EXECUTION COPY LEGAL_38580411.20 CREDIT AGREEMENT CREDIT AGREEMENT Made as of June 3rd, 2022 Among LITHIA MASTER LP COMPANY, LP together with certain of its subsidiaries as may become Borrowers from time to time (the “Borrowers”) and LITHIA MASTER GP...
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EXECUTION COPY LEGAL_38580411.20 CREDIT AGREEMENT CREDIT AGREEMENT Made as of June 3rd, 2022 Among LITHIA MASTER LP COMPANY, LP together with certain of its subsidiaries as may become Borrowers from time to time (the “Borrowers”) and LITHIA MASTER GP COMPANY, INC. together with the other General Partners of the Borrowers from time to time, as Obligors and THE BANK OF NOVA SCOTIA, ROYAL BANK OF CANADA, BANK OF MONTREAL, THE TORONTO-DOMINION BANK, VW CREDIT CANADA, INC. and BMW GROUP FINANCIAL SERVICES, A DIVISION OF BMW CANADA INC. and such other persons as become parties hereto as lenders (the “Lenders”) and THE BANK OF NOVA SCOTIA in its capacity as Administrative Agent (the “Administrative Agent”) and THE BANK OF NOVA SCOTIA in its capacity as Sole Lead Arranger and Sole Bookrunner and THE BANK OF NOVA SCOTIA in its capacity as Syndication Agent CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY <*>, HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL
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EXECUTION COPY (i) CREDIT AGREEMENT TABLE OF CONTENTS ARTICLE 1 – INTERPRETATION ............................................................................................... 2 Section 1.1 Certain Defined Terms ............................................................................................. 2 Section 1.2 Terms Generally ..................................................................................................... 39 Section 1.3 Business Day .......................................................................................................... 39 Section 1.4 Conflict ................................................................................................................... 39 Section 1.5 Currency ................................................................................................................. 39 Section 1.6 Time ....................................................................................................................... 39 Section 1.7 Accounting Principles and Terms .......................................................................... 39 Section 1.8 Officer’s Certificate................................................................................................ 40 Section 1.9 Headings and Table of Contents ............................................................................ 40 Section 1.10 Time of Day ......................................................................................................... 40 Section 1.11 Governing Law ..................................................................................................... 41 Section 1.12 Severability........................................................................................................... 41 Section 1.13 Schedules .............................................................................................................. 41 ARTICLE 2 - THE CREDIT FACILITIES .................................................................................. 42 Section 2.1 Revolving Facility .................................................................................................. 42 Section 2.2 Wholesale Flooring Facility ................................................................................... 45 Section 2.3 Used Vehicle Flooring Facility .............................................................................. 48 Section 2.4 Wholesale Leasing Facility .................................................................................... 49 Section 2.5 Daily Rental Facility .............................................................................................. 50 Section 2.6 Accordion Feature .................................................................................................. 51 Section 2.7 Reallocation of Commitments ................................................................................ 52 Section 2.8 Obligations of the Lenders and the Administrative Agent ..................................... 54 ARTICLE 3 - BORROWING PROCEDURES ............................................................................ 54 Section 3.1 General ................................................................................................................... 54 Section 3.2 CDOR Loans .......................................................................................................... 56 Section 3.3 Letters of Credit ..................................................................................................... 57 Section 3.4 Conversion Option ................................................................................................. 63 Section 3.5 Conversion and Rollover Not Repayment ............................................................. 64 Section 3.6 Determination Final ............................................................................................... 64 Section 3.7 Mandatory Conversion ........................................................................................... 64 Section 3.8 Deposit of Proceeds of Loans................................................................................. 64 Section 3.9 Administrative Agent May Debit Accounts ........................................................... 64 Section 3.10 Evidence of Obligations ....................................................................................... 65
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EXECUTION COPY (ii) CREDIT AGREEMENT Section 3.11 Borrowers’ Right to Rely on Administrative Agent ............................................ 65 ARTICLE 4 - INTEREST, FEES AND EXPENSES ................................................................... 65 Section 4.1 Interest on Prime Loans.......................................................................................... 65 Section 4.2 CDOR Loans .......................................................................................................... 65 Section 4.3 Pricing Grid ............................................................................................................ 66 Section 4.4 Standby Fees .......................................................................................................... 67 Section 4.5 Agent Fees .............................................................................................................. 67 Section 4.6 Supplemental Fee Letter......................................................................................... 67 Section 4.7 Interest on Overdue Amounts ................................................................................ 67 Section 4.8 Interest Act ............................................................................................................. 68 Section 4.9 Limit on Rate of Interest ........................................................................................ 68 Section 4.10 Increased Costs ..................................................................................................... 68 Section 4.11 Taxes .................................................................................................................... 70 Section 4.12 Mitigation Obligations: Replacement of Lenders ................................................ 72 Section 4.13 Illegality ............................................................................................................... 74 ARTICLE 5 – REDUCTION AND REPAYMENT .................................................................... 74 Section 5.1 Term and Maturity ................................................................................................. 74 Section 5.2 Extension of Termination Date .............................................................................. 74 Section 5.3 Repayment Terms – Final Maturity Date ............................................................... 77 Section 5.4 Mandatory Repayment ........................................................................................... 77 Section 5.5 Mandatory Prepayment .......................................................................................... 77 Section 5.6 Voluntary Prepayment............................................................................................ 78 Section 5.7 Bulk Prepayments under Wholesale Flooring Facility .......................................... 78 Section 5.8 Cancellation; Commitment Reductions ................................................................. 79 ARTICLE 6 - PAYMENTS .......................................................................................................... 79 Section 6.1 Payments Generally................................................................................................ 79 Section 6.2 No Setoff ................................................................................................................ 79 Section 6.3 Application of Payments After Exercise of Rights Under Section 11.2 ................ 80 ARTICLE 7 – SECURITY DOCUMENTS ................................................................................. 80 Section 7.1 Security Documents ............................................................................................... 80 ARTICLE 8 - CONDITIONS PRECEDENT ............................................................................... 81 Section 8.1 Conditions Precedent to Borrowings ..................................................................... 81 Section 8.2 Conditions Precedent to All Borrowings ............................................................... 83 Section 8.3 Waiver of a Condition Precedent ........................................................................... 84 ARTICLE 9 – REPRESENTATIONS AND WARRANTIES ..................................................... 84 Section 9.1 Representations and Warranties ............................................................................. 84
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EXECUTION COPY (iii) CREDIT AGREEMENT Section 9.2 Deemed Repetition ................................................................................................. 88 ARTICLE 10 – COVENANTS .................................................................................................... 88 Section 10.1 Affirmative Covenants of the Borrowers ............................................................. 88 Section 10.2 Negative Covenants of the Borrowers ................................................................. 92 Section 10.3 Financial Covenants ............................................................................................. 94 Section 10.4 Accounting, Financial Statements and Other Information ................................... 95 ARTICLE 11 – DEFAULT, ENFORCEMENT & ACCELERATION ....................................... 97 Section 11.1 Events of Default .................................................................................................. 97 Section 11.2 Rights upon Default and Event of Default ......................................................... 100 Section 11.3 Demand .............................................................................................................. 101 Section 11.4 Waiver of Default ............................................................................................... 101 ARTICLE 12 – REMEDIES ....................................................................................................... 101 Section 12.1 Remedies Cumulative ........................................................................................ 101 Section 12.2 Remedies Not Limited ....................................................................................... 102 Section 12.3 Sharing of Payments by Lenders ........................................................................ 102 Section 12.4 Right of Setoff .................................................................................................... 103 Section 12.5 Administrative Agent or Lender May Perform Covenants ................................ 103 Section 12.6 Decision to Enforce Security Documents .......................................................... 104 ARTICLE 13 – THE ADMINISTRATIVE AGENT AND THE LENDERS ............................ 104 Section 13.1 Appointment and Authority ............................................................................... 104 Section 13.2 Rights as a Lender .............................................................................................. 104 Section 13.3 Exculpatory Provisions ...................................................................................... 105 Section 13.4 Reliance by Administrative Agent ..................................................................... 106 Section 13.5 Indemnification of Administrative Agent .......................................................... 106 Section 13.6 Delegation of Duties........................................................................................... 106 Section 13.7 Replacement of Administrative Agent ............................................................... 107 Section 13.8 Non-Reliance on Administrative Agent and Other Lenders .............................. 107 Section 13.9 Collective Action of the Lenders ....................................................................... 108 Section 13.10 No Other Duties, etc. ........................................................................................ 108 Section 13.11 Administrative Agent’s Clawback ................................................................... 109 Section 13.12 Erroneous Payments ......................................................................................... 109 Section 13.13 Arrangements for Borrowings .......................................................................... 112 Section 13.14 Arrangements for Repayment of Borrowings .................................................. 112 Section 13.15 No Partnership .................................................................................................. 112 Section 13.16 Administrative Agent May Deal With Collateral ............................................ 112 Section 13.17 Indemnity of Administrative Agent ................................................................. 113
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EXECUTION COPY (iv) CREDIT AGREEMENT ARTICLE 14 - SUCCESSORS AND ASSIGNS ....................................................................... 113 Section 14.1 Successors and Assigns Generally ..................................................................... 113 Section 14.2 Assignments by Lenders .................................................................................... 113 Section 14.3 Register............................................................................................................... 115 Section 14.4 Participations ...................................................................................................... 115 Section 14.5 Limitations Upon Participant Rights .................................................................. 115 Section 14.6 Certain Pledges ................................................................................................... 115 ARTICLE 15 – MISCELLANEOUS ......................................................................................... 116 Section 15.1 Amendments, Waivers, etc................................................................................. 116 Section 15.2 Waivers Effective in Specific Instance .............................................................. 117 Section 15.3 No Deemed Subordination ................................................................................. 118 Section 15.4 Notices: Effectiveness; Electronic Communication ........................................... 118 Section 15.5 Further Assurances ............................................................................................. 119 Section 15.6 Judgment Currency ............................................................................................ 119 Section 15.7 Exercise of Rights, etc. ....................................................................................... 119 Section 15.8 Expenses: Indemnity: Damage Waiver .............................................................. 119 Section 15.9 Submission to Jurisdiction ................................................................................. 121 Section 15.10 WAIVER OF JURY TRIAL ............................................................................ 121 Section 15.11 Counterparts ..................................................................................................... 122 Section 15.12 Treatment of Certain Information: Confidentiality .......................................... 122 Schedule 1.1(1) – Accordion Agreement Schedule 1.1(14) – Applicable Percentage Schedule 1.1(16) – Assignment and Assumption Schedule 1.1(24) – Branch of Account Schedule 1.1(43) – Commitments Schedule 1.1(46) – Compliance Certificate Schedule 1.1(59) – Daily Rental Borrowing Base Certificate Schedule 1.1(126) – Joinder Agreement Schedule 1.1(163) – Officer’s Certificate Schedule 1.1(186) – Revolving Borrowers Schedule 1.1(188) – Revolving Borrowing Base Certificate Schedule 1.1(215) – Used Vehicle Flooring Borrowing Base Certificate Schedule 1.1(222) – Wholesale Flooring Borrowers Schedule 1.1(232) – Wholesale Leasing Borrowing Base Certificate Schedule 3.1(1)(a) – Notice of Requested Borrowing
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EXECUTION COPY (v) CREDIT AGREEMENT Schedule 3.3(3)(b) – Letter of Credit Extension Request Schedule 3.3(11) – Existing L/Cs Schedule 3.4 – Conversion Option Notice Schedule 5.6 – Notice of Repayment Schedule 5.8 – Notice of Cancellation of Credit Facility Schedule 9.1(8) – Owned Property Schedule 9.1(9) – Real Property Leases Schedule 9.1(11) – Location of Assets, Places of Business Schedule 9.1(17) – Canadian Benefit and Pension Plans Schedule 9.1(18) – Labour Matters Schedule 9.1(20) – Corporate Organization
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EXECUTION COPY CREDIT AGREEMENT CREDIT AGREEMENT This Agreement is made as of June 3rd, 2022, among LITHIA MASTER LP COMPANY, LP together with certain of its subsidiaries as may become Borrowers from time to time (the “Borrowers”) and LITHIA MASTER GP COMPANY, INC. together with the other General Partners of the Borrowers from time to time, as Obligors and THE BANK OF NOVA SCOTIA, ROYAL BANK OF CANADA, BANK OF MONTREAL, THE TORONTO- DOMINION BANK, VW CREDIT CANADA, INC. and BMW GROUP FINANCIAL SERVICES, A DIVISION OF BMW CANADA INC. and such other persons as become parties hereto as lenders (the “Lenders”) and THE BANK OF NOVA SCOTIA in its capacity as Administrative Agent (the “Administrative Agent”) and THE BANK OF NOVA SCOTIA in its capacity as Sole Lead Arranger and Sole Bookrunner and THE BANK OF NOVA SCOTIA in its capacity as Syndication Agent RECITALS FOR VALUE RECEIVED, the parties agree as follows: A. The Borrowers have requested that the Lenders make the Credit Facilities available. B. Each Lender is prepared to make Borrowings available to the Borrowers, subject to the terms and conditions of this Agreement.
