FIFTH AMENDED AND RESTATED SECURITIES PLEDGE AGREEMENT
Exhibit 10.5
EXECUTION VERSION
FIFTH AMENDED AND RESTATED
THIS FIFTH AMENDED AND RESTATED SECURITIES PLEDGE AGREEMENT (this “Pledge Agreement”) is made and entered into as of April 14, 2021 by SONIC AUTOMOTIVE, INC., a Delaware corporation (a “Company” and a “Pledgor”), EACH OF THE UNDERSIGNED SUBSIDIARIES OF THE COMPANY AND EACH OTHER PERSON WHO SHALL BECOME A PARTY HERETO BY EXECUTION OF A JOINDER AGREEMENT WHICH IDENTIFIES SUCH PERSON AS A “PLEDGOR” (each a “Pledgor” and collectively with the Company, the “Pledgors”), BANK OF AMERICA, N.A., a national banking association, as Administrative Agent (in such capacity, the “Administrative Agent”) for each of the lenders (the “Lenders”) now or hereafter party to the Credit Agreement defined below (collectively with the Administrative Agent, and certain other Persons parties to Related Swap Contracts and Secured Cash Management Arrangements as more particularly described in Section 17 hereof, the “Secured Parties”). All capitalized terms used but not otherwise defined herein or pursuant to Section 1 hereof shall have the respective meanings assigned thereto in the Credit Agreement.
W I T N E S S E T H:
WHEREAS, the Company, the lenders party thereto (the “Existing Revolving Lenders”) and the Administrative Agent entered into that certain Fourth Amended and Restated Credit Agreement, dated as of November 30, 2016 (as amended, supplemented or otherwise modified prior to (but excluding) the date hereof, the “Existing Revolving Credit Agreement”), pursuant to which certain of the Existing Revolving Lenders agreed to make a revolving credit facility available to the Company in accordance with the terms thereof; and
WHEREAS, the Company, certain Subsidiaries of the Company, as New Vehicle Borrowers (the “Existing New Vehicle Borrowers”), the Company and certain Subsidiaries of the Company, as Used Vehicle Borrowers (the “Existing Used Vehicle Borrowers”), the lenders party thereto (the “Existing Floorplan Lenders”) and Bank of America, N.A., as floorplan administrative agent entered into that certain Third Amended and Restated Syndicated New and Used Vehicle Floorplan Credit Agreement, dated as of November 30, 2016 (as amended, supplemented or otherwise modified prior to (but excluding) the date hereof, the “Existing Floorplan Credit Agreement” and, together with the Existing Revolving Credit Agreement, the “Existing Credit Agreements”), pursuant to which the Existing Floorplan Lenders agreed to make a revolving new vehicle floorplan facility and a revolving used vehicle floorplan facility available to the Existing New Vehicle Borrowers and the Existing Used Vehicle Borrowers in accordance with the terms thereof; and
WHEREAS, the Company and certain Subsidiaries of the Company (the “Existing Pledgors”) entered into that certain Fourth Amended and Restated Securities Pledge Agreement dated as of November 30, 2016 (as amended, supplemented or otherwise modified prior to (but excluding) the date hereof, the “Existing Pledge Agreement”), pursuant to which the Existing Pledgors have secured their obligations arising under the Existing Revolving Credit Agreement; and
WHEREAS, the Company has requested that the Lenders amend, restate and consolidate the Existing Credit Agreements in order to (i) continue to provide a revolving credit facility and floorplan credit facility, (ii) extend the maturity thereof and (iii) make certain other amendments to the Existing Credit Agreements on the terms and conditions set forth in that certain Fifth Amended, Restated and Consolidated Credit Agreement dated as of the date hereof (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) among the Company, certain Subsidiaries of the Company, the Administrative Agent and the Lenders; and
WHEREAS, the Borrowers, the Administrative Agent and the Lenders have agreed to enter into the Credit Agreement, subject to, among other things, a condition that the parties amend and restate the Existing Pledge Agreement as provided herein; and
WHEREAS, each of (i) the Company, as collateral security for the payment and performance of the Obligations and the obligations and liabilities of any Loan Party now existing or hereafter arising under Related Swap Contracts and Secured Cash Management Arrangements other than Excluded Swap Obligations, and (ii) each other Pledgor (including each Subsidiary party to a Joinder Agreement), as collateral security for the payment and performance of its Guarantor’s Obligations (as defined in the Subsidiary Guaranty), and the payment and performance of its obligations and liabilities (whether now existing or hereafter arising) hereunder or under any of the other Loan Documents to which it is now or hereafter becomes a party (such obligations and liabilities of the Pledgors described in clauses (i) and (ii) being referred to as “Secured Obligations”; provided, that the Secured Obligations of a Pledgor shall exclude any Excluded Swap Obligations with respect to such Grantor), is willing to pledge and grant to the Administrative Agent for the benefit of the Secured Parties a security interest in all of the Equity Interests of certain of its Subsidiaries as more particularly described on Schedule I attached hereto (collectively, the “Pledged Interests”), and certain related property (such Subsidiaries, together with all other Subsidiaries whose Equity Interests may be required to be subject to this Pledge Agreement from time to time, are hereinafter referred to collectively as the “Pledged Subsidiaries”); and
WHEREAS, the Company and each Subsidiary party hereto will materially benefit from the from the Loans to be made, and the Letters of Credit to be issued, under the Credit Agreement; and
WHEREAS, the Secured Parties are unwilling to enter into the Loan Documents unless the Company and each other Pledgor enter into this Pledge Agreement;
NOW, THEREFORE, in order to induce (i) the Lenders to enter into the Credit Agreement and (ii) the Secured Parties to make the credit facilities provided for in the Credit Agreement available to the Borrowers, the parties hereto agree that the Existing Pledge Agreement is hereby amended and restated in this Pledge Agreement as follows:
1. Pledge of Pledged Interests; Other Collateral.
(a) As collateral security for the payment and performance by each Pledgor of its now or hereafter existing Secured Obligations, each Pledgor hereby grants, pledges and collaterally assigns to the Administrative Agent for the benefit of the Secured Parties a first priority security interest in all of the following items of property in which it now has or may at any time hereafter acquire an interest or the power to transfer rights therein, and wheresoever located:
(i) the Pledged Interests; and
(ii) all money, securities, security entitlements and other investment property, dividends, rights, general intangibles and other property at any time and from time to time (x) declared or distributed in respect of or in exchange for or on conversion of any Pledged Interest, or (y) by its or their terms exchangeable or exercisable for or convertible into any Pledged Interest; and
(iii) all other property of whatever character or description, including money, securities, security entitlements and other investment property, and general intangibles hereafter delivered to the Administrative Agent in substitution for or as an addition to any of the foregoing; and
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(iv) all securities accounts to which may at any time be credited any or all of the foregoing or any proceeds thereof and all certificates and instruments representing or evidencing any of the foregoing or any proceeds thereof; and
(v) all proceeds of any of the foregoing.
All such Pledged Interests, certificates, instruments, cash, securities, interests, dividends, rights and other property referred to in clauses (i) through (v) of this Section 1 are herein collectively referred to as the “Collateral.”
(b) Subject to Section 10(a), each Pledgor agrees to deliver all certificates, instruments or other documents representing any Collateral to the Administrative Agent at such location as the Administrative Agent shall from time to time designate by written notice pursuant to Section 22 for its custody at all times until termination of this Pledge Agreement, together with such instruments of assignment and transfer as requested by the Administrative Agent.
(c) Each Pledgor agrees to execute and deliver, or cause to be executed and delivered by other Persons, at Pledgor’s expense, all share certificates, documents, instruments, agreements, financing statements (and amendments thereto and continuations thereof), assignments, control agreements, or other writings as the Administrative Agent may reasonably request from time to time to carry out the terms of this Pledge Agreement or to protect or enforce the Administrative Agent’s Lien and security interest in the Collateral hereunder granted to the Administrative Agent for the benefit of the Secured Parties and further agrees to do and cause to be done upon the Administrative Agent’s request, at Pledgor’s expense, all things determined by the Administrative Agent to be necessary or advisable to perfect and keep in full force and effect the Lien in the Collateral hereunder granted to the Administrative Agent for the benefit of the Secured Parties, including the prompt payment of all out-of-pocket fees and expenses incurred in connection with any filings made to perfect or continue the Lien and security interest in the Collateral hereunder granted in favor of the Administrative Agent for the benefit of the Secured Parties.
(d) All filing fees, advances, charges, costs and expenses (including fees, charges and disbursements of counsel (“Attorney Costs”)), incurred or paid by the Administrative Agent or any Lender in exercising any right, power or remedy conferred by this Pledge Agreement, or in the enforcement thereof, shall become a part of the Secured Obligations secured hereunder and shall be paid to the Administrative Agent for the benefit of the Secured Parties by the Pledgor in respect of which the same was incurred immediately upon demand therefor, and any amounts not so paid on demand (in addition to other rights and remedies resulting from such nonpayment) shall bear interest from the date of demand until paid in full at the Default Rate.
(e) Each Pledgor agrees to register and cause to be registered the interest of the Administrative Agent, for the benefit of the Secured Parties, in the Collateral on its own books and records and the registration books of each of the Pledged Subsidiaries.
2. Status of Pledged Interests. Each Pledgor hereby represents, warrants and covenants to the Administrative Agent for the benefit of the Secured Parties, with respect to itself and the Collateral as to which it has or acquires any interest, that:
(a) All of the Pledged Interests are, as of the date of execution of this Pledge Agreement or Joinder Agreement by each Pledgor pledging such Pledged Interests (such date as applicable with respect to each Pledgor, its “Applicable Date”), and shall at all times thereafter be validly issued and outstanding, fully paid and non-assessable, are accurately described on Schedule I, and (except as set forth on Schedule I) constitute all of the issued and outstanding Equity Interests of each Pledged Subsidiary.
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(b) The Pledgor is as at its Applicable Date and shall at all times thereafter (subject to Dispositions permitted under the Credit Agreement) be the sole registered and record and beneficial owner of the Pledged Interests, free and clear of all Liens, charges, equities, options, hypothecations, encumbrances and restrictions on pledge or transfer, including transfer of voting rights (other than the pledge hereunder and applicable restrictions pursuant to federal and state and applicable foreign securities laws). Without limiting the foregoing, the Pledged Interests are not and will not be subject to any voting trust, shareholders agreement, right of first refusal, voting proxy, power of attorney or other similar arrangement (other than the rights hereunder in favor of the Administrative Agent).
