syndicate", "short", "sales", "may", "have", "the", "effect", "of", "raising", "or", "maintaining", "the", "market", "price", "of", "the", "notes", "or", "preventing", "or", "retarding", "a", "decline", "in", "the", "market", "price", "of", "the", "notes", ".", "As", "a", "result", ",", "the", "price", "of", "the", "notes", "may", "be", "higher", "than", "the", "price", "that", "might", "otherwise", "exist", "in", "the", "open", "market", ".", "Neither", "we", "nor", "any", "of", "the", "underwriters", "make", "any", "representation", "or", "prediction", "as", "to", "the", "direction", "or", "magnitude", "of", "any", "effect", "that", "the", "transactions", "described", "above", "may", "have", "on", "the", "price", "of", "the", "notes", ".", "In", "addition", ",", "neither", "we", "nor", "any", "of", "the", "underwriters", "make", "any", "representation", "that", "the", "representatives", "will", "engage", "in", "these", "transactions", "or", "that", "these", "transactions", ",", "once", "commenced", ",", "will", "not", "be", "discontinued", "without", "notice", ".", "Other", "Relationships", "The", "underwriters", "and", "their", "respective", "affiliates", "are", "full", "service", "financial", "institutions", "engaged", "in", "various", "activities", ",", "which", "may", "include", "securities", "trading", ",", "commercial", "and", "investment", "banking", ",", "financial", "advisory", ",", "investment", "management", ",", "principal", "investment", ",", "hedging", ",", "commodity", "trading", ",", "financing", "and", "brokerage", "activities", ".", "Certain", "of", "the", "underwriters", "and", "their", "respective", "affiliates", "have", ",", "from", "time", "to", "time", ",", "performed", ",", "and", "may", "in", "the", "future", "perform", ",", "various", "financial", "advisory", "and", "investment", "banking", "services", "for", "us", "and", "our", "affiliates", ",", "for", "which", "they", "received", "or", "will", "receive", "customary", "fees", "and", "expenses", ".", "In", "particular", ",", "Banc", "of", "America", "Securities", "LLC", ",", "an", "affiliate", "of", "J.P.", "Morgan", "Securities", "Inc.", "and", "an", "affiliate", "of", "Wells", "Fargo", "Securities", ",", "LLC", "are", "lenders", "and/or", "agents", "under", "our", "existing", "credit" ]
35
233861
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35
234791
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35
235261
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35
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35
236191
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35
236651
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35
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35
237581
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35
238041
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35
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36
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36
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36
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36
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36
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37
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37
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37
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38
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38
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38
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38
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38
252121
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38
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