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- 2 - EXECUTION COPY LEGAL_38580411.20 CREDIT AGREEMENT ARTICLE 1 – INTERPRETATION Section 1.1 Certain Defined Terms The terms defined below shall have the indicated meanings unless the context expressly or by necessary implication requires otherwise: (1) “Accordion Agreement” means an agreement in the form of Schedule 1.1(1) (or in such other form to substantially similar effect as the Administrative Agent may accept) duly completed, executed and delivered by the Borrowers, an Accordion Lender, and the Administrative Agent pursuant to Section 2.6. (2) “Accordion Lender” means a Lender that has agreed to accept an increase to such Lender’s Applicable Percentage of the Revolving Limit, the Wholesale Flooring Facility Limit, the Used Vehicle Flooring Facility Limit, the Wholesale Leasing Limit and/or the Daily Rental Limit, as applicable, pursuant to and in accordance with Section 2.6(b). (3) “Accordion Notice” has the meaning given to it in Section 2.6(a). (4) “Acquisition” means the following: (a) with respect to any Person that is a Designated Subsidiary, the acquisition (whether for cash, property, services, securities or otherwise) of any businesses within the retail automotive and/or recreational vehicle sectors, automotive, recreational vehicle leasing and finance sectors, any dealerships, any automotive body shops, any automotive and/or recreational vehicle service shops, and in each case any ancillary businesses related thereto, in each case, located within Canada or the United States of America or any agreements to make such acquisition. (b) with respect to any Person that is a Non-Designated Subsidiary, the acquisition (whether for cash, property, services, securities or otherwise) of any businesses within the retail automotive and/or recreational vehicle sectors, equipment (including heavy and agricultural equipment) sales and service sector, automotive, equipment and recreational vehicle leasing and finance sectors, any dealerships, any automotive body shops, any automotive and/or recreational vehicle service shops, any motor vehicle registry services, and in each case any ancillary businesses related thereto, in each case, located within Canada or the United States of America or any agreements to make such acquisition. (5) “Administrative Agent” means The Bank of Nova Scotia when acting as administrative agent and any successor administrative agent appointed under Section 13.7. (6) “Administrative Agent’s Account for Payments” means for all payments for and by the Borrowers, the following account maintained by the Administrative Agent at its Toronto main branch, to which payments and transfers are to be effected as follows:
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- 3 - EXECUTION COPY LEGAL_38580411.20 CREDIT AGREEMENT Item Clearing Agent / Payment To Address ABA No./ Swift Beneficiary / For Account Of Address / Branch Account No. Reference Attention Canadian Dollars The Bank of Nova Scotia, International Banking Division <*> XXXXXXXX The Bank of Nova Scotia, GWS Loan Administration & Agency Services 000 Xxxx Xxxxxx Xxxx, 0xx Xxxxx, Xxxxxxx, Xxxxxxx, X0X 0X0 <*> Lithia Toronto Corporate Loans or any other account of the Administrative Agent as the Administrative Agent may from time to time advise the Borrowers and the Lenders in writing. (7) “Administrative Agent’s Branch of Account” means the office of the Administrative Agent located at: The Bank of Nova Scotia <*> Attn: Senior Manager Email: <*> or other office or branch of the Administrative Agent in Canada as the Administrative Agent may from time to time advise Master Borrower and the Lenders in writing. (8) “Administrative Questionnaire” means an administrative questionnaire supplied by the Administrative Agent. (9) “Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. (10) “Agreed Currency” has the meaning given to it in Section 15.6.
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- 4 - EXECUTION COPY LEGAL_38580411.20 CREDIT AGREEMENT (11) “Agreement” means this agreement, including the Schedules hereto, as amended, varied, supplemented, restated, renewed or replaced at any time and from time to time. (12) “Applicable Law” means (a) any domestic or foreign statute, law (including common and civil law), treaty, code, ordinance, rule, regulation, restriction or by-law (zoning or otherwise); (b) any judgment, order, writ, injunction, decision, ruling, decree or award; (c) any regulatory policy, practice, guideline or directive; or (d) any franchise, licence, qualification, authorization, consent, exemption, waiver, right, permit or other approval of any Governmental Authority, binding on or affecting the Person referred to in the context in which the term is used or binding on or affecting the property of such Person, in each case whether or not having the force of law. (13) “Applicable Margin” shall have the meaning given to it in Section 4.3. (14) “Applicable Percentage” means for any Lender the percentage of each Credit Facility set forth opposite each Lender’s name in Schedule 1.1(14) . If any Credit Facility has terminated or expired, the Applicable Percentages shall be the percentage of the total outstanding Loans represented by such Lender’s Loans for such Facility. (15) “Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender. (16) “Assignment and Assumption” means an assignment and assumption entered into by a Lender and an Eligible Assignee and accepted by the Administrative Agent, in substantially the form of Schedule 1.1(16) or any other form approved by the Administrative Agent. (17) “Associate” has the meaning given to it in the Canada Business Corporations Act. (18) “Bankruptcy Event” means, with respect to any Person, such Person files a petition or application seeking relief under any Insolvency Law or becomes the subject of a bankruptcy or insolvency proceeding, or has had an interim receiver, receiver, receiver and manager, liquidator, sequestrator, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business, appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment; provided that a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition of any ownership interest, in such Person by a Governmental Authority or instrumentality thereof; provided, further, that such ownership interest does not result in or provide such Person with immunity from the jurisdiction of courts within Canada or the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Person (or such Governmental Authority or instrumentality), to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person. (19) “BNS” means The Bank of Nova Scotia. (20) “BNS Credit Agreement” means the commitment letter dated August 30, 2021 among, inter alios, BNS, Master Borrower and certain Subsidiaries of Master Borrower, as amended, varied, supplemented, restated, renewed or replaced at any time and from time to time up to the Closing Date.
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- 5 - EXECUTION COPY LEGAL_38580411.20 CREDIT AGREEMENT (21) “Borrowers” means Master Borrower and each of its Subsidiaries signatory hereto, or as may become Borrowers by the execution and delivery to the Administrative Agent of a completed Joinder Agreement, or a singular Borrower where the context requires, and shall mean all Borrowers jointly and severally. (22) “Borrowers’ Account” means an account or accounts of the Borrowers (or any of them) maintained with the Administrative Agent in Canada. (23) “Borrowing” means an extension of credit under this Agreement, by way of Loan or Letter of Credit. (24) “Branch of Account” means, with respect to each Lender, the branch of the Lender at the address set out opposite the Lender’s name on Schedule 1.1(24) or other branch as the Lender may advise Master Borrower and the Administrative Agent in writing. (25) “Bulk Credit” has the meaning given to it in Section 5.7. (26) “Bulk Pre-Payment Cap” has the meaning given to it in Section 5.7. (27) “Bulk Prepayments” means a repayment program allowing a Wholesale Flooring Borrower to make lump sum payments from time to time in repayment of outstanding Loans under the Wholesale Flooring Facility (without allocating such repayment to specific Loans for New Motor Vehicles). (28) “Business Day” means a day on which chartered banks are open for over-the-counter business in Toronto and excludes Saturday, Sunday and any other day which is a statutory holiday in Xxxxxxx, Xxxxxxx, Xxxxxx. (29) “Canadian Black Book” means that publication that provides, inter alia, values for New Motor Vehicles and Used Motor Vehicles in Canada. (30) “Canadian Benefit Plans” means all material employee benefit plans or arrangements maintained or contributed to by any Obligor that are not Canadian Pension Plans, including all profit sharing, savings, supplemental retirement, retiring allowance, severance, pension, deferred compensation, welfare, bonus, incentive compensation, phantom stock, legal services, supplementary unemployment benefit plans or arrangements and all life, health, dental and disability plans and arrangements in which the employees or former employees of any Obligor participate or are eligible to participate but excluding all stock option or stock purchase plans. (31) “Canadian Dollars” and the symbols “$” and “Cdn$” each means lawful money of Canada. (32) “Canadian Pension Plans” means any pension plan required to be registered under the ITA and contributed to by an Obligor for its employees, contractors or former contractors, including a pension plan within the meaning of the Pension Benefits Act (Ontario) but does not include the Canada Pension Plan maintained by the Government of Canada or the Quebec Pension Plan maintained by the Government of Quebec. (33) “CAP Vehicle” means any New Motor Vehicle previously driven by manufacturer executives and representatives.