(c) At no time shall any Pledged Interests (i) be held or maintained in the form of a security entitlement or credited to any securities account and (ii) which constitute a “security” (or as to which the related Pledged Subsidiary has elected to have treated as a “security”) under Article 8 of the Uniform Commercial Code of the State of North Carolina or of any other jurisdiction whose laws may govern (the “UCC”) be maintained in the form of uncertificated securities. With respect to Pledged Interests that are “securities” under the UCC, or as to which the issuer has elected at any time to have such interests treated as “securities” under the UCC, such Pledged Interests are, and shall at all times be, represented by the share certificates listed on Schedule I hereto, which share certificates, with stock powers duly executed in blank by the Pledgor, have been delivered to the Administrative Agent or are being delivered to the Administrative Agent simultaneously herewith or, in the case of Additional Interests as defined in Section 21, shall be delivered pursuant to Section 21. In addition, with respect to all Pledged Interests, including Pledged Interests that are not “securities” under the UCC and as to which the applicable Pledged Subsidiary has not elected to have such interests treated as “securities” under the UCC, the Pledgor has at its Applicable Date delivered to the Administrative Agent (or has previously delivered to the Administrative Agent or, in case of Additional Interests shall deliver pursuant to Section 21) Uniform Commercial Code financing statements (or appropriate amendments thereto) duly authorized by the Pledgor and naming the Administrative Agent for the benefit of the Secured Parties as “secured party,” in form, substance and number sufficient in the reasonable opinion of the Administrative Agent to be filed in all UCC filing offices and in all jurisdictions in which filing is necessary or advisable to perfect in favor of the Administrative Agent for the benefit of the Secured Parties the Lien on such Pledged Interests, together with all required filing fees. Without limiting the foregoing provisions of this Section 2(c), with respect to any Pledged Interests issued by any Subsidiary organized under the laws of a jurisdiction other than the United States (a “Foreign Subsidiary”), Pledgor shall deliver or cause to be delivered, (i) in addition to or in substitution for all or any of the foregoing items, as the Administrative Agent may elect, such other instruments, certificates, agreements, notices, filings, and other documents, and take or cause to be taken such other action, as the Administrative Agent may determine to be necessary or advisable under the laws of the jurisdiction of formation of such Foreign Subsidiary, to grant, perfect and protect as a first priority lien in such Collateral in favor of the Administrative Agent for the benefit of the Secured Parties, and (ii) an opinion of counsel acceptable in form and substance to the Administrative Agent issued by a law firm acceptable to the Administrative Agent licensed to practice law in such foreign jurisdiction, addressing with respect to such Pledged Interests the matters described in Section 6.14 of the Credit Agreement.
(d) It has full corporate power, legal right and lawful authority to execute this Pledge Agreement (and any Joinder Agreement applicable to it) and to pledge, assign and transfer its Pledged Interests in the manner and form hereof.
(e) The pledge, assignment and delivery of its Pledged Interests (along with undated stock powers executed in blank, financing statements and other agreements referred to in Section 2(c) hereof) to the Administrative Agent for the benefit of the Secured Parties pursuant to this Pledge Agreement (or any Joinder Agreement) creates or continues, as applicable, a valid and perfected first priority security interest in such Pledged Interests in favor of the Administrative Agent for the benefit of the Secured Parties, securing the payment of the Secured Obligations, assuming, in the case of the Pledged Interests which constitute
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certificated “securities” under the UCC, continuous and uninterrupted possession by or on behalf of the Administrative Agent. The Pledgor will at its own cost and expense defend the Secured Parties’ right, title and security interest in and to the Collateral against the claims and demands of all persons whomsoever.
(f) Except as otherwise expressly provided herein pursuant to a Disposition permitted under the Credit Agreement, none of the Pledged Interests (nor any interest therein or thereto) shall be sold, transferred or assigned without the Administrative Agent’s prior written consent, which may be withheld for any reason.
(g) It shall at all times cause the Pledged Interests of such Pledgor that constitute “securities” (or as to which the issuer elects to have treated as “securities”) under the UCC to be represented by the certificates now and hereafter delivered to the Administrative Agent in accordance with Sections 1, 2 and 21 hereof and that it shall cause each of the Pledged Subsidiaries as to which it is the Pledgor not to issue any Equity Interests, or securities convertible into, or exchangeable or exercisable for, Equity Interests, at any time during the term of this Pledge Agreement unless the Pledged Interests of such Pledge Subsidiary are issued solely to either (y) such Pledgor who shall immediately comply with Sections 2 and 21 hereof with respect to such property or (z) the Company or a Subsidiary Guarantor who shall immediately pledge such additional Equity Interests to the Administrative Agent for the benefit of the Secured Parties pursuant to Section 21 or 23 hereof, as applicable, on substantially identical terms as are contained herein and deliver or cause to be delivered the appropriate documents described in Section 2(c) hereof to the Administrative Agent and take such further actions as the Administrative Agent may deem necessary in order to perfect a first priority security interest in such Equity Interests.
(h) The exact legal name and address, type of Person, jurisdiction of formation, jurisdiction of formation identification number (if any), and location of the chief executive office of such Pledgor are as specified on Schedule II attached hereto. No Pledgor shall change its name, jurisdiction of formation (whether by reincorporation, merger or otherwise), or the location of its chief executive office, except upon giving not less than thirty (30) days’ prior written notice to the Administrative Agent and taking or causing to be taken all such action at such Pledgor’s expense as may be reasonably requested by the Administrative Agent to perfect or maintain the perfection of the Lien of the Administrative Agent in Collateral.
3. Preservation and Protection of Collateral.
(a) The Administrative Agent shall be under no duty or liability with respect to the collection, protection or preservation of the Collateral, or otherwise, beyond the use of reasonable care in the custody and preservation thereof while in its possession.
(b) Each Pledgor agrees to pay when due all taxes, charges, Liens and assessments against the Collateral in which it has an interest, unless being contested in good faith by appropriate proceedings diligently conducted and against which adequate reserves have been established in accordance with GAAP applied on a basis consistent with that used in preparing the Audited Financial Statements and evidenced to the satisfaction of the Administrative Agent and provided that all enforcement proceedings in the nature of levy or foreclosure are effectively stayed. Upon the failure of any Pledgor to so pay or contest such taxes, charges, Liens or assessments, or upon the failure of any Pledgor to pay any amount pursuant to Section 1(c), the Administrative Agent at its option may pay or contest any of them (the Administrative Agent having the sole right to determine the legality or validity and the amount necessary to discharge such taxes, charges, Liens or assessments) but shall not have any obligation to make any such payment or contest. All sums so disbursed by the Administrative Agent, including Attorney Costs, court costs, expenses and other charges related thereto, shall be payable on demand by the applicable Pledgor to the Administrative Agent and shall be additional Secured Obligations secured by the Collateral, and any amounts not so paid on demand (in
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addition to other rights and remedies resulting from such nonpayment) shall bear interest from the date of demand until paid in full at the Default Rate.
(c) Each Pledgor hereby (i) irrevocably authorizes the Administrative Agent to file (with, or to the extent permitted by applicable law, without the signature of the Pledgor appearing thereon) financing statements (including amendments thereto and continuations and copies thereof) showing such Pledgor as “debtor” at such time or times and in all filing offices as the Administrative Agent may from time to time reasonably determine to be necessary or advisable to perfect or protect the rights of the Administrative Agent and the Secured Parties hereunder, or otherwise to give effect to the transactions herein contemplated, and (ii) irrevocably ratifies and acknowledges all such actions taken by or on behalf of the Administrative Agent prior to the Applicable Date.
4. Default. Upon the occurrence and during the continuance of any Event of Default, the Administrative Agent is given full power and authority, then or at any time thereafter, to sell, assign, deliver or collect the whole or any part of the Collateral, or any substitute therefor or any addition thereto, in one or more sales, with or without any previous demands or demand of performance or, to the extent permitted by law, notice or advertisement, in such order as the Administrative Agent may elect; and any such sale may be made either at public or private sale at the Administrative Agent’s place of business or elsewhere, either for cash or upon credit or for future delivery, at such price or prices as the Administrative Agent may reasonably deem fair; and the Administrative Agent or any other Secured Party may be the purchaser of any or all Collateral so sold and hold the same thereafter in its own right free from any claim of any Pledgor or right of redemption. Demands of performance, advertisements and presence of property and sale and notice of sale are hereby waived to the extent permissible by law. Any sale hereunder may be conducted by an auctioneer or any officer or agent of the Administrative Agent. Each Pledgor recognizes that the Administrative Agent may be unable to effect a public sale of the Collateral by reason of certain prohibitions contained in the Securities Act of 1933, as amended (the “Securities Act”), and applicable state law, and may be otherwise delayed or adversely affected in effecting any sale by reason of present or future restrictions thereon imposed by governmental authorities, and that as a consequence of such prohibitions and restrictions the Administrative Agent may be compelled (i) to resort to one or more private sales to a restricted group of purchasers who will be obliged to agree, among other things, to acquire the Collateral for their own account, for investment and not with a view to the distribution or resale thereof, or (ii) to seek regulatory approval of any proposed sale or sales, or (iii) to limit the amount of Collateral sold to any Person or group. Each Pledgor agrees and acknowledges that private sales so made may be at prices and upon terms less favorable to such Pledgor than if such Collateral was sold either at public sales or at private sales not subject to other regulatory restrictions, and that the Administrative Agent has no obligation to delay the sale of any of the Collateral for the period of time necessary to permit the Pledged Subsidiary to register or otherwise qualify the Collateral, even if such Pledged Subsidiary would agree to register or otherwise qualify such Collateral for public sale under the Securities Act or applicable state law. Each Pledgor further agrees, to the extent permitted by applicable law, that the use of private sales made under the foregoing circumstances to dispose of the Collateral shall be deemed to be dispositions in a commercially reasonable manner. Each Pledgor hereby acknowledges that a ready market may not exist for the Pledged Interests if they are not traded on a national securities exchange or quoted on an automated quotation system and agrees and acknowledges that in such event the Pledged Interests may be sold for an amount less than a pro rata share of the fair market value of the Pledged Subsidiary’s assets minus its liabilities. In addition to the foregoing, the Secured Parties may exercise such other rights and remedies as may be available under the Loan Documents, at law (including without limitation the UCC) or in equity.
5. Proceeds of Sale. The net cash proceeds resulting from the collection, liquidation, sale, or other disposition of the Collateral shall be applied first to the expenses (including all Attorney Costs) of retaking, holding, storing, processing and preparing for sale, selling, collecting, liquidating and the like, and then to the satisfaction of all Secured Obligations in accordance with the terms of Section 8.09 of the Credit
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Agreement. Each Pledgor shall be liable to the Administrative Agent, for the benefit of the Secured Parties, and shall pay to the Administrative Agent, for the benefit of the Secured Parties, on demand any deficiency which may remain after such sale, disposition, collection or liquidation of the Collateral.
6. Presentments, Demands and Notices. The Administrative Agent shall not be under any duty or obligation whatsoever to make or give any presentments, demands for performances, notices of nonperformance, protests, notice of protest or notice of dishonor in connection with any obligations or evidences of indebtedness held thereby as collateral, or in connection with any obligations or evidences of indebtedness which constitute in whole or in part the Secured Obligations secured hereunder.