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- 6 - EXECUTION COPY LEGAL_38580411.20 CREDIT AGREEMENT (34) “Capital Lease” means, with respect to a Person, any lease or other arrangement for the use of property or assets that would be required to be accounted for as a capital lease on a balance sheet of that Person in accordance with GAAP. The amount of any Capital Lease at any date shall be the amount of the obligation in respect thereof required to be included on the balance sheet of the Person. (35) “Cash Equivalent Investments” means (a) securities issued or fully guaranteed by the government of Canada, United States or any agency or instrumentality thereof, (b) commercial paper rated A-1 or better by S&P or P-1 or better by Xxxxx’x, (c) demand deposit accounts maintained in the ordinary course of business, and (d) certificates of deposit issued by and time deposits with commercial banks (whether domestic or foreign) having capital and surplus in excess of $500,000,000, (e) shares of money market mutual funds that are rated at least “AAAm” or “AAAG” by S&P or “P-1” or better by Xxxxx’x, (f) Canadian Dollars or U.S. Dollars, and (g) other cash equivalent investments approved in writing by the Administrative Agent. (36) “CDOR Loan” means a Loan in Canadian Dollars at the 30 day CDOR Rate plus the Applicable Margin. (37) “CDOR Rate” means as of any day, the annual rate of interest, calculated on the basis of a year of 365 days, which is the rate determined in normal market practice as being the arithmetic average of the quotations of Schedule I Lenders listed in respect of Canadian Dollar denominated bankers’ acceptances for the applicable period displayed and identified as such by Refinitiv Benchmark Services (UK) Limited rounded upward to the nearest multiple of 0.01%; and in no event less than zero, as of 10:00 a.m. Toronto time on such day and, if such day is not a Business Day, then on the immediately preceding Business Day (as adjusted by the Administrative Agent after 10:00 a.m. Toronto time to reflect any error in a posted rate of interest or in the posted average annual rate of interest); and if such rates are not available from Refinitiv Benchmark Services (UK) Limited on any particular day, then the CDOR Rate on that day shall be calculated as the rate applicable to Canadian Dollar denominated bankers’ acceptances for the applicable period quoted by the Administrative Agent as of 10:00 a.m. Toronto time on such day; or if such day is not a Business Day, then as quoted by the Agent on the immediately preceding Business Day. (38) “Change in Law” means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking effect of any Applicable Law, (b) any change in any Applicable Law or in the administration, interpretation or application thereof by any Governmental Authority or (c) the making or issuance of any Applicable Law by any Governmental Authority. (39) “Change of Control” means, at any time, (a) Master Borrower ceases to Control any of the other Borrowers; and (b) LITHIA MOTORS, INC. ceases to own, directly or indirectly, at least <*>% of the voting shares of Master Borrower. (40) “Claims” means all claims, demands, complaints, actions, suits, causes of action, assessments or reassessments, charges, judgments, debts, liabilities, expenses, costs, damages or losses, contingent or otherwise, including loss of value, professional fees, including fees of legal counsel on a full indemnity basis, and all costs incurred in investigating or pursuing any of the foregoing or any proceeding relating to any of the foregoing.
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- 7 - EXECUTION COPY LEGAL_38580411.20 CREDIT AGREEMENT (41) “Closing Date” means June 3rd, 2022. (42) “Collateral” means the undertaking, property and assets covered by the Security Documents and any other property, real or personal, tangible or intangible, now existing or hereafter acquired by any Obligor that may at any time be or become subject to a Lien in favour of the Administrative Agent on behalf of the Lenders and L/C Issuer to secure any or all of the Obligations. (43) “Commitment” means, in respect of each Lender from time to time, the aggregate amount of Loans that such Lender has agreed to make at that time as set out in Schedule 1.1(43) to this Agreement (as such amounts may be increased, reduced or cancelled in accordance with the provisions of this Agreement). (44) “Committed Credit Facility Limits” means, collectively, the Revolving Limit, the Used Vehicle Flooring Facility Limit, the Wholesale Leasing Limit, and the Daily Rental Limit. (45) “Committed Facilities” means, collectively, the Revolving Facility, the Used Vehicle Flooring Facility, the Wholesale Leasing Facility, and the Daily Rental Facility. (46) “Compliance Certificate” means a compliance certificate substantially in the form attached as Schedule 1.1(46) signed by a Responsible Officer of Master Borrower. (47) “Contaminant” means any solid, liquid, gas, odour, heat, sound, vibration, radiation or combination of any of them that may (a) impair the quality of the environment for any use that can be made of it, (b) injure or damage property or plant or animal life, (c) harm or materially discomfort any Person, (d) adversely affect the health of any individual, (e) impair the safety of any individual, (f) render any property or plant or animal life unfit for use by man, or (g) cause loss of enjoyment of normal use of property, and includes any “contaminant” within the meaning assigned to such term in any Environmental Law. (48) “Contingent Obligation” means any guarantee of Debt of any other Person or any agreement to maintain the net worth, working capital or other financial condition of any other Person in respect of such other Person’s Debt, whether direct, indirect or contingent, including, without limitation, any purchase or repurchase agreement, comfort letter, or keep-well, take-or- pay, through-put or other arrangement of whatever nature having the effect of assuring or holding harmless any Person against loss with respect to any Debt of such other Person; provided, however, that the term “Contingent Obligation” shall not include endorsements of instruments for deposit or collection in the ordinary course of business. The amount of any Contingent Obligation shall be deemed to be an amount equal to the stated or determinable amount of the primary obligation in respect of which such Contingent Obligation is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined in good faith by the Person subject to such obligation. (49) “Contracts in Transit” means all amounts due to a Borrower from any financial institution on retail finance contracts from vehicle sales, including amounts receivable from wholesale sales (excluding financial institutions or finance companies which are Affiliates of a Borrower). (50) “Contract Period” means the thirty (30) days with respect to CDOR Loans and with respect to Letters of Credit, the period selected by the applicable Borrower in accordance with
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- 8 - EXECUTION COPY LEGAL_38580411.20 CREDIT AGREEMENT Section 3.1(1) commencing on the Drawdown Date, Rollover Date or Conversion Date, as applicable, and expiring on a Business Day, subject to the terms of Section 3.3. (51) “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have corresponding meanings. (52) “Conversion” means the conversion of an outstanding Borrowing, or a portion of an outstanding Borrowing, into an alternative type of Borrowing under Section 3.4. (53) “Conversion Date” means the Business Day that the Borrowers elects as the date on which a Conversion is to occur. (54) “Credit Facilities” means Revolving Facility, the Wholesale Flooring Facility, the Used Vehicle Flooring Facility, Wholesale Leasing Facility and Daily Rental Facility, and “Credit Facility” means any one of them. (55) “Credit Facilities Hedge” means a Hedge Contract, which may be entered into between the Borrowers (or any of them) and any of the Lenders, provided to fix such Borrowers’ interest rate risk under the Credit Facilities (or any of them), in an aggregate notional amount not to exceed the principal amount of such Credit Facilities. (56) “Credit Facility Limits” means the Revolving Limit, the Wholesale Flooring Facility Limit, the Used Vehicle Flooring Facility Limit, the Wholesale Leasing Limit and the Daily Rental Limit, and “Credit Facility Limit” means any one of them. (57) “Daily Rental Borrower” means Motus Car Rental, LP., and its successors and permitted assigns (58) “Daily Rental Borrowing Base” means 100% of the aggregate depreciated book value (in accordance with the below) of the applicable Borrower’s Eligible Daily Rental Leases outstanding at any time, as evidenced by the Daily Rental Lease Management Report. For the purposes of calculating such value, the minimum vehicle depreciation of the capital cost of all vehicles forming part of the Daily Rental Management Report, is based on the following schedule: Original Lease Term Rate per month Up to 12 months 1.75% 13 to 24 months 2.00% (59) “Daily Rental Borrowing Base Certificate” means a borrowing base certificate substantially in the form attached as Schedule 1.1(59) signed a Responsible Officer of Master Borrower. (60) “Daily Rental Facility” has the meaning given to it in Section 2.5(1).
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- 9 - EXECUTION COPY LEGAL_38580411.20 CREDIT AGREEMENT (61) “Daily Rental Lease Management Report” means a report, in form and substance satisfactory to the Administrative Agent, from Daily Rental Borrower summarizing such Borrower’s Eligible Daily Rental Leases and, in connection with any request Borrowing by such Borrower, identifying all Eligible Daily Rental Leases including, for each such rental, unit description, VIN (serial) number, term, depreciated book value, depreciation rate, and depreciation amount. (62) “Daily Rental Limit” means the aggregate amount of the Commitments of the Lenders from time to time under the Daily Rental Facility which on the Closing Date is $25,000,000. (63) “Daily Rental Loans” means Loans made under the Daily Rental Facility. (64) “Dealer Trade” means a vehicle financed under the Wholesale Flooring Facility that is purchased and sold between Wholesale Flooring Borrowers or between a Wholesale Flooring Borrower and a third party arm’s length dealer. (65) “Debt” means, without duplication, in respect of any Person: (a) all debts and liabilities of the Person for borrowed money; (b) all Contingent Obligations of the Person; (c) any obligation, contingent or other, which is required to be classified in accordance with GAAP upon the Person’s balance sheet as a liability; (d) any obligation secured by any Lien existing on property owned or acquired by the Person subject to the Lien whether or not the obligation secured thereby shall have been assumed; (e) any debt or liability of the Person representing the deferred acquisition cost of property or assets created or arising under any conditional sale agreement or other title retention agreement even though the rights and remedies of the seller under that agreement in the event of default may be limited to repossession or sale of property or assets covered thereby; (f) any liabilities, contingent, unmatured or other, under indemnities or other agreements of the Person given in respect of any bankers’ acceptance, letter of credit, or letter of guarantee; (g) the amount of any operating lease under which the Person has furnished a residual value guarantee and in respect of which the Person is liable as lessee; (h) the amount of any Capital Lease in respect of which the Person is liable as lessee; and (i) all Hedging Liabilities of the Person, but “Debt” does not include deferred taxes or obligations to trade creditors incurred in the ordinary course of business.
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- 10 - EXECUTION COPY LEGAL_38580411.20 CREDIT AGREEMENT (66) “Default” means any event or condition that constitutes an Event of Default or that would constitute an Event of Default except for satisfaction of any condition subsequent required to make the event or condition an Event of Default, including giving of any notice, passage of time, or both. (67) “Defaulting Lender” means any Lender that (a) has failed, within three (3) Business Days of the date required to be funded or paid, to (i) fund any portion of its Loans or (ii) pay over to any of the Administrative Agent or other Lenders any other amount required to be paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies the Administrative Agent in writing that such failure is the result of such Lender’s good faith determination that a condition precedent to funding (specifically identified and including the particular default, if any) has not been satisfied; (b) has notified the Borrowers or any of the Administrative Agent or other Lenders in writing, or has made a public statement to the effect, that it does not intend or expect to comply with any of its funding obligations under this Agreement (unless such writing or public statement indicates that such position is based on such Lender’s good faith determination that a condition precedent (specifically identified and including the particular default, if any) to funding an Borrowing under this Agreement cannot be satisfied) or generally under other agreements in which it commits to extend credit; (c) has failed, within three (3) Business Days after request by any of the Administrative Agent or other Lenders, acting in good faith, to provide a certification in writing from an authorized officer of such Lender that it will comply with its obligations (and is financially able to meet such obligations) to fund prospective Borrowing under this Agreement; provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon such Administrative Agent or any Lender’s receipt of such certification in form and substance satisfactory to it and the Administrative Agent; or (d) has become the subject of a Bankruptcy Event. (68) “Delayed Payment Privilege Program” means a program under which a Wholesale Flooring Borrower is permitted to grant short term payment terms (not to exceed thirty (30) days) to eligible purchasers on delivered vehicles; for the purposes of this definition, eligible purchasers means governments, large national corporations, financially strong lessors and daily rental counterparties, or such other counterparties acceptable to the Administrative Agent, acting reasonably. (69) “Demand” shall have the meaning given to it in Section 11.3. (70) “Designated Subsidiary” means each Subsidiary, direct or indirect, of a Borrower designated by Master Borrower, in its sole discretion, as a Designated Subsidiary, provided that such Subsidiary must be formed or incorporated pursuant to (a) the laws of Canada or its provinces or territories to be a Borrower under any of the Credit Facilities, or (b) the United States of America to be a Borrower under any of the Credit Facilities (excluding the Wholesale Flooring Facility). (71) “Disposition” has the meaning given to it in Section 10.2(1). (72) “Distribution” means any payment, loan, contribution or other transfer of funds or property to the beneficial holder of any security issued by any Obligor (where security has the meaning assigned in the Securities Act (Ontario)), including preference shares or any Subordinated Debt issued to such holder, or to any Associate or Affiliate of that holder, either directly or indirectly, and includes management, consulting or servicing fees, bonuses, dividends,
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- 12 - EXECUTION COPY LEGAL_38580411.20 CREDIT AGREEMENT Notwithstanding the above, the form of the lease agreement to be used for Eligible Daily Rental Leases is subject to approval of the Administrative Agent. The Administrative Agent shall have the right, acting reasonably, in its sole discretion, to exclude any motor vehicle lease from the Daily Rental Borrowing Base. (77) “Eligible Equipment” means at any time, the equipment, and machinery of the Revolving Facility Borrowers that, at such time: (a) are permanently located in Canada; (b) are subject to a first-ranking Lien held by the Administrative Agent, and are not subject to any other Lien (including any purchase money security interest); (c) are not, in the Administrative Agent’s opinion, obsolete, unsaleable or damaged; and (d) are not fixtures (other than trade fixtures of the Revolving Borrowers) or leasehold improvements. (78) “Eligible Finance Contracts” means Finance Contracts which meet the following criteria: (a) are negotiated between the applicable Borrower and other Obligors or unrelated third parties with terms not exceeding 84 months; (b) have initial capitalized book value of the vehicle subject to the Finance Contract not to exceed the applicable Borrowers’ acquisition cost (net of HST) supported by purchase documentation; (c) are in respect of vehicles from the current and preceding eight (8) model years; (d) the sum of the age of the vehicle subject to the Finance Contract in model years and the term of the lease does not exceed the aggregate of 108 months; (e) the Finance Contract shall not be in arrears of payments for (i) over 30 days at the time of its initial inclusion in the Wholesale Leasing Borrowing Base and (ii) 90 days or over at any time thereafter; (f) the applicable Borrower shall have performed a credit investigation on each new purchaser and have maintained a copy of such report for review by the Agent at any time requested by them; and (g) the applicable Borrower shall have conducted the appropriate Lien searches and the Administrative Agent shall have received and be satisfied with evidence of personal property registrations in respect of the Finance Contract against each purchaser in all relevant jurisdictions. (79) “Eligible New Vehicle” means a New Motor Vehicle owned by a Revolving Borrower which satisfy the following requirements:
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- 14 - EXECUTION COPY LEGAL_38580411.20 CREDIT AGREEMENT (g) an invoice relating to the account has been issued by it and sent to the account debtor; (h) the account is not outstanding for more than 90 days from the invoice date; (i) the account debtor is not, to the knowledge of any Obligor or the Administrative Agent, Insolvent or subject to any proceeding under insolvency legislation; and (j) the Administrative Agent has not notified any of the Borrowers that, in the opinion of the Administrative Agent (acting reasonably), the account is subject to undue credit risk. (82) “Eligible Real Property” means Real Property that satisfy the following conditions: (a) A Borrower shall hold fee simple title to the Real Property free and clear of all Liens and encumbrances of any nature or kind whatsoever except any easements, rights of way, zoning restrictions and other minor encumbrances and exceptions which are acceptable to the Administrative Agent, in its sole discretion or encumbrances which are accepted by the Administrative Agent, in its sole discretion, in writing, in advance, and which shall be the only Liens and encumbrances on the Real Property (other than a Lien in favour of the Administrative Agent), and such Borrower shall not have entered into any agreement prohibiting or limiting its ability to xxxxx x Xxxx on such Real Property to the Administrative Agent and the Lenders. (b) The Administrative Agent shall receive the following, each in form and substance satisfactory to the Administrative Agent and the Administrative Agent shall deliver to Lenders: (i) an acceptable Appraisal of the Real Property completed within the three (3) year period prior to the date of the Borrowing Base Certificate in which the Real Property is included; and (ii) a title report regarding the Real Property from either counsel to the applicable Borrower or a title insurance company acceptable to the Administrative Agent, acting reasonably, showing the status of title to the Real Property, and all registered Liens and other matters affecting the Real Property (each, a “Title Report”). (c) If any Real Property remains in the Revolving Borrowing Base for one year or more, the Administrative Agent shall have received the following, each in form and substance satisfactory to the Administrative Agent, on an annual basis (or, if required by the Administrative Agent, more frequently following the occurrence of an Event of Default) (i) an initial Phase I environmental site assessment report and such additional environmental audits, assessments, studies and reports as are recommended thereby including without limitation any Phase II report, record of site condition or other remediation report or any such report that the Administrative Agent requires, prepared by a geological engineer or other qualified Person acceptable to the Administrative Agent (“Environment Reports”) and thereafter such new updated Environment Reports as the Administrative Agent requires, (ii) such new or updated Appraisals, evaluations or reports as the Administrative Agent requires to determine the value of the Real Property including without limitation and if applicable any Phase II reports,
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- 15 - EXECUTION COPY LEGAL_38580411.20 CREDIT AGREEMENT record of site condition or other remediation report, and (iii) such Title Reports as the Administrative Agent requires. (d) In addition to any other insurance required hereunder, all insurance covering the Real Property which is reasonably required by the Administrative Agent shall be in full force and effect and the Administrative Agent shall receive from time to time such evidence thereof as it requires. (e) The Real Property and improvements thereon shall be in good condition, and no part of the Real Property and improvements shall have been damaged by fire or other casualty or have been the subject of any expropriation, eminent domain or condemnation proceedings. (f) There are no circumstances affecting the Real Property, including without limitation any requirement of Applicable Law of the jurisdiction in which it is located which, in the opinion of the Administrative Agent or its consultants or counsel, may materially affect the value of the Real Property. (g) The Administrative Agent shall have received such additional documents and information and each Borrower shall have satisfied such additional requirements as the Administrative Agent reasonably requires, with respect to the Real Property. For purposes of the foregoing “Appraisal” means an appraisal of the Real Property which is (i) prepared by an appraiser satisfactory to the Administrative Agent, (ii) in compliance with all federal and provincial standards for appraisals (if any) and all regulatory requirements (if any), (iii) reviewed by the Administrative Agent, (iv) includes a reliance letter in favour of the Administrative Agent, and (v) in form and substance satisfactory to the Administrative Agent in its sole and absolute discretion. (83) “Eligible Used Motor Vehicle” means at any time, a Used Motor Vehicle maintained as inventory of the applicable Borrowers provided that it satisfies the following eligibility criteria: (a) it is subject to a perfected first priority Lien in favour of Administrative Agent, (b) it is being offered for sale to customers in the normal course of business, (c) it is not in such Borrower’s inventory for over 180 days, (d) it is permanently located in Canada or it is exported to the U.S. (“US Export Used Vehicle”) provided that (i) all US Export Used Vehicles are specifically identified (including vehicle identification numbers), (ii) do not exceed $1,000,000 in the aggregate, and (iii) the Administrative Agent has received confirmation that all filings have been made to provide Administrative Agent a perfected first priority Lien in the US Export Used Vehicles, and (e) it is not financed under the Wholesale Flooring Facility. (84) “Eligible Wholesale Leases” means all leases for Leased Units which adhere to the following parameters:
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- 16 - EXECUTION COPY LEGAL_38580411.20 CREDIT AGREEMENT (a) are negotiated between the applicable Borrower and unrelated third parties with terms not exceeding 72 months; (b) have initial capitalized book value of any Leased Unit subject to the lease not to exceed the applicable Borrowers’ acquisition cost (net of HST) supported by purchase documentation; (c) are in respect of Leased Units from the current and preceding eight model years; (d) the sum of the age of the Leased Unit in model years and the term of the lease does not exceed the aggregate of 108 months (the “Rule of Nine”); (e) the lease shall not be in arrears of lease payments for (i) over 30 days at the time of its initial inclusion in the Wholesale Leasing Borrowing Base and (ii) 90 days or over at any time thereafter; (f) the applicable Borrower shall have performed a credit investigation on each new lessee of a lease and have maintained a copy of such report for review by the Administrative Agent at any time requested by them; (g) are not for Leased Units that are boats or motorcycles; (h) the applicable Borrower shall have provided evidence satisfactory to the Administrative Agent of the insurance on the leased vehicle(s) as follows: (i) fire, theft and comprehensive (or combined additional coverage for trucks), in an amount not less than the actual cash/value; (ii) collision or upset in an amount not less than the actual cash value with a deductible amount not exceeding $1,000 for automobiles and light trucks ($2,000 for vehicles costing over $40,000); and (iii) public liability (property damage and bodily injury) for $1,000,000; (i) the Administrative Agent shall have received and be satisfied evidence of contingent liability insurance for each lessor under each lease in the minimum amount of $1,000,000; and (j) the applicable Borrower shall have conducted the appropriate Lien searches and the Administrative Agent shall have received and be satisfied with evidence of personal property registrations in respect of the lease against each lessee in all relevant jurisdictions. Notwithstanding the above, the form of the lease agreement to be used for Eligible Wholesale Leases is subject to approval of the Administrative Agent. The Administrative Agent shall have the right, acting reasonably, in its sole discretion, to exclude any motor vehicle lease from the Wholesale Lease Borrowing Base. (85) “Environmental Activity” means any activity, event or circumstance in respect of a Contaminant or other Hazardous Material, including its storage, use, holding, collection,