7. Attorney-in-Fact. Each Pledgor hereby appoints the Administrative Agent as the Pledgor’s attorney-in-fact for the purposes of carrying out the provisions of this Pledge Agreement and taking any action and executing any instrument which the Administrative Agent may deem necessary or advisable to accomplish the purposes hereof, which appointment is irrevocable and coupled with an interest; provided, that the Administrative Agent shall have and may exercise rights under this power of attorney only upon the occurrence and during the continuance of an Event of Default. Without limiting the generality of the foregoing, upon the occurrence and during the continuance of an Event of Default, the Administrative Agent shall have the right and power to receive, endorse and collect all checks and other orders for the payment of money made payable to any Pledgor representing any dividend, interest payment, principal payment or other distribution payable or distributable in respect to the Collateral or any part thereof and to give full discharge for the same.
8. Reinstatement. The granting of a security interest in the Collateral and the other provisions hereof shall continue to be effective or be reinstated, as the case may be, if at any time any payment of any of the Secured Obligations is rescinded or must otherwise be returned by any Secured Party or is repaid by any Secured Party in whole or in part in good faith settlement of a pending or threatened avoidance claim, whether upon the insolvency, bankruptcy or reorganization of any Pledgor or any other Loan Party or otherwise, all as though such payment had not been made. The provisions of this Section 8 shall survive repayment of all of the Secured Obligations and the termination or expiration of this Pledge Agreement in any manner, including but not limited to termination upon occurrence of the Facility Termination Date.
9. Waiver by the Pledgors. Each Pledgor waives to the extent permitted by applicable law (a) any right to require any Secured Party or any other obligee of the Secured Obligations to (i) proceed against any Person or entity, including without limitation any Loan Party, (ii) proceed against or exhaust any Collateral or other collateral for the Secured Obligations, or (iii) pursue any other remedy in its power, (b) any defense arising by reason of any disability or other defense of any other Person, or by reason of the cessation from any cause whatsoever of the liability of any other Person or entity, (c) any right of subrogation, (d) any right to enforce any remedy which any Secured Party or any other obligee of the Secured Obligations now has or may hereafter have against any other Person and any benefit of and any right to participate in any collateral or security whatsoever now or hereafter held by the Administrative Agent for the benefit of the Secured Parties. Each Pledgor authorizes each Secured Party and each other obligee of the Secured Obligations without notice (except notice required by applicable law) or demand and without affecting its liability hereunder or under the Loan Documents from time to time to: (x) take and hold security, other than the Collateral herein described, for the payment of such Secured Obligations or any part thereof, and exchange, enforce, waive and release the Collateral herein described or any part thereof or any such other security; and (y) apply such Collateral or other security and direct the order or manner of sale thereof as such Secured Party or obligee in its discretion may determine.
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The Administrative Agent may at any time deliver (without representation, recourse or warranty) the Collateral or any part thereof to a Pledgor and the receipt thereof by such Pledgor shall be a complete and full acquittance for the Collateral so delivered, and the Administrative Agent shall thereafter be discharged from any liability or responsibility therefor.
10. Dividends and Voting Rights.
(a) All dividends and other distributions with respect to any of the Pledged Interests shall be subject to the pledge hereunder, provided, however, that cash dividends paid to a Pledgor as record owner of the Pledged Interests, to the extent permitted by the Credit Agreement to be declared and paid, may be retained by such Pledgor so long as no Event of Default shall have occurred and be continuing, free from any Liens hereunder.
(b) So long as no Event of Default shall have occurred and be continuing, the registration of the Collateral in the name of a Pledgor as record and beneficial owner shall not be changed and such Pledgor shall be entitled to exercise all voting and other rights and powers pertaining to the Collateral for all purposes not inconsistent with the terms of the Loan Documents.
(c) Upon the occurrence and during the continuance of any Event of Default, all rights of the Pledgors to receive and retain cash dividends and other distributions upon the Collateral pursuant to subsection (a) above shall cease and shall thereupon be vested in the Administrative Agent for the benefit of the Secured Parties, and each Pledgor shall promptly deliver, or shall cause to be promptly delivered, all such cash dividends and other distributions with respect to the Pledged Interests to the Administrative Agent (together, if the Administrative Agent shall request, with the documents described in Sections 1(c) and 2(c) hereof or other negotiable documents or instruments so distributed) to be held by it hereunder or, at the option of the Administrative Agent, to be applied to the Secured Obligations. Pending delivery to the Administrative Agent of such property, each Pledgor shall keep such property segregated from its other property and shall be deemed to hold the same in trust for the benefit of the Secured Parties.
(d) Upon the occurrence and during the continuance of any Event of Default, at the option of the Administrative Agent, all rights of each of the Pledgors to exercise the voting or consensual rights and powers which it is authorized to exercise pursuant to subsection (b) above shall cease and the Administrative Agent may thereupon (but shall not be obligated to), at its request, cause such Collateral to be registered in the name of the Administrative Agent or its nominee or agent for the benefit of the Secured Parties and/or exercise such voting or consensual rights and powers as appertain to ownership of such Collateral, and to that end each Pledgor hereby appoints the Administrative Agent as its proxy, with full power of substitution, to vote and exercise all other rights as a shareholder with respect to such Pledged Interests hereunder upon the occurrence and during the continuance of any Event of Default, which proxy is coupled with an interest and is irrevocable until the Facility Termination Date, and each Pledgor hereby agrees to provide such further proxies as the Administrative Agent may request; provided, however, that the Administrative Agent in its discretion may from time to time refrain from exercising, and shall not be obligated to exercise, any such voting or consensual rights or such proxy.
11. Continued Powers. Until the Facility Termination Date shall have occurred, the power of sale and other rights, powers and remedies granted to the Administrative Agent for the benefit of the Secured Parties hereunder shall continue to exist and may, at any time after the occurrence and during the continuance of an Event of Default, be exercised by the Administrative Agent at any time and from time to time irrespective of the fact that any of the Secured Obligations or any part thereof may have become barred by any statute of limitations or that any part of the liability of any Pledgor may have ceased.
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12. Other Rights. The rights, powers and remedies given to the Administrative Agent for the benefit of the Secured Parties by this Pledge Agreement shall be in addition to all rights, powers and remedies given to the Administrative Agent or any Secured Party under any other Loan Document or by virtue of any statute or rule of law. Any forbearance or failure or delay by the Administrative Agent in exercising any right, power or remedy hereunder shall not be deemed to be a waiver of such right, power or remedy, and any single or partial exercise of any right, power or remedy hereunder shall not preclude the further exercise thereof; and every right, power and remedy of the Secured Parties shall continue in full force and effect until such right, power or remedy is specifically waived in accordance with the terms of the Credit Agreement.
13. Anti-Marshaling Provisions. The right is hereby given by each Pledgor to the Administrative Agent, for the benefit of the Secured Parties, to make releases (whether in whole or in part) of all or any part of the Collateral agreeable to the Administrative Agent without notice to, or the consent, approval or agreement of other parties and interests, including junior lienors, which releases shall not impair in any manner the validity of or priority of the Liens and security interests in the remaining Collateral conferred hereunder, nor release any Pledgor from personal liability for the Secured Obligations. Notwithstanding the existence of any other security interest in the Collateral held by the Administrative Agent, for the benefit of the Secured Parties, the Administrative Agent shall have the right to determine the order in which any or all of the Collateral shall be subjected to the remedies provided in this Pledge Agreement. Each Pledgor hereby waives any and all right to require the marshaling of assets in connection with the exercise of any of the remedies permitted by applicable law or provided herein or in any Loan Document.
14. Entire Agreement. This Pledge Agreement and each Joinder Agreement, together with the Credit Agreement and other Loan Documents, constitutes and expresses the entire understanding between the parties hereto with respect to the subject matter hereof, and supersedes all prior negotiations, agreements and understandings, inducements, commitments or conditions, express or implied, oral or written, except as herein contained. The express terms hereof and of the Joinder Agreements control and supersede any course of performance or usage of the trade inconsistent with any of the terms hereof and thereof. Neither this Pledge Agreement nor any Joinder Agreement nor any portion or provision hereof or thereof may be changed, altered, modified, supplemented, discharged, canceled, terminated, or amended orally or in any manner other than as provided in the Credit Agreement.
15. Further Assurances. Each Pledgor agrees at its own expense to do such further acts and things, and to execute and deliver, and cause to be executed and delivered as may be necessary or advisable to give effect thereto, such additional conveyances, assignments, financing statements, control agreements, documents, certificates, stock powers, agreements and instruments, as the Administrative Agent may at any time reasonably request in connection with the administration or enforcement of this Pledge Agreement or any Joinder Agreement or related to the Collateral or any part thereof or in order better to assure and confirm unto the Administrative Agent its rights, powers and remedies for the benefit of the Secured Parties hereunder or thereunder. Each Pledgor hereby consents and agrees that the Pledged Subsidiaries and all other Persons, shall be entitled to accept the provisions hereof and of the Joinder Agreements as conclusive evidence of the right of the Administrative Agent, on behalf of the Secured Parties, to exercise its rights, privileges, and remedies hereunder and thereunder with respect to the Collateral, notwithstanding any other notice or direction to the contrary heretofore or hereafter given by any Pledgor or any other Person to any of such Pledged Subsidiaries or other Persons.
16. Binding Agreement; Assignment. This Pledge Agreement and each Joinder Agreement, and the terms, covenants and conditions hereof and thereof, shall be binding upon and inure to the benefit of the parties hereto, and to their respective successors and assigns, except that no Pledgor shall be permitted to assign this Pledge Agreement, any Joinder Agreement or any interest herein or therein or in the Collateral, or any part thereof or interest therein, or otherwise pledge, encumber or grant any option with respect to the
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Collateral, or any part thereof, or any cash or property held by the Administrative Agent as Collateral under this Pledge Agreement. Without limiting the generality of the foregoing sentence of this Section 16, any Lender may assign to one or more Persons, or grant to one or more Persons participations in or to, all or any part of its rights and obligations under the Credit Agreement (to the extent permitted by the Credit Agreement); and to the extent of any such permitted assignment or participation such other Person shall, to the fullest extent permitted by law, thereupon become vested with all the benefits in respect thereof granted to such Lender herein or otherwise, subject however, to the provisions of the Credit Agreement, including Article IX thereof (concerning the Administrative Agent) and Section 10.06 thereof (concerning assignments and participations). All references herein to the Administrative Agent and to the Secured Parties shall include any successor thereof or permitted assignee, and any other obligees from time to time of the Secured Obligations.
17. Related Swap Contracts and Secured Cash Management Arrangements. All obligations of any Pledgor under or in respect of Related Swap Contracts and Secured Cash Management Arrangements other than Excluded Swap Obligations shall be deemed to be Secured Obligations secured hereby, and each Hedge Bank or Cash Management Bank party to any such Related Swap Contract or Secured Cash Management Arrangement shall be deemed to be a Secured Party hereunder with respect to such Secured Obligations; provided, however, that such obligations under or in respect of any Related Swap Contract shall cease to be Secured Obligations at such time, prior to the Facility Termination Date, as the applicable Hedge Bank (or Affiliate of such Person) shall cease to be a “Hedge Bank” under the Credit Agreement.
No Person who obtains the benefit of any Lien by virtue of the provisions of this Section shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Loan Document or otherwise in respect of the Collateral (including the release or impairment of any Collateral) other than in its capacity as a Lender and only to the extent expressly provided in the Loan Documents. Notwithstanding any other provisions of this Pledge Agreement to the contrary, the Administrative Agent shall only be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, the Secured Obligations arising under Related Swap Contracts or Secured Cash Management Arrangements to the extent the Administrative Agent has received written notice of such Obligations, together with such supportive documentation as it may request from the applicable Lender or Affiliate of a Lender. The Administrative Agent shall not be required to verify the payment of, or that any other satisfactory arrangements have been made with respect to, obligations arising under Secured Cash Management Agreements and Related Swap Contracts in the case of a Facility Termination Date. Each Secured Party not a party to the Credit Agreement who obtains the benefit of this Pledge Agreement by virtue of the provisions of this Section shall be deemed to have acknowledged and accepted the appointment of the Administrative Agent pursuant to the terms of the Credit Agreement, and that with respect to the actions and omissions of the Administrative Agent hereunder or otherwise relating hereto that do or may affect such Secured Party, the Administrative Agent and each of its Related Parties shall be entitled to all the rights, benefits and immunities conferred under Article IX of the Credit Agreement.
18. Severability. The provisions of this Pledge Agreement are independent of and separable from each other. If any provision hereof shall for any reason be held invalid or unenforceable, such invalidity or unenforceability shall not affect the validity or enforceability of any other provision hereof, but this Pledge Agreement shall be construed as if such invalid or unenforceable provision had never been contained herein.
19. Counterparts. This Pledge Agreement may be executed in any number of counterparts each of which when so executed and delivered shall be deemed an original, and it shall not be necessary in making proof of this Pledge Agreement to produce or account for more than one such counterpart executed by the Pledgor against whom enforcement is sought. Without limiting the foregoing provisions of this Section 19, the provisions of Section 10.10 of the Credit Agreement shall be applicable to this Pledge Agreement.
10
20. Termination. Subject to the provisions of Section 8, this Pledge Agreement and each Joinder Agreement, and all obligations of the Pledgors hereunder (excluding those obligations and liabilities that expressly survive such termination) shall terminate without delivery of any instrument or performance of any act by any party on the Facility Termination Date. Upon such termination of this Pledge Agreement, the Administrative Agent shall, at the sole expense of the Pledgors, promptly deliver to the Pledgors the certificates evidencing its shares of Pledged Interests (and any other property received as a dividend or distribution or otherwise in respect of such Pledged Interests to the extent then held by the Administrative Agent as additional Collateral hereunder), together with any cash then constituting the Collateral not then sold or otherwise disposed of in accordance with the provisions hereof, and take such further actions at the request of the Pledgors as may be necessary to effect the same.
21. Additional Interests. If any Pledgor shall at any time acquire or hold any additional Pledged Interests, including any Pledged Interests issued by any Subsidiary not listed on Schedule I hereto which are required to be subject to a Lien pursuant to a Pledge Agreement by the terms hereof or of any provision of the Credit Agreement (any such shares being referred to herein as the “Additional Interests”), such Pledgor shall deliver to the Administrative Agent for the benefit of the Secured Parties (i) a Pledge Agreement Supplement in the form of Exhibit A hereto with respect to such Additional Interests duly completed and executed by such Pledgor and (iii) any other document required in connection with such Additional Interests as described in Section 2(c). Each Pledgor shall comply with the requirements of this Section 21 concurrently with the acquisition of any such Additional Interests or, in the case of Additional Interests to which Section 6.14 of the Credit Agreement applies, within the time period specified in such Section or elsewhere in the Credit Agreement with respect to such Additional Interests; provided, however, that the failure to comply with the provisions of this Section 21 shall not impair the Lien on Additional Interests conferred hereunder.
22. Notices. Any notice required or permitted hereunder shall be given (a) with respect to the Company and each Subsidiary which is a Pledgor hereunder, at the address of the Company indicated in Schedule 10.02 of the Credit Agreement, (b) with respect to the Administrative Agent or a Secured Party, at the Administrative Agent’s address indicated in Schedule 10.02 of the Credit Agreement. All such addresses may be modified, and all such notices shall be given and shall be effective, as provided in Section 10.02 of the Credit Agreement for the giving and effectiveness of notices and modifications of addresses thereunder.
23. Joinder. Each Person who shall at any time execute and deliver to the Administrative Agent a Joinder Agreement and who is identified therein as a “Pledgor” shall thereupon irrevocably, absolutely and unconditionally become a party hereto and obligated hereunder as a Pledgor and shall have thereupon pursuant to Section 1 hereof granted a security interest in and collaterally assigned and pledged to the Administrative Agent for the benefit of the Secured Parties all Pledged Interests which it has at its Applicable Date or thereafter acquires any interest or the power to transfer, and all references herein and in the other Loan Documents to the Pledgors or to the parties to this Pledge Agreement shall be deemed to include such Person as a Pledgor hereunder. Each such Joinder Agreement shall be accompanied by the Supplemental Schedules referred to therein, appropriately completed with information relating to the Pledgor executing such Joinder Agreement and its property. Each of the applicable Schedules attached hereto shall be deemed amended and supplemented without further action by such information reflected on the Supplemental Schedules to each such Joinder Agreement.
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24. Rules of Interpretation. The rules of interpretation contained in Sections 1.03 and 1.06 of the Credit Agreement shall be applicable to this Pledge Agreement and each Joinder Agreement and are hereby incorporated by reference. All representations and warranties contained herein shall survive the delivery of documents and any Credit Extensions referred to herein or secured hereby.
25. Governing Law; Waivers.
(a) THIS PLEDGE AGREEMENT AND EACH JOINDER AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NORTH CAROLINA APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE.
(b) EACH PLEDGOR HEREBY EXPRESSLY AND IRREVOCABLY AGREES AND CONSENTS THAT ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS PLEDGE AGREEMENT OR ANY JOINDER AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREIN OR THEREIN MAY BE INSTITUTED IN ANY STATE OR FEDERAL COURT SITTING IN MECKLENBURG COUNTY, STATE OF NORTH CAROLINA, UNITED STATES OF AMERICA AND, BY THE EXECUTION AND DELIVERY OF THIS PLEDGE AGREEMENT OR A JOINDER AGREEMENT, EXPRESSLY WAIVES ANY OBJECTION THAT IT MAY HAVE NOW OR HEREAFTER TO THE LAYING OF THE VENUE OR TO THE JURISDICTION OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND IRREVOCABLY SUBMITS GENERALLY AND UNCONDITIONALLY TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUCH SUIT, ACTION OR PROCEEDING.
(c) EACH PLEDGOR AGREES THAT SERVICE OF PROCESS MAY BE MADE BY PERSONAL SERVICE OF A COPY OF THE SUMMONS AND COMPLAINT OR OTHER LEGAL PROCESS IN ANY SUCH SUIT, ACTION OR PROCEEDING, OR BY REGISTERED OR CERTIFIED MAIL (POSTAGE PREPAID) TO THE ADDRESS OF SUCH PLEDGOR PROVIDED IN SECTION 22 OR BY ANY OTHER METHOD OF SERVICE PROVIDED FOR UNDER THE APPLICABLE LAWS IN EFFECT IN THE STATE OF NORTH CAROLINA.
(d) NOTHING CONTAINED IN SUBSECTIONS (b) OR (c) HEREOF SHALL PRECLUDE THE ADMINISTRATIVE AGENT FROM BRINGING ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS PLEDGE AGREEMENT OR ANY JOINDER AGREEMENT OR THE OTHER LOAN DOCUMENTS IN THE COURTS OF ANY PLACE WHERE ANY PLEDGOR OR ANY OF SUCH PLEDGOR’S PROPERTY OR ASSETS MAY BE FOUND OR LOCATED. TO THE EXTENT PERMITTED BY THE APPLICABLE LAWS OF ANY SUCH JURISDICTION, EACH PLEDGOR HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT AND EXPRESSLY WAIVES, IN RESPECT OF ANY SUCH SUIT, ACTION OR PROCEEDING, OBJECTION TO THE EXERCISE OF JURISDICTION OVER IT AND ITS PROPERTY BY ANY SUCH OTHER COURT OR COURTS WHICH NOW OR HEREAFTER, BY REASON OF ITS PRESENT OR FUTURE DOMICILE, OR OTHERWISE, MAY BE AVAILABLE UNDER APPLICABLE LAW.
(e) IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS OR REMEDIES UNDER OR RELATED TO THIS PLEDGE AGREEMENT OR ANY JOINDER AGREEMENT OR ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR THAT MAY IN THE FUTURE BE DELIVERED IN CONNECTION WITH THE FOREGOING, EACH PARTY HEREBY AGREES, TO THE EXTENT PERMITTED BY APPLICABLE LAW, THAT ANY SUCH ACTION, SUIT OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY AND HEREBY WAIVES, TO
12
THE EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT SUCH PERSON MAY HAVE TO TRIAL BY JURY IN ANY SUCH ACTION, SUIT OR PROCEEDING.
(f) EACH PLEDGOR HEREBY EXPRESSLY WAIVES ANY OBJECTION IT MAY HAVE THAT ANY COURT TO WHOSE JURISDICTION IT HAS SUBMITTED PURSUANT TO THE TERMS HEREOF IS AN INCONVENIENT FORUM.
26. Amendment and Restatement. The parties hereto agree that the Existing Pledge Agreement is hereby amended and restated in this Pledge Agreement, and this Pledge Agreement shall constitute neither a release nor novation of any lien or security interest arising under the Existing Pledge Agreement nor a refinancing of any indebtedness or obligations arising thereunder or under the Existing Credit Agreements or related documents, but rather the liens and security interests in effect under the Existing Pledge Agreement shall continue in effect on the terms hereof.
[Signature Pages Follow.]
13
IN WITNESS WHEREOF, the parties have duly executed this Pledge Agreement on the day and year first written above.
PLEDGORS:
SONIC AUTOMOTIVE, INC.
By: /s/ Xxxxx X. Xxxx
Typed Name: Xxxxx X. Xxxx
Typed Title: Executive Vice President
ECHOPARK AUTOMOTIVE, INC.
FAA HOLDING LLC
FIRSTAMERICA AUTOMOTIVE, LLC
SAI AL HC1, INC.
SAI FL HC2, INC.
SAI FL HC3, INC.
SAI FL HC4, INC.
SAI FL HC8, INC.
SAI GA HC1, LLC
SAI MD HC1, INC.
SAI PEACHTREE, LLC
SAI TN HC1, LLC
SAI TN HC2, LLC
SAI VEHICLE SUBSCRIPTION, INC.
SONIC AUTOMOTIVE OF NEVADA, INC.