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- 17 - EXECUTION COPY LEGAL_38580411.20 CREDIT AGREEMENT purchase, accumulation, assessment, generation, manufacture, construction, processing, treatment, stabilization, disposition, handling or transportation or its Release into the natural environment including movement through or in the air, soil, subsoil, surface water or groundwater. (86) “Environmental Claim” means any claim, proceeding, litigation or notice by any Person alleging potential liability (including potential liability for investigatory costs, cleanup costs, governmental response costs, natural resources damages, property damages, personal injuries or penalties), except to the extent covered by insurance as to which the insurance company has not disclaimed or reserved the right to disclaim coverage, and which arises out of, is based on or resulting from (a) circumstances forming the basis of any material violation or alleged material violation of any Environmental Law or (b) any Environmental Activity at any location owned, leased, managed, controlled or operated by any Obligor, which, in the case of either (a) or (b), if sustained or determined adversely to any Obligor, would have a Material Adverse Effect. (87) “Environmental Law” means any Applicable Law to the extent relating to the protection of the environment or to occupational health and safety (including the use, handling, transportation, production, disposal, discharge or storage of any Contaminant, Hazardous Materials or Waste). (88) “Environmental Liability” means any liability arising as a result of an Environmental Claim. (89) “Equity Interest” means, with respect to any Person, any and all present and future shares, units, trust units, partnership, membership or other interests, participations or other equivalent rights in the Person’s equity or capital, however designated and whether voting or non-voting, and warrants, options or other rights to acquire any of the foregoing and securities convertible into or exchangeable for any of the foregoing. (90) “Equivalent Amount” in one currency on any day means the amount of that currency into which a specified amount of another currency can be converted at the Bank of Canada’s noon spot rate for that day (or at any other rate to which the parties agree) and if that day is not a Business Day, on the immediately preceding Business Day. (91) “Event of Default” means any of the events or circumstances specified in Section 11.1. (92) “Excess Amount” shall have the meaning given to it in Section 5.4. (93) “Excluded Taxes” means, with respect to the Administrative Agent, any Lender, the L/C Issuer or any other recipient of any payment to be made by or on account of any obligation of an Obligor hereunder, (a) taxes imposed on or measured by its net income, and franchise taxes imposed on it (in lieu of net income taxes), by the jurisdiction (or any political subdivision thereof) under the laws of which such recipient is organized or in which its principal office is located or, in the case of any Lender, in which its applicable lending office is located, (b) any branch profits taxes or any similar tax imposed by any jurisdiction in which the Lender is located and (c) in the case of a Foreign Lender (other than (i) an assignee pursuant to a request by the Borrowers under Section 4.12(2), (ii) an assignee pursuant to an Assignment and Assumption made when an Event of Default has occurred and is continuing or (iii) any other assignee to the
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- 18 - EXECUTION COPY LEGAL_38580411.20 CREDIT AGREEMENT extent that the Borrowers has expressly agreed that any withholding tax shall be an Indemnified Tax), any withholding tax that (A) is not imposed or assessed in respect of a loan or other extension of credit that was made on the premise that an exemption from such withholding tax would be available where the exemption is subsequently determined, or alleged by a taxing authority, not to be available and (B) is required by Applicable Law to be withheld or paid in respect of any amount payable hereunder or under any Loan Document to such Foreign Lender at the time such Foreign Lender becomes a party hereto (or designates a new lending office) or is attributable to such Foreign Lender’s failure or inability (other than as a result of a Change in Law) to comply with Section 4.11(5), except to the extent that such Foreign Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts from an Obligor with respect to such withholding tax pursuant to Section 4.11(1). For greater certainty, for purposes of item (c) above, a withholding tax includes any Tax that a Foreign Lender is required to pay pursuant to Part XIII of the ITA. (94) “Exit Notice” means a written notice delivered by the Administrative Agent to the Borrowers pursuant to Section 11.3 declaring certain Obligations of the Borrowers outstanding under the Wholesale Flooring Facility to be due and payable within 120 days. (95) “Extension Request” means a written request from Master Borrower to the Administrative Agent requesting an extension of the Termination Date pursuant to Section 5.2. (96) “FATCA” means Sections 1471 through 1474 of the U.S Internal Revenue Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the U.S Internal Revenue Code. (97) “Fee Letter” means the fee letter between the Administrative Agent and Master Borrower dated May 2nd, 2022 and accepted by Master Borrower on June 3rd, 2022, as amended, supplemented or replaced from time to time. (98) “Final Maturity Date” means (a) in respect of the Wholesale Flooring Facility, the earlier of the date of (i) a Demand by all of the Lenders in accordance with Section 11.3 or (ii) the Termination Date, and (b) in respect of the Committed Facilities, the Termination Date. (99) “Finance Contract” means a conditional sales contract for the purchase and sale of a vehicle pursuant to which all the rights to and risks of ownership of such vehicle have been transferred to the purchaser of such vehicle and the purchaser agrees to pay to a Borrower over a period of time, the loan amount advanced for such vehicle being the purchase price of such vehicle plus interest and/or other fees. For certainty, the applicable Borrower shall record interest income for Finance Contracts over the term of the contract as loan payments are received by the applicable Borrower from the purchaser. (100) “Financial Covenants” means the financial covenants described in Section 10.3. (101) “Fiscal Quarter” means each fiscal quarter of the Borrowers, currently ending on March 31, June 30, September 30 and December 31. (102) “Fiscal Year” means each fiscal year of the Borrowers, which currently ends on December 31.
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- 19 - EXECUTION COPY LEGAL_38580411.20 CREDIT AGREEMENT (103) “Fixed Charge Coverage Ratio” means, on the last day of any Fiscal Quarter for Master Borrower calculated on a consolidated basis, the ratio of (a) EBITDAR for the Rolling Period ended on that date minus the aggregate of (i) an allowance for maintenance capital expenditures in an amount equal to $85,000 for each dealership location of the Borrowers (such amounts to be normalized for the first Four Quarter from the Closing Date only), (ii) all Income Tax Expense paid in cash during such Rolling Period and (iii) all dividends, capital withdrawals, intercompany loans made to Affiliates (not including other Borrowers), payments in respect of purchase, redemption or return of capital or reduction in shareholder loans made by Master Borrower during such Rolling Period, net of any capitalization requirements of a manufacturer for a Borrower that are no longer required by such manufacturer, to (b) Fixed Charges over the same Rolling Period. (104) “Fixed Charges” means for any period, for Master Borrower calculated on a consolidated basis, the sum of (a) the cash Interest Expense for such period, (b) the scheduled principal payments of Debt during such period reduced by prepayments as permitted by the Loan Documents and (c) rental or lease expense. Notwithstanding the foregoing, with respect to rental or lease expenses related to any Permitted Acquisition, Fixed Charges shall include the rental or lease expenses of the Person being acquired or whose assets are being acquired, as if such acquisition was made at the beginning of the 12-month period prior to such Permitted Acquisition, and with respect to each business which has ceased to be owned or operated, directly or indirectly, by an Obligor (whether by way of disposition of Equity Interests or all or substantially all of the assets of a business as a going concern or discontinuance of operations) in the immediately preceding 12-month period, exclude, without duplication, rental or lease expense of such business as if it had ceased to be owned or operated for the previous full four (4) Fiscal Quarters. (105) “Foreign Lender” means any Lender that is not organized under the laws of the jurisdiction in which the Borrowers are resident for tax purposes and that is not otherwise considered or deemed in respect of any amount payable to it hereunder or under any Loan Document to be resident for income tax or withholding tax purposes in the jurisdiction in which the Borrowers are resident for tax purposes by application of the laws of that jurisdiction. For purposes of this definition Canada and each Province and Territory thereof shall be deemed to constitute a single jurisdiction and the United States of America, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction. (106) “Fund” means any Person (other than a natural person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business. (107) “Funded Debt” means, at any time, for any Borrower (i) Debt of the type described in paragraphs (a) (including any amounts payable under letters of credit and letters of guarantee), (d), (e) and (h) in definition of Debt, and (ii) all Contingent Obligations in respect of Debt of the type described in paragraphs (a) (including any amounts payable under letters of credit and letters of guarantee), (d), (e) and (h) in definition of Debt; provided however, that Funded Debt shall not include deferred taxes or obligations to trade creditors incurred in the ordinary course of business. (108) “GAAP” means generally accepted accounting principles set forth from time to time in the opinions and pronouncements of the Accounting Principles Board of the American Institute
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- 20 - EXECUTION COPY LEGAL_38580411.20 CREDIT AGREEMENT of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board (or agencies with similar functions or stature and authority within the US accounting profession) which are applicable to the circumstances as of the date of application. (109) “General Partners” means the general partners of the Borrowers from time to time that are a party hereto as an Obligor and their successors and assigns, and “General Partner” means any one of them. (110) “Government Approvals” means, with respect to any Person, all licences, permits, consents, authorizations and approvals from any and all Governmental Authorities required by Applicable Law for the conduct of that Person’s business as presently conducted. (111) “Governmental Authority” means the government of Canada or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government, including any supra-national bodies such as the European Union or the European Central Bank and including a Minister of the Crown, Superintendent of Financial Institutions or other comparable authority or agency. (112) “Hazardous Materials” means any pollutant or Contaminant, including any hazardous, dangerous, registerable or toxic chemical material or other substance within the meaning of such terms in any applicable Environmental Law. (113) “Heavy Duty Truck” means a heavy-duty truck having a minimum gross vehicle weight exceeding 26,000 lbs. (114) “Hedge Contract” means a contract for the purchase of any currency with any other currency at an agreed rate of exchange on a specified date, an interest rate or currency swap or any other interest or exchange rate exposure management arrangements. (115) “Hedging Liabilities” means, with respect to a Person, at any date of calculation, an amount equal to the aggregate of all amounts which would be owing to the Person by the Borrowers under all Hedge Contracts if those agreements were terminated on the date of calculation. Unless netting or setting off is not permitted as a result of the operation of law or judicial authority, Hedging Liabilities shall equal the amount so determined after netting or setting off any amounts which might be owing under the Hedge Contracts by the Person to the Borrowers on that date. If netting or setting off is not permitted as a result of the operation of law or judicial authority, Hedging Liabilities shall equal the amount owing by the Borrowers to the Person under all Hedge Contracts without netting or setting off any amounts which might be owing under the Hedge Contracts by the Person to the Borrowers on that date. (116) “HST” means the sales tax imposed under Part IX of the Excise Tax Act (Canada). (117) “Income Tax Expense” means, with respect to a Person, for any period, the aggregate of all taxes on the income of the Person on a consolidated basis for such period, whether current or deferred (net of any tax credits which are applied against any income tax otherwise payable). (118) “Indemnified Taxes” means Taxes other than Excluded Taxes.
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- 21 - EXECUTION COPY LEGAL_38580411.20 CREDIT AGREEMENT (119) “Indemnitee” has the meaning given to it in Section 15.8(2). (120) “Intellectual Property” shall have the meaning given to it in Section 9.1(23). (121) “Interest Expense” means in respect of any fiscal period, the cost to the Master Borrower on a consolidated basis for such period of advances of credit outstanding during that period including interest charges, capitalized interest, the interest component of Capital Leases and all net amounts charged or credited to interest expense in respect of interest rate Hedge Contracts, all computed in accordance with GAAP. (122) “Interest Payment Date” means (i) with respect to each Borrowing under the Wholesale Flooring Facility, the 2nd Business Day of each calendar month, and (ii) with respect to all other Borrowings, the 22nd day of each calendar month (or such other date or dates as Master Borrower and the Agent may agree); provided that: (a) if such day is not a Business Day, the Business Day next following such day shall be the Interest Payment Date for such month, and (b) in any case, the Final Maturity Date or, if applicable, any earlier date on which the applicable Credit Facility is fully cancelled or permanently reduced in full, shall be an Interest Payment Date with respect to all Borrowings then outstanding under such Credit Facility. (123) “Investment” means, for any Person, (i) the acquisition (whether for cash, property, services, securities or otherwise) of shares, bonds, notes, debentures, partnership or other ownership interests or other securities (where securities has the meaning assigned in the Securities Act (Ontario)) of any other Person or any agreement to make that acquisition or (ii) the making or contract to make any loan or advance to any Person or other form of direct or indirect financial support of any other Person or any obligation (contingent or other). (124) “Issuance Date” means the date on which a Letter of Credit is issued by the L/C Issuer. (125) “ITA” means the Income Tax Act (Canada). (126) “Joinder Agreement” means a joinder agreement substantially in the form of Schedule 1.1(126) (or such other form of similar effect that the Administrative Agent may accept). (127) “Judgment Currency” has the meaning given to it in Section 15.6. (128) “L/C Agreement” has the meaning given to it in Section 3.3(2). (129) “L/C Collateral Account” has the meaning given to it in Section 3.3(9). (130) “L/C Disbursement” means any payment by the L/C Issuer under a Letter of Credit plus all taxes, fees, charges and other costs and expenses incurred in connection with such payment. (131) “L/C Exposure” means, as regards the L/C Issuer, the undrawn and unexpired amounts of outstanding Letters of Credit. (132) “L/C Fee” means a fee payable by the Borrowers with respect to a Letter of Credit, as set out in Section 3.3(4)(b).