SONIC OF TEXAS, INC.
SRE HOLDING, LLC
By: /s/ Xxxxx X. Xxxx
Typed Name: Xxxxx X. Xxxx
Typed Title: Vice President and Treasurer
ADMINISTRATIVE AGENT:
BANK OF AMERICA, N.A.,
as Administrative Agent
By: /s/ Xxxxxx Xxxxx
Typed Name: Xxxxxx Xxxxx
Typed Title: Vice President
SCHEDULE I
Pledged Interests
| Name of Pledgor | Name, Jurisdiction of Formation and Type of Entity of Pledged Subsidiary | Class or Type of Pledged Interest | Total Amount of Class or Type of Pledged Interests Authorized | Total Amount of Class or Type Outstanding | Total Amount Pledged | Certificate Number (if applicable) | Par Value (if applicable) | Name of Transfer Agent (if any) | ||||||||||||||||||
| EchoPark Automotive, Inc. | EchoPark GA, LLC Georgia Limited Liability Company 16063806 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| EchoPark Automotive, Inc. | AM Realty GA, LLC Georgia Limited Liability Company 16063850 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| EchoPark Automotive, Inc. | EchoPark NC, LLC Limited Liability Company 1436923 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| EchoPark Automotive, Inc. | EchoPark SC, LLC South Carolina Limited Liability Company | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
Schedule I – Page 1
| Name of Pledgor | Name, Jurisdiction of Formation and Type of Entity of Pledged Subsidiary | Class or Type of Pledged Interest | Total Amount of Class or Type of Pledged Interests Authorized | Total Amount of Class or Type Outstanding | Total Amount Pledged | Certificate Number (if applicable) | Par Value (if applicable) | Name of Transfer Agent (if any) | ||||||||||||||||||
| EchoPark Automotive, Inc. | EchoPark TX, LLC Texas Limited Liability Company 802448793 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| EchoPark Automotive, Inc. | EchoPark Realty TX, LLC Texas Limited Liability Company 802302813 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| EchoPark Automotive, Inc. | EP Realty NC, LLC North Carolina Limited Liability Company 1436919 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| EchoPark Automotive, Inc. | EP Realty SC, LLC South Carolina Limited Liability Company | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| FAA Holding LLC | L Dealership Group, LLC Texas Limited Liability Company 0803708626 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
Schedule I – Page 2
| Name of Pledgor | Name, Jurisdiction of Formation and Type of Entity of Pledged Subsidiary | Class or Type of Pledged Interest | Total Amount of Class or Type of Pledged Interests Authorized | Total Amount of Class or Type Outstanding | Total Amount Pledged | Certificate Number (if applicable) | Par Value (if applicable) | Name of Transfer Agent (if any) | ||||||||||||||||||
| FirstAmerica Automotive, LLC | FAA Holding LLC California Limited Liability Company 202022510001 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| L Dealership Group, LLC | Autobahn, Inc. California Corporation C1548941 | Common Stock | 1,000,000 | 400,000 | 400,000 | 2 | N/A | |||||||||||||||||||
| SAI AL HC1, Inc. | XXX Xxxxxxxxxx CH, LLC Alabama Limited Liability Company 428-747 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| SAI AL HC1, Inc. | XXX Xxxxxxxxxx BCH, LLC Alabama Limited Liability Company 428-745 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| SAI FL HC3, Inc. | SAI Orlando CS, LLC Florida Limited Liability Company L08000116711 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
Schedule I – Page 3
| Name of Pledgor | Name, Jurisdiction of Formation and Type of Entity of Pledged Subsidiary | Class or Type of Pledged Interest | Total Amount of Class or Type of Pledged Interests Authorized | Total Amount of Class or Type Outstanding | Total Amount Pledged | Certificate Number (if applicable) | Par Value (if applicable) | Name of Transfer Agent (if any) | ||||||||||||||||||
| SAI FL HC4, Inc. | SAI Fort Xxxxx VW, LLC Florida Limited Liability Company L08000116709 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| SAI FL HC8, Inc. | SAI Fort Xxxxx M, LLC Florida Limited Liability Company L98000002089 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| SAI GA HC1, LLC | SAI Peachtree, LLC Georgia Limited Liability Company 4746288 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| SAI GA HC1, LLC | SAI S. Atlanta JLR, LLC Georgia Limited Liability Company 16070312 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| SAI MD HC1, Inc. | SAI Rockville Imports, LLC Maryland Limited Liability Company W12796074 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
Schedule I – Page 4
| Name of Pledgor | Name, Jurisdiction of Formation and Type of Entity of Pledged Subsidiary | Class or Type of Pledged Interest | Total Amount of Class or Type of Pledged Interests Authorized | Total Amount of Class or Type Outstanding | Total Amount Pledged | Certificate Number (if applicable) | Par Value (if applicable) | Name of Transfer Agent (if any) | ||||||||||||||||||
| SAI Peachtree, LLC | XXX Xxxxxxxx V, LLC Georgia Limited Liability Company 1038946 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| SAI TN HC1, LLC | SAI Nashville CSH, LLC Tennessee Limited Liability Company 0336183 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
SAI TN HC1, LLC | SAI Nashville M, LLC Tennessee Limited Liability Company 0336182 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| SAI TN HC2, LLC | SAI Nashville Motors, LLC Tennessee Limited Liability Company 0566970 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
Sonic Automotive, Inc. | Xxxxxx, Xxx. Xxxxx Xxxxxxxx Xxxxxxxxxxx 0000000 | Common Stock | 100,000 | 1,333 | 1,333 | 14 | N/A | |||||||||||||||||||
Schedule I – Page 5
| Name of Pledgor | Name, Jurisdiction of Formation and Type of Entity of Pledged Subsidiary | Class or Type of Pledged Interest | Total Amount of Class or Type of Pledged Interests Authorized | Total Amount of Class or Type Outstanding | Total Amount Pledged | Certificate Number (if applicable) | Par Value (if applicable) | Name of Transfer Agent (if any) | ||||||||||||||||||
| Sonic Automotive, Inc. | Fort Mill Ford, Inc. South Carolina Corporation | Common Stock | 10,000 | 2,700 | 2,700 | 13 | N/A | |||||||||||||||||||
| Sonic Automotive, Inc. | SAI Roaring Fork LR, Inc. Colorado Corporation 2014156978 | Common Stock | 1,000 | 100 | 100 | 1 | N/A | |||||||||||||||||||
| Sonic Automotive, Inc. | SAI AL HC1, Inc. Alabama Corporation D/C 206-272 | Common Stock | 1,000 | 100 | 100 | 1 | N/A | |||||||||||||||||||
| Sonic Automotive, Inc. | SAI Denver M, Inc. Colorado Corporation 20131291339 | Common Stock | 1,000 | 100 | 100 | 1 | N/A | |||||||||||||||||||
| Sonic Automotive, Inc. | SAI FL HC3, Inc. Florida Corporation P98000064012 | Common Stock | 1,000 | 100 | 100 | 2 | N/A | |||||||||||||||||||
| Sonic Automotive, Inc. | SAI FL HC4, Inc. Florida Corporation P98000064009 | Common Stock | 1,000 | 100 | 100 | 2 | N/A | |||||||||||||||||||
Schedule I – Page 6
| Name of Pledgor | Name, Jurisdiction of Formation and Type of Entity of Pledged Subsidiary | Class or Type of Pledged Interest | Total Amount of Class or Type of Pledged Interests Authorized | Total Amount of Class or Type Outstanding | Total Amount Pledged | Certificate Number (if applicable) | Par Value (if applicable) | Name of Transfer Agent (if any) | ||||||||||||||||||
| Sonic Automotive, Inc. | SAI FL HC8, Inc. Florida Corporation P99000014911 | Common Stock | 1,000 | 100 | 100 | 1 | N/A | |||||||||||||||||||
| Sonic Automotive, Inc. | Sonic Automotive Aviation, LLC Limited Liability Company 1320781 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| Sonic Automotive, Inc. | Sonic Automotive F&I, LLC Nevada Limited Liability Company LLC8620-1999 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| Sonic Automotive, Inc. | Sonic Automotive Support, LLC Nevada Limited Liability Company LLC19412-2003 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| Sonic Automotive, Inc. | Sonic Automotive West, LLC Nevada Limited Liability Company LLC9139-1999 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
Schedule I – Page 7
| Name of Pledgor | Name, Jurisdiction of Formation and Type of Entity of Pledged Subsidiary | Class or Type of Pledged Interest | Total Amount of Class or Type of Pledged Interests Authorized | Total Amount of Class or Type Outstanding | Total Amount Pledged | Certificate Number (if applicable) | Par Value (if applicable) | Name of Transfer Agent (if any) | ||||||||||||||||||
| Sonic Automotive, Inc. | Sonic Calabasas M, Inc. California Corporation C2975101 | Common Stock | 1,000 | 100 | 100 | 1 | N/A | |||||||||||||||||||
| Sonic Automotive, Inc. | Sonic Development, LLC North Carolina Limited Liability Company 0483658 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| Sonic Automotive, Inc. | Sonic Divisional Operations, LLC Nevada Limited Liability Company LLC26157-2004 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| Sonic Automotive, Inc. | Sonic - Las Vegas C West, LLC Nevada Limited Liability Company LLC7434-2000 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| Sonic Automotive, Inc. | Sonic xx Xxxxx, Xxx. Xxxxx Xxxxxxxxxxx 000000000 | Common Stock | 1,000 | 100 | 100 | 1 | N/A | |||||||||||||||||||
Schedule I – Page 8
| Name of Pledgor | Name, Jurisdiction of Formation and Type of Entity of Pledged Subsidiary | Class or Type of Pledged Interest | Total Amount of Class or Type of Pledged Interests Authorized | Total Amount of Class or Type Outstanding | Total Amount Pledged | Certificate Number (if applicable) | Par Value (if applicable) | Name of Transfer Agent (if any) | ||||||||||||||||||
| Sonic Automotive, Inc. | Sonic Resources, Inc. Nevada Corporation C24652-2001 | Common Stock | 1,000 | 100 | 100 | 2 | N/A | |||||||||||||||||||
| Sonic Automotive, Inc. | Sonic Xxxxx Xxxxxx X, Xxx. Xxxxxxxxxx Xxxxxxxxxxx X0000000 | Common Stock | 1,000 | 100 | 100 | 1 | N/A | |||||||||||||||||||
| Sonic Automotive, Inc. | Sonic Xxxxxx Xxxxx X, Xxx. Xxxxxxxxxx Xxxxxxxxxxx X0000000 | Common Stock | 1,000 | 100 | 100 | 2 | N/A | |||||||||||||||||||
| Sonic Automotive, Inc. | SRE Holding, LLC Limited Liability Company 0551475 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| Sonic Automotive, Inc. | EchoPark Automotive, Inc. Delaware Corporation 5387434 | Common Stock | 1,000 | 100 | 100 | 1 | N/A | |||||||||||||||||||
Schedule I – Page 9
| Name of Pledgor | Name, Jurisdiction of Formation and Type of Entity of Pledged Subsidiary | Class or Type of Pledged Interest | Total Amount of Class or Type of Pledged Interests Authorized | Total Amount of Class or Type Outstanding | Total Amount Pledged | Certificate Number (if applicable) | Par Value (if applicable) | Name of Transfer Agent (if any) | ||||||||||||||||||
| Sonic Automotive, Inc. | Town and Country Ford, Incorporated Corporation 0148959 | Common Stock | 2,000 | 471.25 | 471.25 | 75 | N/A | |||||||||||||||||||