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- 22 - EXECUTION COPY LEGAL_38580411.20 CREDIT AGREEMENT (133) “L/C Issuer” means BNS, and its successors and assigns, in its capacity as issuer of Letters of Credit in accordance with the terms of this Agreement. (134) “L/C Participant” has the meaning given to it in Section 3.3(10)(a). (135) “L/C Participation” has the meaning given to it in Section 3.3(10)(a). (136) “L/C Sublimit” means $30,000,000. (137) “Lease Adjusted Funded Debt” means, at any time, for Master Borrower on a consolidated basis and without duplication, all Funded Debt plus six times rental or lease expense. Notwithstanding the foregoing, with respect to any Permitted Acquisition, rent or lease expense shall include normalized rent or lease expense of the Person being acquired or whose assets are being acquired, as if such acquisition was made at the beginning of the 12-month period prior to such Permitted Acquisition solely with respect to the calculation of Lease Adjusted Funded Debt and with respect to each business which has ceased to be owned or operated, directly or indirectly, by an Obligor (whether by way of disposition of Equity Interests or all or substantially all of the assets of a business as a going concern or discontinuance of operations) in the immediately preceding 12-month period, exclude, without duplication, rental or lease expense of such business as if it had ceased to be owned or operated for the previous full four (4) Fiscal Quarters. (138) “Leased Property” has the meaning given to it in Section 9.1(9). (139) “Leased Unit” means New Leased Units and Used Leased Units. (140) “Lenders” mean all of the banks and other financial institutions named on the signature pages of this Agreement, and their permitted successors and assigns, and “Lender” means any one of them, and for greater certainty, includes BNS in its capacity as L/C Issuer. (141) “Letter of Credit” and “L/C” each means a letter of credit issued by the L/C Issuer at the request and for the account of the applicable Borrower and includes a Letter of Guarantee. (142) “Letter of Guarantee” means a letter of guarantee issued by the L/C Issuer at the request and for the account of the applicable Borrower for the purpose of providing security to a Person that such Borrower will perform a contractual obligation owed by such Borrower to that Person. (143) “Leverage Ratio” means with respect to Master Borrower and with respect to any Rolling Period, the ratio of Lease Adjusted Funded Debt to EBITDAR. (144) “Lien” means any mortgage, charge, lien, hypothec or encumbrance, whether fixed or floating on, or any security interest in, any property, whether real, personal or mixed, tangible or intangible, any pledge or hypothecation of any property, any conditional sale agreement, other title retention agreement, Capital Lease or other arrangement of any kind intended to create or grant security. (145) “Light Duty Truck” means a light-duty truck having a maximum gross vehicle weight of 10,000 lbs.
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- 23 - EXECUTION COPY LEGAL_38580411.20 CREDIT AGREEMENT (146) “Loan” means any Borrowing made available by a Lender under this Agreement by way of Prime Loan or CDOR Loan. (147) “Loan Documents” means this Agreement, the Security Documents, any guarantee provided by any Obligor with respect to the Obligations of the Borrowers, and all certificates, instruments, agreements and other documents delivered, or to be delivered, to the Administrative Agent, the L/C Issuer and the Lenders under this Agreement or any other Loan Document and, when used in relation to any Person, the term “Loan Documents” means the Loan Documents executed and delivered by the Person. (148) “Manufacturer Flooring Facilities” means any floor plan financing agreement (other than this Agreement) entered into by any Borrower in the ordinary course of business solely for the purposes of financing all or a portion of the purchase of vehicle inventory. (149) “Material Adverse Change” means, where used in relation to the affairs of the Obligors, a change that, in the opinion of the Lenders, has or would reasonably be expected to have a Material Adverse Effect and, where used in relation to any other entity, has a similar meaning. (150) “Material Adverse Effect” means a material adverse effect on (a) the financial condition of the Obligors on a combined basis and taken as a whole (b) the ability of the Obligors to observe or perform their obligations under the Loan Documents to which they are a party or the validity or enforceability of such Loan Documents or any material provision thereof; (c) the property, business, operations, liabilities or capitalization of the Obligors on a combined basis and taken as a whole; or (d) the Security Documents, the priority of the Liens granted thereunder or any right or remedy of the Administrative Agent thereunder. (151) “Master Borrower” means LITHIA MASTER LP COMPANY, LP, and its successors and permitted assigns. (152) “Material Contract” means any contract or agreement to which a Borrower is a party or by which it is bound, which is material to the business of that Borrower, having regard to its subject matter or the potential consequences of breach or termination (and shall include, without limitation, any OEM Agreement). (153) “Medium Duty Truck” means a medium-duty truck having a gross vehicle weight between 10,001 lbs. and 26,000 lbs. (154) “Net Proceeds” means, with respect to any event, (a) the cash proceeds received in respect of such event including (i) in the case of a casualty, insurance proceeds and (ii) in the case of a condemnation or similar event, condemnation awards and similar payments, net of (b) the sum of (i) all reasonable fees and out-of-pocket expenses paid to third parties (other than Affiliates) in connection with such event, and (ii) the amount of all payments required to be made as a result of such event to repay Debt (other than the Loans) secured by such asset or otherwise subject to mandatory prepayment as a result of such event. (155) “New Leased Unit” means a passenger car, Light Duty Truck, motorcycle or boat from car, motorcycle or boat manufacturers, as applicable, approved by the Administrative Agent, from the current and preceding one model year and with an odometer reading of 24,000
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- 24 - EXECUTION COPY LEGAL_38580411.20 CREDIT AGREEMENT kilometres or less per model year, for domestic lease by the applicable Borrower as lessor to third party lessees. (156) “New Motor Vehicles” means new passenger cars, motorcycles and Light Duty Trucks as well as CAP vehicles and Program Vehicles supplied to Wholesale Flooring Borrowers by manufacturers acceptable to the Administrative Agent from the current and preceding one model year with an odometer reading of 24,000 km or less per model year, for domestic sale by Wholesale Flooring Borrowers. (157) “Non-Designated Subsidiary” means each Subsidiary, direct or indirect, of a Borrower that is not a Designated Subsidiary or otherwise an Obligor hereunder. (158) “Non-Formula Amount” means $25,000,000. (159) “Obligations” means (a) all loans, advances, debts, liabilities and obligations for the performance of covenants, tasks or duties or for the payment of monetary amounts (whether or not performance is then required or contingent, or those amounts are liquidated or determinable) owing by the Borrowers to the Administrative Agent, the L/C Issuer or any Lender under any or all of the Loan Documents and all covenants and duties regarding those amounts, of any kind or nature, present or future, whether or not evidenced by any agreement or other instrument, owing under any or all of the Loan Documents including all obligations owed by the Borrowers to the Administrative Agent, the L/C Issuer and the Lenders under the Credit Facilities and (b) Other Secured Obligations. (160) “Obligors” means, collectively, the Borrowers, the General Partners and any other Designated Subsidiary of the Borrowers that becomes a Borrower under this Agreement from time to time in accordance with Section 10.1(15) (and includes, if applicable, its General Partner), and their respective successors and permitted assigns. (161) “OEM” shall mean a vehicle manufacturer or distributor that engages in the wholesale sale of new motor vehicles to any Borrower pursuant to an OEM Agreement. (162) “OEM Agreement” shall mean each OEM dealer sales and service agreement or “franchise” or similar agreement giving any Borrower the right to sell new OEM vehicles, each as amended, supplemented, restated or replaced from time to time. (163) “Officer’s Certificate” means a certificate of a Responsible Officer substantially in the form attached hereto as Schedule 1.1(163) . (164) “Other Secured Obligations” means the present and future debts, liabilities and obligations of the Borrowers or any other Obligor to any Lender under or in connection with, (a) the Credit Facilities Hedge and other Hedge Contracts (including all Hedging Liabilities in connection therewith), (b) cash management and consolidation, money management, foreign- exchange, credit card and other facilities provided by a Lender to the Borrowers or any other Obligor, and (c) other transactions not made under this Agreement if it is agreed by the Borrowers and the Administrative Agent acting on the instructions of the Required Lenders that such facilities, debts, liabilities and obligations shall be secured; provided, for greater certainty, that upon any financial institution ceasing to be a “Lender”, the Other Secured Obligations to such financial institution and its Affiliates, as the case may be, shall continue to be secured by
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- 26 - EXECUTION COPY LEGAL_38580411.20 CREDIT AGREEMENT (B) copies of all required approvals to the Acquisition from the applicable OEMs of the Designated Subsidiary being acquired, and (C) executed copies all account opening documentation, mirror netting agreements and any other applicable ancillary documents required by Administrative Agent for such Designated Subsidiary to become a Borrower hereunder; (iv) if the Acquisition is a purchase of Equity Interests, the Acquisition is for the purchase of not less than 85% of the outstanding Equity Interests in the applicable Person (including goodwill, assets, and real property); (v) the Person being acquired or whose assets, division, line of business or business unit is being acquired is located in Canada or the United States; provided that a Person incorporated or located in the United States (x) may only become a “Borrower” under the Revolving Facility (at the discretion of the Administrative Agent and the Lenders), and (y) shall become a secured guarantor of the Obligations and an Obligor hereunder; (vi) Administrative Agent shall have perfected Liens in the Collateral owned by the Designated Subsidiary as security for all of the Obligations, and shall have received satisfactory evidence of perfection and the priority of such Liens, including without limitation such PPSA and other searches, signed discharge statements or payoff letters and other filings as Administrative Agent deems appropriate, which may include no interest letters with respect to, or evidence of the discharge/termination of, or reasonably satisfactory arrangements for the discharge/termination of, the Liens of any secured party in any of the assets acquired or of the Designated Subsidiary; (vii) Administrative Agent shall have received the organizational documents, status or good standing certificates and resolutions, or other authorizations demonstrating the due organization, valid existence, qualification to do business, good standing and authority of each Designated Subsidiary to become an Obligor and Borrower; (viii) if the floorplan inventory of the Designated Subsidiary being acquired and funded by Lenders is $<*> or greater, the Administrative Agent shall have conducted and completed an audit on the Collateral owned by the Designated Subsidiary, with results satisfactory to the Administrative Agent, at least 3 Business Days prior to the closing date of the Acquisition; (ix) at the time of such Permitted Acquisition, and after giving effect thereto, no Default or Event of Default shall have occurred and be continuing; (x) the board of directors (or Persons performing similar functions) of the seller of the subject assets or any Person whose Equity Interest are subject