| Sonic Automotive of Nevada, Inc. | SAI TN HC1, LLC Tennessee Limited Liability Company 0336184 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| Sonic Automotive of Nevada, Inc. | SAI TN HC2, LLC Tennessee Limited Liability Company 0336185 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| Sonic Automotive of Nevada, Inc. | SAI TN HC3, LLC Tennessee Limited Liability Company 0336184 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| Sonic Automotive West, LLC | Sonic - LS Chevrolet, LLC Texas Limited Liability Company 0803707733 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
Schedule I – Page 10
| Name of Pledgor | Name, Jurisdiction of Formation and Type of Entity of Pledged Subsidiary | Class or Type of Pledged Interest | Total Amount of Class or Type of Pledged Interests Authorized | Total Amount of Class or Type Outstanding | Total Amount Pledged | Certificate Number (if applicable) | Par Value (if applicable) | Name of Transfer Agent (if any) | ||||||||||||||||||
| Sonic Automotive of Nevada, Inc. | Sonic Advantage PA, LLC Texas Limited Liability Company 0803707771 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| Sonic Automotive of Nevada, Inc. | Sonic Automotive of Texas, LLC Texas Limited Liability Company 0803712331 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| Sonic Automotive of Nevada, Inc. | Sonic Automotive - 0000 X. Xxxx, XX, LLC Texas Limited Liability Company 0803707776 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| Sonic Automotive of Nevada, Inc. | Sonic Automotive - 0000 X-00 Xxxx, XX, LLC Texas Limited Liability Company 0803712341 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
Schedule I – Page 11
| Name of Pledgor | Name, Jurisdiction of Formation and Type of Entity of Pledged Subsidiary | Class or Type of Pledged Interest | Total Amount of Class or Type of Pledged Interests Authorized | Total Amount of Class or Type Outstanding | Total Amount Pledged | Certificate Number (if applicable) | Par Value (if applicable) | Name of Transfer Agent (if any) | ||||||||||||||||||
| Sonic Automotive of Nevada, Inc. | Sonic - Clear Lake Volkswagen, LLC Texas Limited Liability Company 0803712287 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| Sonic Automotive of Nevada, Inc. | Sonic Houston JLR, LLC Texas Limited Liability Company 0000000000 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| Sonic Automotive of Nevada, Inc. | Sonic Xxxxxxx XX, LLC Texas Limited Liability Company 0803707788 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| Sonic Automotive of Nevada, Inc. | Sonic - Houston V, LLC Texas Limited Liability Company 0803712226 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| Sonic Automotive of Nevada, Inc. | Sonic - Jersey Village Volkswagen, LLC Texas Limited Liability Company 0803712317 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
Schedule I – Page 12
| Name of Pledgor | Name, Jurisdiction of Formation and Type of Entity of Pledged Subsidiary | Class or Type of Pledged Interest | Total Amount of Class or Type of Pledged Interests Authorized | Total Amount of Class or Type Outstanding | Total Amount Pledged | Certificate Number (if applicable) | Par Value (if applicable) | Name of Transfer Agent (if any) | ||||||||||||||||||
| Sonic of Texas, Inc. | Sonic – LS, LLC Delaware Limited Liability Company 3440418 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| Sonic Automotive of Nevada, Inc. | Sonic Momentum JVP, LLC Texas Limited Liability Company 0803707794 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| Sonic Automotive of Nevada, Inc. | Sonic Momentum VWA, LLC Texas Limited Liability Company 0000000000 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| Sonic Automotive of Nevada, Inc. | Sonic - Xxxxxxxxxx F, LLC Texas Limited Liability Company 0803712249 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| Sonic Automotive of Nevada, Inc. | SRE Texas - 1, LLC Texas Limited Liability Company 0803712346 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| Sonic Automotive of Nevada, Inc. | SRE Texas - 2, LLC Texas Limited Liability Company 0803712368 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
Schedule I – Page 13
| Name of Pledgor | Name, Jurisdiction of Formation and Type of Entity of Pledged Subsidiary | Class or Type of Pledged Interest | Total Amount of Class or Type of Pledged Interests Authorized | Total Amount of Class or Type Outstanding | Total Amount Pledged | Certificate Number (if applicable) | Par Value (if applicable) | Name of Transfer Agent (if any) | ||||||||||||||||||
| Sonic Automotive of Nevada, Inc. | SRE Texas - 3, LLC Texas Limited Liability Company 0803712408 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| Sonic Automotive of Nevada, Inc. | SRE Texas - 4, LLC Texas Limited Liability Company 0803712412 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| Sonic Automotive of Nevada, Inc. | SRE Texas - 5, LLC Texas Limited Liability Company 0803712417 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| Sonic Automotive of Nevada, Inc. | SRE Texas - 6, LLC Texas Limited Liability Company 0803712425 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| Sonic Automotive of Nevada, Inc. | SRE Texas - 7, LLC Texas Limited Liability Company 0803712430 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| Sonic Automotive of Nevada, Inc. | SRE Texas - 8, LLC Texas Limited Liability Company 0803712434 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| SRE Holding, LLC | AnTrev, LLC North Carolina Limited Liability Company 0659676 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
Schedule I – Page 14
| Name of Pledgor | Name, Jurisdiction of Formation and Type of Entity of Pledged Subsidiary | Class or Type of Pledged Interest | Total Amount of Class or Type of Pledged Interests Authorized | Total Amount of Class or Type Outstanding | Total Amount Pledged | Certificate Number (if applicable) | Par Value (if applicable) | Name of Transfer Agent (if any) | ||||||||||||||||||
| SRE Holding, LLC | SRE Alabama-2, LLC Alabama Limited Liability Company 670-275 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| SRE Holding, LLC | SRE Alabama-5, LLC Alabama Limited Liability Company DLL691-622 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| SRE Holding, LLC | SRE California - 1, LLC California Limited Liability Company 200202910110 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| SRE Holding, LLC | SRE California - 2, LLC California Limited Liability Company 200202910111 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| SRE Holding, LLC | SRE California - 3, LLC California Limited Liability Company 200202810141 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| SRE Holding, LLC | SRE California - 5, LLC California Limited Liability Company 200203110006 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
Schedule I – Page 15
| Name of Pledgor | Name, Jurisdiction of Formation and Type of Entity of Pledged Subsidiary | Class or Type of Pledged Interest | Total Amount of Class or Type of Pledged Interests Authorized | Total Amount of Class or Type Outstanding | Total Amount Pledged | Certificate Number (if applicable) | Par Value (if applicable) | Name of Transfer Agent (if any) | ||||||||||||||||||
| SRE Holding, LLC | SRE California - 6, LLC California Limited Liability Company 200203110007 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| SRE Holding, LLC | SRE California - 7 SCB, LLC California Limited Liability Company 201033410181 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| SRE Holding, LLC | SRE California - 8 SCH, LLC California Limited Liability Company 201033510021 | LLC Interest | N/A | 100.00% | 100.00% | N/A | X/X | |||||||||||||||||||
| XXX Xxxxxxx, XXX | XXX Xxxxxxxxxx - 0 XXX, LLC California Limited Liability Company 201126410082 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| SRE Holding, LLC | SRE California 10 LBB, LLC California Limited Liability Company 201413910313 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| SRE Holding, LLC | SRE Colorado - 1, LLC Colorado Limited Liability Company 20021330518 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
Schedule I – Page 16
| Name of Pledgor | Name, Jurisdiction of Formation and Type of Entity of Pledged Subsidiary | Class or Type of Pledged Interest | Total Amount of Class or Type of Pledged Interests Authorized | Total Amount of Class or Type Outstanding | Total Amount Pledged | Certificate Number (if applicable) | Par Value (if applicable) | Name of Transfer Agent (if any) | ||||||||||||||||||
| SRE Holding, LLC | SRE Colorado - 2, LLC Colorado Limited Liability Company 20021330523 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| SRE Holding, LLC | SRE Colorado - 3, LLC Colorado Limited Liability Company 20021330530 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| SRE Holding, LLC | SRE Colorado – 4 RF, LLC Colorado Limited Liability Company 20141516951 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| SRE Holding, LLC | SRE Colorado – 5 CC, LLC Colorado Limited Liability Company 201415486855 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| SRE Holding, LLC | SRE Georgia 4, LLC Georgia Limited Liability Company 4219711 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| SRE Holding, LLC | SRE Florida - 1, LLC Florida Limited Liability Company L00000006050 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
Schedule I – Page 17
| Name of Pledgor | Name, Jurisdiction of Formation and Type of Entity of Pledged Subsidiary | Class or Type of Pledged Interest | Total Amount of Class or Type of Pledged Interests Authorized | Total Amount of Class or Type Outstanding | Total Amount Pledged | Certificate Number (if applicable) | Par Value (if applicable) | Name of Transfer Agent (if any) | ||||||||||||||||||
| SRE Holding, LLC | SRE Maryland - 1, LLC Maryland Limited Liability Company 200162227 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| SRE Holding, LLC | SRE Nevada-2, LLC Nevada Limited Liability Company LLC5021-2000 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| SRE Holding, LLC | SRE North Carolina-2, LLC North Carolina Limited Liability Company 0682830 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| SRE Holding, LLC | SRE North Carolina -3, LLC North Carolina Limited Liability Company 0682833 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| SRE Holding, LLC | SRE Ohio 1, LLC Ohio Limited Liability Company 2146293 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
Schedule I – Page 18
| Name of Pledgor | Name, Jurisdiction of Formation and Type of Entity of Pledged Subsidiary | Class or Type of Pledged Interest | Total Amount of Class or Type of Pledged Interests Authorized | Total Amount of Class or Type Outstanding | Total Amount Pledged | Certificate Number (if applicable) | Par Value (if applicable) | Name of Transfer Agent (if any) | ||||||||||||||||||
| SRE Holding, LLC | SRE Ohio 2, LLC Ohio Limited Liability Company 2146292 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| SRE Holding, LLC | SRE Oklahoma-2, LLC Oklahoma Limited Liability Company 3500697105 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| SRE Holding, LLC | SRE South Carolina - 2, LLC South Carolina Limited Liability Company | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| SRE Holding, LLC | SRE South Carolina - 3, LLC South Carolina Limited Liability Company | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| SRE Holding, LLC | SRE South Carolina - 4, LLC South Carolina Limited Liability Company | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