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- 27 - EXECUTION COPY LEGAL_38580411.20 CREDIT AGREEMENT to the Acquisition has not disapproved the transaction or recommended that the transaction be disapproved, (xi) Master Borrower shall deliver to the Agent, no later than 30 days after the closing date of the Acquisition (or such later date as Administrative Agent may agree to), copies of all OEM Agreements relating to the Designated Subsidiary or the Acquisition; (xii) if the floorplan inventory of the Designated Subsidiary being acquired and funded by Lenders is less than $<*>, the Administrative Agent shall be permitted to conduct an audit on the Collateral owned by the Designated Subsidiary, with results satisfactory to the Administrative Agent, within 10 Business Days after the closing date of the Acquisition; (xiii) Administrative Agent has received such additional documents, approvals, consents and information and each Obligor has satisfied such additional requirements as Administrative Agent reasonably requests, and (b) Non-Designated Subsidiary subject to the following requirements: (i) Master Borrower shall have provided the Administrative Agent with fifteen (15) Business Days prior written notice of the Acquisition (ii) Master Borrower shall have delivered to the Administrative Agent, at least 2 days prior to the closing date of the Acquisition, an Officer’s Certificate, confirming that Master Borrower would have been in compliance with the Financial Covenants if the acquisition had occurred on the first day of the period covered by the Officer’s Certificate (using Master Borrower’s historical methods of calculation for purposes of the target to be acquired); (iii) at the time of such Permitted Acquisition, and after giving effect thereto, no Default or Event of Default shall have occurred and be continuing; and (iv) the board of directors (or Persons performing similar functions) of the seller of the subject assets or any Person whose Equity Interest are subject to the Acquisition has not disapproved the transaction or recommended that the transaction be disapproved. (170) “Permitted Debt” means: (a) the Obligations; (b) Manufacturing Flooring Facilities, provided that: (i) at the time of the entering into of any Manufacturing Flooring Facilities, Master Borrower has delivered to the Administrative Agent an Officer’s Certificate confirming that Master Borrower would be in compliance with the Financial Covenants both before and after giving effect to the entering into of such Manufacturing Flooring Facilities, and
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- 28 - EXECUTION COPY LEGAL_38580411.20 CREDIT AGREEMENT (ii) the Administrative Agent has, acting reasonably, entered in an acceptable intercreditor agreement with each applicable third party lender; (c) unsecured Debt of a Borrower to any other Borrower; (d) Debt consisting of Capital Leases and purchase money indebtedness incurred to acquire equipment which is secured only by the equipment acquired and proceeds therefrom and such equipment secures only the obligation to pay the purchase price; (e) Debt consisting of leases entered into with an OEM with respect to vehicles used by a Borrower for service loaners, subscription services or otherwise leased to its customers; (f) Debt appearing as a claims reserve (or similar term) on the balance sheet of an Obligor, which represents amounts which have been received but which will be expended to pay warranty and service claims by customers of the Obligors; (g) Subordinated Debt, including: (i) Debt incurred in connection with reverse earn-outs granted pursuant to Permitted Acquisitions; and (ii) Debt owed by a Borrower to a General Partner or another Affiliate (other than another Borrower), that in each case is (x) consented to and on terms acceptable to the Administrative Agent and the Required Lenders, and (y) is subject to a postponement and subordination agreement made between the Administrative Agent and the applicable holder of such Subordinated Debt in form and substance satisfactory to the Administrative Agent and the Required Lenders, acting reasonably; (h) Debt incurred with respect to Securitization Programs; (i) Debt that is only secured by owned real property of an Obligor, provided that such owned real property is not included in the Revolving Facility Borrowing Base; (j) unsecured Debt of an Obligor in respect of performance bonds, bid bonds, appeal bonds, surety bonds and similar obligations, in each case provided in the ordinary course of business; (k) unsecured Debt with respect to any operating lease of an Obligor under which an Obligor has furnished a residual value guarantee and in respect of which an Obligor is liable as lessee; (l) Hedging Liabilities in connection with Hedge Contracts that are permitted under Section 10.2(16); and
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- 29 - EXECUTION COPY LEGAL_38580411.20 CREDIT AGREEMENT (m) such other Funded Debt of any Obligor to the extent that (i) such Funded Debt is unsecured, and (ii) Master Borrower has delivered to the Administrative Agent an Officer’s Certificate confirming that Master Borrower would be in compliance with the Financial Covenants, both before and after giving effect to the incurrence of such Funded Debt. (171) “Permitted Distribution” means (a) management salaries and bonuses paid in the ordinary course of business and consistent with past practice; (b) Distributions from one Borrower to another Borrower; and (c) Distributions by Master Borrower (in addition to those permitted under paragraph (a) above) so long as (i) No Event of Default has occurred and is continuing and (ii) Master Borrower has delivered to the Administrative Agent an Officer’s Certificate confirming that Master Borrower would be in compliance with the Financial Covenants after such Distribution is made. (172) “Permitted Investments” means: (a) Investments by an Obligor in another Obligor; (b) Cash Equivalent Investments; (c) Investments pursuant to a Permitted Acquisition; (d) Investments by an Obligor in a Non-Designated Subsidiary; (e) Investments not otherwise permitted in this definition provided that the aggregate amount of such Investments does not exceed $<*> in any Fiscal Year; and (f) such other Investments as are consented to by the Required Lenders in writing in their sole discretion, provided that the making of any such Permitted Investment shall not cause an Event of Default to occur and be continuing and Master Borrower has delivered to the Administrative Agent an Officer’s Certificate confirming that Master Borrower would be in compliance with the Financial Covenants after giving effect to the incurrence of such Investment. (173) “Permitted Liens” means: (a) Liens for taxes, assessments or other government charges or levies not yet due and payable or, if due and payable, if they are being contested in good faith by appropriate proceedings and for which appropriate reserves are maintained;; (b) Liens imposed by law, such as mechanics’, materialmen’s, landlords’, warehousemen’s, and carriers’ Liens, and other similar Liens, securing obligations incurred in the ordinary course of business which are not past due for more than 30 days or which are being contested in good faith by appropriate proceedings and for which appropriate reserves have been established;
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- 30 - EXECUTION COPY LEGAL_38580411.20 CREDIT AGREEMENT (c) Liens under workers’ compensation, unemployment insurance, or similar legislation which are not past due for more than 60 days or which are being contested in good faith by appropriate proceedings and for which appropriate reserves have been established; (d) Liens, deposits, or pledges to secure the performance of bids, tenders, contracts (other than contracts for the payment of money), leases (permitted under the terms of the Loan Documents), public or statutory obligations, surety, stay, appeal, indemnity, performance or other similar bonds, or other similar obligations arising in the ordinary course of business which are not past due for more than 30 days or which are being contested in good faith by appropriate proceedings and for which appropriate reserves have been established; (e) judgment and other similar Liens arising in connection with court proceedings, in an aggregate amount not in excess of the Threshold Amount; provided the execution or other enforcement of such Liens is effectively stayed and the claims secured thereby are being actively contested in good faith and by appropriate proceedings; (f) easements, rights-of-way, zoning restrictions, and other similar encumbrances in existence on the Closing Date or which, in the aggregate, do not materially interfere with the occupation, use, and enjoyment by any Obligor of the property or assets encumbered thereby in the normal course of its business or materially impair the value of the property subject thereto; (g) purchase money Liens hereafter created by any Obligor to secure the purchase price of equipment acquired after the date hereof, so long as (i) such equipment is acquired in the ordinary course of such Person’s business, (ii) such Lien attaches to such equipment no later than 10 days after the acquisition thereof; (iii) such Lien does not extend to any property other than the equipment acquired and proceeds thereof, (iv) such Lien secures only the obligation to pay the purchase price of such equipment, and (v) the Debt secured is Permitted Debt; (h) Liens securing obligations in respect of Capital Leases provided that such Capital Leases are Permitted Debt, and such Liens attach only to the property being leased and proceeds thereof; (i) Liens arising solely by virtue of any statutory or common law provision relating to banker’s liens, rights of setoff or similar rights and remedies as to deposit accounts or other funds maintained with a creditor depository institution (provided that such deposit accounts are permitted hereunder); (j) Liens (including, without limitation, certain rights of set-off and title retention agreements) in respect of the Manufacturer Flooring Facilities and OEM Agreements attaching to a vehicle sold or leased to an Obligor by an OEM and securing amounts owing in connection with the purchase or lease of such vehicle by such Obligor from such OEM, so long as such Liens do not secure Funded Debt (other than Permitted Debt), such Liens arise in the ordinary course of business consistent with the Borrowers’ existing business practices and, in the
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- 31 - EXECUTION COPY LEGAL_38580411.20 CREDIT AGREEMENT case of Liens in respect of Manufacturing Flooring Facilities, the Administrative Agent has received a priorities agreement from such OEM in form and substance satisfactory to the Administrative Agent, acting reasonably; (k) Liens in favour of Lithia Canada Leasing, LP attaching to a vehicle sold or leased by Lithia Canada Leasing, LP to another Borrower; (l) Liens securing Securitization Programs; (m) Liens granted with respect to owned real property of an Obligor, provided that such owned real property is not included in the Revolving Facility Borrowing Base; and (n) such other Liens consented to in writing by the Administrative Agent and the Required Lenders, provided that nothing in this definition or otherwise in this Agreement or any other Loan Document shall (i) be construed as evidencing an intention or agreement on the part of the Administrative Agent that the Security Documents or the Obligations be or have been subordinated to any Permitted Liens, or (ii) cause any such subordination to occur. (174) “Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity. (175) “Preferred Claims” means, at any time, all Liens or claims created by, or arising under any statute or regulation or arising under common law without the consent of the Borrowers (in contrast with Liens voluntarily granted) which rank, or are capable of ranking, prior to or pari passu with the Liens created by the Security Documents against all or any part of the Borrowers’ assets, whether then existing or, in the Administrative Agent’s judgment acting reasonably, likely to arise, including claims for unremitted rents, Taxes, wages, vacation pay, employee deductions, workers’ compensation obligations, government royalties or pension fund obligations. (176) “Prime Loan” means a Loan denominated in Canadian Dollars in respect of which the Borrowers are obligated to pay interest in accordance with Section 4.1. (177) “Prime Rate” means, with respect to a Prime Loan, on any day the greater of: (a) the annual rate of interest announced from time to time by the Administrative Agent as being its reference rate then in effect on such day for determining interest rates on Canadian Dollar denominated commercial loans made by it in Canada; and (b) the CDOR Rate for 1 month bankers’ acceptances in effect from time to time plus 100 basis points per annum. Any change in the Prime Rate shall be effective on the date the change becomes effective generally.