Schedule I – Page 19
| Name of Pledgor | Name, Jurisdiction of Formation and Type of Entity of Pledged Subsidiary | Class or Type of Pledged Interest | Total Amount of Class or Type of Pledged Interests Authorized | Total Amount of Class or Type Outstanding | Total Amount Pledged | Certificate Number (if applicable) | Par Value (if applicable) | Name of Transfer Agent (if any) | ||||||||||||||||||
| SRE Holding, LLC | SRE Tennessee - 1, LLC Tennessee Limited Liability Company 000390360 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| SRE Holding, LLC | SRE Tennessee - 2, LLC Tennessee Limited Liability Company 000390358 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| SRE Holding, LLC | SRE Tennessee - 3, LLC Tennessee Limited Liability Company 000390359 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| SRE Holding, LLC | SRE Tennessee-4, LLC Tennessee Limited Liability Company 000450279 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| SRE Holding, LLC | SRE Tennessee-5, LLC Tennessee Limited Liability Company 000450278 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
Schedule I – Page 20
| Name of Pledgor | Name, Jurisdiction of Formation and Type of Entity of Pledged Subsidiary | Class or Type of Pledged Interest | Total Amount of Class or Type of Pledged Interests Authorized | Total Amount of Class or Type Outstanding | Total Amount Pledged | Certificate Number (if applicable) | Par Value (if applicable) | Name of Transfer Agent (if any) | ||||||||||||||||||
| SRE Holding, LLC | SRE Tennessee 6, LLC Tennessee Limited Liability Company 000797947 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| SRE Holding, LLC | SRE Tennessee 7, LLC Tennessee Limited Liability Company 000959852 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| SRE Holding, LLC | SRE Virginia - 1, LLC Virginia Limited Liability Company 5050246-0 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| SRE Holding, LLC | SRE Virginia - 2, LLC Virginia Limited Liability Company S1012154 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| SRE Holding, LLC | SRE Texas 9, LLC Texas Limited Liability Company 801419276 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| SRE Holding, LLC | SRE Texas 10, LLC Texas Limited Liability Company 801675082 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
Schedule I – Page 21
| Name of Pledgor | Name, Jurisdiction of Formation and Type of Entity of Pledged Subsidiary | Class or Type of Pledged Interest | Total Amount of Class or Type of Pledged Interests Authorized | Total Amount of Class or Type Outstanding | Total Amount Pledged | Certificate Number (if applicable) | Par Value (if applicable) | Name of Transfer Agent (if any) | ||||||||||||||||||
| SRE Holding, LLC | SRE Texas 11, LLC Texas Limited Liability Company 801723757 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| SRE Holding, LLC | SRE Texas 12, LLC Texas Limited Liability Company 801807250 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| SRE Holding, LLC | SRE Texas 13, LLC Texas Limited Liability Company 13-802180003 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| SRE Holding, LLC | SRE Texas 14, LLC Texas Limited Liability Company 14-802402987 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| SRE Holding, LLC | SRE Texas 15, LLC Texas Limited Liability Company 15-802570108 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
Schedule I – Page 22
| Name of Pledgor | Name, Jurisdiction of Formation and Type of Entity of Pledged Subsidiary | Class or Type of Pledged Interest | Total Amount of Class or Type of Pledged Interests Authorized | Total Amount of Class or Type Outstanding | Total Amount Pledged | Certificate Number (if applicable) | Par Value (if applicable) | Name of Transfer Agent (if any) | ||||||||||||||||||
| EchoPark Automotive, Inc. | TT Denver, LLC Colorado Limited Liability Company 20131462193 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| EchoPark Automotive, Inc. | TTRE CO 1, LLC Colorado Limited Liability Company 20131504490 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| EchoPark Automotive, Inc. | EchoPark AZ, LLC Arizona Limited Liability Company 23032012 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| EchoPark Automotive, Inc. | EchoPark CA, LLC California Limited Liability Company 201923110260 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| EchoPark Automotive, Inc. | EchoPark Realty CA, LLC California Limited Liability Company 201923910263 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
Schedule I – Page 23
| Name of Pledgor | Name, Jurisdiction of Formation and Type of Entity of Pledged Subsidiary | Class or Type of Pledged Interest | Total Amount of Class or Type of Pledged Interests Authorized | Total Amount of Class or Type Outstanding | Total Amount Pledged | Certificate Number (if applicable) | Par Value (if applicable) | Name of Transfer Agent (if any) | ||||||||||||||||||
| EchoPark Automotive, Inc. | EchoPark FL, LLC Florida Limited Liability Company L16000126299 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| SAI FL HC2, Inc. | SAI Pensacola A, LLC Florida Limited Liability Company L15000038068 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| FirstAmerica Automotive, LLC | FAA San Bruno, Inc. California Corporation C2004303 | Common Stock | 100,000 | 10,000 | 10,000 | 2 | N/A | |||||||||||||||||||
| Sonic Automotive, Inc. | SAI Columbus T, LLC Ohio Limited Liability Company CP13128 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| Sonic Automotive, Inc. | XXX XxXxxxxx M, LLC Texas Limited Liability Company 802180025 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
Schedule I – Page 24
| Name of Pledgor | Name, Jurisdiction of Formation and Type of Entity of Pledged Subsidiary | Class or Type of Pledged Interest | Total Amount of Class or Type of Pledged Interests Authorized | Total Amount of Class or Type Outstanding | Total Amount Pledged | Certificate Number (if applicable) | Par Value (if applicable) | Name of Transfer Agent (if any) | ||||||||||||||||||
| Sonic Automotive, Inc. | SAI MD HC1, Inc. Maryland Corporation D05310776 | Common Stock | 1,000 | 100 | 100 | 2 | N/A | |||||||||||||||||||
| SAI MD HC1, Inc. | SAI Rockville L, LLC Maryland Limited Liability Company W12791083 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| Sonic Automotive of Nevada, Inc. | Sonic - Fort Worth T, LLC Texas Limited Liability Company 0803726979 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| Sonic Automotive, Inc. | Sonic-Integrity Dodge LV, LLC Nevada Limited Liability Company LLC4879-1999 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| Sonic Automotive, Inc. | Car Cash of North Carolina, Inc. North Carolina Corporation 1581348 | Common Stock | 1,000 | 100 | 100 | 1 | N/A | |||||||||||||||||||
Schedule I – Page 25
| Name of Pledgor | Name, Jurisdiction of Formation and Type of Entity of Pledged Subsidiary | Class or Type of Pledged Interest | Total Amount of Class or Type of Pledged Interests Authorized | Total Amount of Class or Type Outstanding | Total Amount Pledged | Certificate Number (if applicable) | Par Value (if applicable) | Name of Transfer Agent (if any) | ||||||||||||||||||
| EchoPark Automotive, Inc. | EchoPark Driver Education, LLC Colorado Limited Liability Company 20161857629 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| EchoPark Automotive, Inc. | EP Realty AZ, LLC Arizona Limited Liability Company 23032013 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| EchoPark Automotive, Inc. | EP Realty MD, LLC Maryland Limited Liability Company W20245940 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| Sonic Automotive, Inc. | SAI FL HC9, Inc. Florida Corporation P0200010148 | Common Stock | 1,000 | 100 | 100 | 1 | N/A | |||||||||||||||||||
| EchoPark Automotive, Inc. | SAI Momentum ARM, LLC Texas Limited Liability Company 803976497 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
Schedule I – Page 26
| Name of Pledgor | Name, Jurisdiction of Formation and Type of Entity of Pledged Subsidiary | Class or Type of Pledged Interest | Total Amount of Class or Type of Pledged Interests Authorized | Total Amount of Class or Type Outstanding | Total Amount Pledged | Certificate Number (if applicable) | Par Value (if applicable) | Name of Transfer Agent (if any) | ||||||||||||||||||
| Sonic Automotive, Inc. | SAI SIC, Inc. Georgia Corporation 18011005 | Common Stock | 1,000 | 100 | 100 | 1 | $.01 | |||||||||||||||||||
| Sonic Automotive, Inc. | SAI Vehicle Subscription, Inc. Delaware Corporation 6715974 | Common Stock | 1,000 | 100 | 100 | 1 | $10.00 | |||||||||||||||||||
| SAI Vehicle Subscription, Inc. | SAI VS GA, LLC Georgia Limited Liability Company 18005598 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| SAI Vehicle Subscription, Inc. | SAI VS TX, LLC Texas Limited Liability Company 803015343 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| Sonic Automotive, Inc. | Sonic FFC 1, Inc. Delaware Corporation 800516461 | Common Stock | 1,000 | 100 | 100 | 1 | $10.00 | |||||||||||||||||||
Schedule I – Page 27
| Name of Pledgor | Name, Jurisdiction of Formation and Type of Entity of Pledged Subsidiary | Class or Type of Pledged Interest | Total Amount of Class or Type of Pledged Interests Authorized | Total Amount of Class or Type Outstanding | Total Amount Pledged | Certificate Number (if applicable) | Par Value (if applicable) | Name of Transfer Agent (if any) | ||||||||||||||||||
| Sonic Automotive, Inc. | Sonic FFC 2, Inc. Delaware Corporation 800516469 | Common Stock | 1,000 | 100 | 100 | 1 | $10.00 | |||||||||||||||||||
| Sonic Automotive, Inc. | Sonic FFC 3, Inc. Delaware Corporation 800516475 | Common Stock | 1,000 | 100 | 100 | 1 | $10.00 | |||||||||||||||||||
| SRE Holding, LLC | SRE Alabama 6, LLC Alabama Limited Liability Company 670-275 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| SRE Holding, LLC | SRE California 11 PH, LLC California Limited Liability Company 201715310091 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| SRE Holding, LLC | SRE Georgia 5, LLC Georgia Limited Liability Company 17028810 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
Schedule I – Page 28
| Name of Pledgor | Name, Jurisdiction of Formation and Type of Entity of Pledged Subsidiary | Class or Type of Pledged Interest | Total Amount of Class or Type of Pledged Interests Authorized | Total Amount of Class or Type Outstanding | Total Amount Pledged | Certificate Number (if applicable) | Par Value (if applicable) | Name of Transfer Agent (if any) | ||||||||||||||||||
| SRE Holding, LLC | SRE Georgia 6, LLC Georgia Limited Liability Company 17078607 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| SRE Holding, LLC | SRE Tennessee 8, LLC Tennessee Limited Liability Company 1082886 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| SRE Holding, LLC | SRE Texas 16, LLC Texas Limited Liability Company 802852214 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| SRE Holding, LLC | SRE Texas 17, LLC Texas Limited Liability Company 803572496 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| Sonic Automotive, Inc. | SAI Syracuse C, Inc. New York Corporation 201127000189 | Common Stock | 1,000 | 100 | 100 | 1 | N/A | |||||||||||||||||||
| EchoPark Automotive, Inc. | EchoPark AL, LLC Alabama Limited Liability Company 646-471 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
Schedule I – Page 29
| Name of Pledgor | Name, Jurisdiction of Formation and Type of Entity of Pledged Subsidiary | Class or Type of Pledged Interest | Total Amount of Class or Type of Pledged Interests Authorized | Total Amount of Class or Type Outstanding | Total Amount Pledged | Certificate Number (if applicable) | Par Value (if applicable) | Name of Transfer Agent (if any) | ||||||||||||||||||
| EchoPark Automotive, Inc. | EchoPark KY, LLC Kentucky Limited Liability Company 1127159 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| EchoPark Automotive, Inc. | EchoPark MD, LLC Maryland Limited Liability Company W20245957 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| EchoPark Automotive, Inc. | EchoPark NV, LLC Nevada Limited Liability Company E8590422020-9 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| EchoPark Automotive, Inc. | EchoPark NY, LLC New York Limited Liability Company 85-3919750 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
Schedule I – Page 30
| Name of Pledgor | Name, Jurisdiction of Formation and Type of Entity of Pledged Subsidiary | Class or Type of Pledged Interest | Total Amount of Class or Type of Pledged Interests Authorized | Total Amount of Class or Type Outstanding | Total Amount Pledged | Certificate Number (if applicable) | Par Value (if applicable) | Name of Transfer Agent (if any) | ||||||||||||||||||
| EchoPark Automotive, Inc. | EchoPark TN, LLC Tennessee Limited Liability Company 802448793 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
| Sonic Automotive of Nevada, Inc. | SAI River Oaks P, LLC Texas Limited Liability Company 803751036 | LLC Interest | N/A | 100.00% | 100.00% | N/A | N/A | |||||||||||||||||||
Schedule I – Page 31
SCHEDULE II
| Name and Address of Pledgor | Type of Person | Jurisdiction of Formation of Pledgor | Jurisdiction of Formation Identification Number | ||||||||
EchoPark Automotive, Xxx. 0000 Xxxxxxx Xx. Xxxxxxxxx, XX | Corporation | Delaware | 5387434 | ||||||||
FAA Holding XXX 0000 Xxxxxxx Xxxx Xxxxxxxxx, XX 00000 | Limited Liability Company | California | 202022510001 | ||||||||
FirstAmerica Automotive, XXX 0000 Xxxxxxx Xxxx Xxxxxxxxx, XX 00000 | Limited Liability Company | Delaware | 2761294 | ||||||||
L Dealership Group, XXX 0000 Xxxxxxx Xxxx Xxxxxxxxx, XX 00000 | Limited Liability Company | Texas | 0803708626 | ||||||||
SAI AL XX0, Xxx. 0000 Xxxxxxx Xxxx Xxxxxxxxx, XX 00000 | Corporation | Alabama | 206-272 | ||||||||
SAI FL XX0, Xxx. 0000 Xxxxxxx Xxxx Xxxxxxxxx, XX 00000 | Corporation | Florida | P98000016038 | ||||||||
SAI FL XX0, Xxx. 0000 Xxxxxxx Xxxx Xxxxxxxxx, XX 00000 | Corporation | Florida | P98000064012 | ||||||||
SAI FL XX0, Xxx. 0000 Xxxxxxx Xxxx Xxxxxxxxx, XX 00000 | Corporation | Florida | P98000064009 | ||||||||
SAI FL XX0, Xxx. 0000 Xxxxxxx Xxxx Xxxxxxxxx, XX 00000 | Corporation | Florida | P99000014911 | ||||||||
SAI GA HC1, XXX 0000 Xxxxxxx Xxxx Xxxxxxxxx, XX 00000 | Limited Liability Company | Georgia | 4705444 | ||||||||
SAI MD XX0, Xxx. 0000 Xxxxxxx Xxxx Xxxxxxxxx, XX 00000 | Corporation | Maryland | D05310776 | ||||||||
Schedule II – Page 1
| Name and Address of Pledgor | Type of Person | Jurisdiction of Formation of Pledgor | Jurisdiction of Formation Identification Number | ||||||||
SAI Peachtree, XXX 0000 Xxxxxxx Xxxx Xxxxxxxxx, XX 00000 | Limited Liability Company | Georgia | 4746288 | ||||||||
SAI TN HC1, XXX 0000 Xxxxxxx Xxxx Xxxxxxxxx, XX 00000 | Limited Liability Company | Tennessee | 0336184 | ||||||||
SAI TN HC2, XXX 0000 Xxxxxxx Xxxx Xxxxxxxxx, XX 00000 | Limited Liability Company | Tennessee | 0336185 | ||||||||
Sonic Automotive, Xxx. 0000 Xxxxxxx Xxxx Xxxxxxxxx, XX 00000 | Corporation | Delaware | 2714319 | ||||||||
Sonic Automotive of Nevada, Inc. 4401 Xxxxxxx Xxxx Xxxxxxxxx, XX 00000 | Corporation | Nevada | C18014-1997 | ||||||||
Sonic of Texas, Xxx. 0000 Xxxxxxx Xxxx Xxxxxxxxx, XX 00000 | Corporation | Texas | 150782300 | ||||||||
SRE Holding, XXX 0000 Xxxxxxx Xxxx Xxxxxxxxx, XX 00000 | Limited Liability Company | Xxxxx Xxxxxxxx | 0000000 | ||||||||
SAI Vehicle Subscription, Xxx. 0000 Xxxxxxx Xxxx Xxxxxxxxx, XX 00000 | Corporation | Delaware | 6715974 | ||||||||
Sonic Automotive West, XXX 0000 Xxxxxxx Xxxx Xxxxxxxxx, XX 00000 | Limited Liability Company | Nevada | LLC9139-1999 | ||||||||
Schedule II – Page 2
EXHIBIT A
PLEDGE AGREEMENT SUPPLEMENT
THIS PLEDGE AGREEMENT SUPPLEMENT (as from time to time amended, revised, modified, supplemented or amended and restated, this “Supplement”), dated as of ________________ __, ____ is made by _______________________________, a ________________ (the “Pledgor”), in favor of BANK OF AMERICA, N.A., in its capacity as Administrative Agent (the “Administrative Agent”) for the Secured Parties (as defined in the Pledge Agreement referenced below) now or hereafter party to the Credit Agreement (as defined in the Pledge Agreement referred to below). All capitalized terms used but not defined herein shall have the meanings given to such terms in such Pledge Agreement.
RECITALS:
A. The Pledgor is required under the terms of that certain Fifth Amended and Restated Securities Pledge Agreement dated as of April 14, 2021 executed by the Pledgor (among others), or to which the Pledgor has been joined as a party pursuant to a Joinder Agreement, in favor of the Administrative Agent for the benefit of the Secured Parties (as from time to time amended, revised, modified, supplemented or amended and restated, the “Pledge Agreement”), to cause certain Pledged Interests held by it and listed on Annex A to this Supplement (the “Additional Interests”) to be specifically identified as subject to the Pledge Agreement.
B. A material part of the consideration given in connection with and as an inducement to the execution and delivery of the Credit Agreement by the Secured Parties was the obligation of the Pledgor to pledge to the Administrative Agent for the benefit of the Secured Parties the Additional Interests, whether then owned or subsequently acquired or created
C. The Pledgor has acquired rights in the Additional Interests and desires to pledge, and evidence its prior pledge, to the Administrative Agent for the benefit of the Secured Parties all of the Additional Interests in accordance with the terms of the Credit Agreement and the Pledge Agreement.
In order to induce the Secured Parties to from time to time make and maintain extensions of credit under the Credit Agreement, Related Swap Contracts and Related Cash Management Arrangements, the Pledgor hereby agrees as follows:
1. Affirmations. The Pledgor hereby reaffirms and acknowledges the pledge and collateral assignment to, and the grant of security interest in, the Additional Interests contained in the Pledge Agreement and pledges and collaterally assigns to the Administrative Agent for the benefit of the Secured Parties, and grants to the Administrative Agent for the benefit of the Secured Parties a first priority lien and security interest in, the Additional Interests and all of the following:
(a) all money, securities, security entitlements and other investment property, dividends, rights, general intangibles and other property at any time and from time to time
Exhibit A – Page 1
(x) declared or distributed in respect of or in exchange for or on conversion of any or all of the Additional Interests or (y) by its or their terms exchangeable or exercisable for or convertible into any Additional Interest or other Pledged Interest;
(b) all other property of whatever character or description, including money, securities, security entitlements and other investment property, and general intangibles hereafter delivered to the Administrative Agent in substitution for or as an addition to any of the foregoing;
(c) all securities accounts to which may at any time be credited any or all of the foregoing or any proceeds thereof and all certificates and instruments representing or evidencing any of the foregoing or any proceeds thereof; and
(d) all proceeds of any of the foregoing.
The Pledgor hereby acknowledges, agrees and confirms by its execution of this Supplement that the Additional Interests constitute “Pledged Interests” under and are subject to the Pledge Agreement, and the items of property referred to in clauses (a) through (d) above (the “Additional Collateral”) shall collectively constitute “Collateral” under and are subject to the Pledge Agreement. Each of the representations and warranties with respect to Pledged Interests and Collateral contained in the Pledge Agreement is hereby made by the Pledgor with respect to the Additional Interests and the Additional Collateral, respectively. The Pledgor further represents and warrants that Annex A attached to this Supplement contains a true, correct and complete description of the Additional Interests, and that all other documents required to be furnished to the Administrative Agent pursuant to Section 2(c) of the Pledge Agreement in connection with the Additional Collateral have been delivered or are being delivered simultaneously herewith to the Administrative Agent. The Pledgor further acknowledges that Schedule I to the Pledge Agreement shall be deemed, as to it, to be supplemented as of the date hereof to include the Additional Interests as described on Annex A to this Supplement.
2. Counterparts. This Pledge Agreement Supplement may be executed in any number of counterparts each of which when so executed and delivered shall be deemed an original, and it shall not be necessary in making proof of this Pledge Agreement Supplement to produce or account for more than one such counterpart executed by the Pledgor. Without limiting the foregoing provisions of this Section 2, the provisions of Section 10.10 of the Credit Agreement shall be applicable to this Pledge Agreement.
3. Governing Law; Venue; Waiver of Jury Trial. The provisions of Section 25 of the Pledge Agreement are hereby incorporated by reference as if fully set forth herein.
Exhibit A – Page 2
IN WITNESS WHEREOF, the Pledgor has caused this Supplement to be duly executed by it’s authorized officer as of the day and year first above written.
PLEDGOR:
________________________________________
By:_____________________________________
Name:___________________________________
Title:____________________________________
Exhibit A – Page 3
ANNEX A
(to Pledge Agreement Supplement of __________ dated __________)
Additional Interests
Name of Pledgor | Name, Jurisdiction of Formation and Type of Entity of Pledged Subsidiary | Class or Type of Additional Interest | Total Amount of Class or Type of Additional Interests Authorized | Total Amount of Class or Type Outstanding | Total Amount Pledged | Certificate Number (if applicable) | Par Value (if applicable) | Name of Transfer Agent (if any) | ||||||||||||||||||
Schedule II – Page 4