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- 32 - EXECUTION COPY LEGAL_38580411.20 CREDIT AGREEMENT (178) “Program Vehicle” means any vehicle with special option packages produced for sale to major daily rental fleets. Under their fleet incentive programs, the manufacturer agrees to repurchase vehicles from the daily rental company after a specified time period at a predetermined price. (179) “Real Property” means real property, acceptable to the Administrative Agent, that is owned by a Borrower and occupied by a Borrower as a motor vehicle sales facility. (180) “recreational vehicle”, “recreational vehicle sector” shall include, without limitation boats, motorcycles, off-road vehicles, and electric vehicles of any kind; (181) “Reimbursement Obligation” means the obligation of the Borrowers in respect of a Letter of Credit to reimburse the L/C Issuer pursuant to Section 3.3(5). (182) “Related Parties” means, with respect to any Person, such Person’s Affiliates and the directors, officers, employees, agents and advisors of such Person and of such Person’s Affiliates. (183) “Release” means the method by which a Contaminant or other Hazardous Material comes to be in the environment at large and includes discharging, spraying, injection, abandonment, depositing, spilling, leaking, seeping, pouring, emitting, emptying, throwing, dumping, placing and exhausting, and when used as a noun has a correlative meaning. (184) “Required Lenders” means: (a) if 3 or less Lenders exist, all Lenders (other than Defaulting Lenders and the Lender(s) that have requested the issuance of an Exit Notice); or (b) if more than 3 Lenders exist, the Lenders (other than Defaulting Lenders and the Lender(s) that have requested the issuance of an Exit Notice) from whom, in the aggregate, hold at least 66 2/3% of the Loans that have been made or are available to the Borrowers. (185) “Responsible Officer” means the chief financial officer, chief executive officer or other senior officer acceptable the Administrative Agent of a General Partner, for and on behalf of its applicable Borrower, that has the capacity to bind such General Partner and the applicable Borrower. (186) “Revolving Borrowers” means, collectively, the Persons listed on Schedule 1.1(186), and “Revolving Borrower” means any one of them. (187) “Revolving Borrowing Base” means, with respect to Revolving Borrowers, as of any date of determination: (a) an amount equal to the sum of the following (without duplication): (i) the Non-Formula Amount,
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- 33 - EXECUTION COPY LEGAL_38580411.20 CREDIT AGREEMENT (ii) 100% of Contracts in Transit owing to Revolving Borrower in which Administrative Agent has a perfected first priority Lien, which have not remained unpaid for more than fifteen (15) days; (iii) 80% of Eligible Parts and Service Accounts Receivable; (iv) 65% of the (i) the net book value of Eligible Parts and Accessories Inventory, minus (ii) the unpaid acquisition cost owed to sellers and financiers of such inventory; (v) 75% of the most recent appraised value of Eligible Real Property; (vi) 100% of the sum of invoices from OEMs (including freight, advertising and holdbacks) for Eligible New Vehicles; (vii) 100% of the amount of the Used Vehicle Flooring Borrowing Base; and (viii) 40% of (x) the net book value of Eligible Equipment, minus (ii) the principal amount of indebtedness or obligations of any Person (other than the Obligations) which is secured by such Eligible Equipment. (b) Minus, the sum of the then outstanding aggregate principal balance of the (i) Wholesale Flooring Loans, (ii) Wholesale Flooring Swing Line Loans, (iii) Used Vehicle Flooring Loans, and (iv) Used Vehicle Flooring Swing Line Loans. Notwithstanding anything to the contrary in this Agreements, the amount included in the Revolving Facility Borrowing Base pursuant to components (a)(i) and (a)(v) above shall not at any time exceed $50,000,000 in the aggregate. (188) “Revolving Borrowing Base Certificate” means a borrowing base certificate substantially in the form attached as Schedule 1.1(188) signed by a Responsible Officer of Master Borrower. (189) “Revolving Facility” has the meaning given to it in Section 2.1(1). (190) “Revolving Limit” means, at any time, the lesser of: (a) the aggregate amount of the Commitments of the Lenders from time to time under the Revolving Facility which on the Closing Date is $100,000,000, and (b) the Revolving Facility Borrowing Base. (191) “Revolving Loans” means Loans made under the Revolving Facility. (192) “Revolving Swing Line Loan” has the meaning given to it in Section 2.1(6)(a). (193) “Revolving Swing Line Limit” means $20,000,000. (194) “Rolling Period” means a rolling four Fiscal Quarter period.
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- 34 - EXECUTION COPY LEGAL_38580411.20 CREDIT AGREEMENT (195) “Rollover” means the rollover of a Borrowing by way of a CDOR Loan into another CDOR Loan under Section 3.2(2) or an extension of a Letter of Credit for an additional Contract Period under Section 3.3(3)(b). (196) “Rollover Date” means the Business Day on which a Rollover occurs. (197) “Sale-Leaseback” has the meaning given to it in Section 10.2(1). (198) “Schedule I Lender” means any Lender named on Schedule I to the Bank Act (Canada). (199) “Schedules” means the schedules attached to and forming part of this Agreement, as particularized in Section 1.13. (200) “Security Documents” means any documents creating Liens on the assets of the Obligors in favour of the Administrative Agent on behalf of itself, the L/C Issuer and the Lenders, and all other instruments, agreements and documents which have been or may hereafter from time to time be executed in connection therewith, including the documents set out in Section 7.1. (201) “Securitization Program” means the Sun Life Securitization Program and any other transaction whereby a Borrower may sell, transfer and/or assign to a third party certain leases and personal property related thereto, and the proceeds of which are repaid to the Administrative Agent if required pursuant to Section 10.2(1). (202) “Subordinated Debt” of a Person means any Debt of such Person the payment of which is subordinated to payment of the Obligations. (203) “Subsidiary” of a Person means (a) any corporation of which the Person and/or any one of its Affiliates holds, directly or beneficially, other than by way of security only, securities to which are attached more than 50% of the votes that may be cast to elect directors of such corporation, (b) any corporation of which the Person and/or any one of its Affiliates has, through operation of law or otherwise, the ability to elect or cause the election of a majority of the directors of such corporation and (c) any partnership, limited or unlimited liability company or joint venture in which such Person and/or one or more Subsidiaries of such Person shall have, directly or indirectly, more than 50% of the votes that may be cast to elect the governing body of such entity (204) “Sun Life” means Sun Life Assurance Company of Canada and its successors and assigns. (205) “Sun Life Securitization Program” means the securitization program made pursuant to that certain master purchase and servicing agreement dated as of December 21, 2018, originally made between Sun Life and Xxxxx Motors Inc. and others, as assigned by Sun Life and assumed by Lithia Canada Leasing, L.P. pursuant to an assignment and assumption agreement dated as of August 30, 2021, as amended, supplemented, restated or replaced from time to time. (206) “Supplemental Fee Letter” means the fee letter dated June 3rd, 2022 between the Administrative Agent and Master Borrower, as amended, supplemented or replaced from time to time.
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- 35 - EXECUTION COPY LEGAL_38580411.20 CREDIT AGREEMENT (207) “Swing Line Lender” means BNS (so long as BNS is Administrative Agent) or such other Lender that may become Swing Line Lender. (208) “Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. (209) “Termination Date” means the date which is three (3) years after the Closing Date, as extended from time to time hereunder. (210) “Threshold Amount” means $<*>. (211) “Used Leased Unit” means a reconditioned passenger car or Light Duty Truck, motorcycle or boat listed in the current Canadian Black Book (current plus up to eight previous model year units) for domestic lease by the applicable Borrower as lessor to third party lessees with: (a) an odometer reading of 150,000 km or less; and (b) a Canadian Black Book Value or acquisition cost (net of HST) of at least $7,500; or (c) as otherwise approved by the Administrative Agent. (212) “Used Motor Vehicles” means reconditioned used passenger cars, motorcycles and Light Duty Trucks for domestic sale. (213) “Used Vehicle Flooring Borrower” means Master Borrower. (214) “Used Vehicle Flooring Borrowing Base” means, as of any date of determination, an amount equal to eighty-five percent (85%) of the sum, without duplication, of the following: (a) the net book value of Used Motor Vehicles of Master Borrower and any other Borrowers which are Eligible Used Motor Vehicle (net of GST / HST), minus (b) the aggregate outstanding principal amount of any indebtedness or obligation to any Person (other than the obligations to the Administrative Agent and Lenders under the Loan Documents) which is secured by such Eligible Used Motor Vehicles, including but not limited to amounts owing to holders of any Lien in a Used Motor Vehicle at the time it is traded in, sold to, or otherwise acquired by a Borrower until such amounts have been paid in full. Notwithstanding the foregoing, the net book value of motorcycles constituting Used Motor Vehicles included in the Used Vehicle Flooring Facility Borrowing Base shall not, at any time, exceed five percent (5%) of the total Used Vehicle Flooring Facility Borrowing Base. (215) “Used Vehicle Flooring Borrowing Base Certificate” means a borrowing base certificate substantially in the form attached as Schedule 1.1(215) signed by a Responsible Officer of Master Borrower.
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- 36 - EXECUTION COPY LEGAL_38580411.20 CREDIT AGREEMENT (216) “Used Vehicle Flooring Facility” has the meaning given to it in Section 2.3(1). (217) “Used Vehicle Flooring Facility Limit” means the aggregate amount of the Commitments of the Lenders from time to time under the Used Vehicle Flooring Facility which on the Closing Date is $100,000,000. (218) “Used Vehicle Flooring Loans” means Loans made under the Used Vehicle Flooring Facility. (219) “Used Vehicle Flooring Swing Line Loan” has the meaning given to it in Section 2.3(6)(a). (220) “Used Vehicle Flooring Swing Line Limit” means $20,000,000. (221) “Waste” means ashes, garbage and refuse and includes domestic waste, industrial waste, municipal refuse or such other materials as are designated as waste under any Environmental Law. (222) “Wholesale Flooring Borrowers” means, collectively, the Persons listed on Schedule 1.1(222), and “Wholesale Flooring Borrower” means any one of them. (223) “Wholesale Flooring Facility” has the meaning given to it in Section 2.2(1). (224) “Wholesale Flooring Facility Bulk Prepayments” means a program allowing the Borrowers to make lump sum payments from time to time in payment of the outstanding Loans under the Wholesale Flooring Facility (without paying out specific units). (225) “Wholesale Flooring Facility Limit” means the aggregate amount of the Commitments of the Lenders from time to time under the Wholesale Flooring Facility which on the Closing Date is $500,000,000. (226) “Wholesale Flooring Loans” means Loans made under the Wholesale Flooring Facility. (227) “Wholesale Flooring Swing Line Loan” has the meaning given to it in Section 2.2(6)(a). (228) “Wholesale Flooring Swing Line Limit” means $50,000,000. (229) “Wholesale Lease Management Report” means a report, in form an substance satisfactory to the Administrative Agent, from the applicable Borrower summarizing such Borrower’s Eligible Wholesale Leases and, in connection with any requested Borrowing by the applicable Borrower, which identifies all Eligible Wholesale Leases, including, for each such Eligible Wholesale Lease, customer (account) name, unit description, VIN (serial) number, lease term, finance rate, depreciated book value, residual value, net rent, depreciation amount, interest amount, and lease type. (230) “Wholesale Leasing Borrower” means Lithia Canada Leasing, LP., and its successors and permitted assigns.
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- 37 - EXECUTION COPY LEGAL_38580411.20 CREDIT AGREEMENT (231) “Wholesale Leasing Borrowing Base” means, without duplication, the aggregate amount equal to the following: (a) with respect to Eligible Wholesale Leases and Eligible Finance Contracts, 100% of the aggregate depreciated book value (calculated in accordance with the below) of the Wholesale Leasing Facility Borrowers’ Eligible Wholesale Leases and Eligible Finance Contracts outstanding at any time, as evidenced by the Wholesale Lease Management Report; (b) with respect to leases for Leased Units and loans for Finance Contracts that do not meet the Rule of Nine but otherwise meet all the criteria of Eligible Wholesale Leases and Eligible Finance Contracts, 100% of the aggregate depreciated book value (calculated in accordance with the below) of such leases outstanding at any time (not to exceed 35% of the Wholesale Leasing Facility Limit), as evidenced by the Wholesale Lease Management Report; and (c) with respect to leases for Leased Units that are not Eligible Wholesale Leases and loans for Finance Contracts that are not Eligible Finance Contracts, 100% of the aggregate depreciated book value (calculated in accordance with the below) of such leases outstanding at any time (not to exceed 10% of the Wholesale Leasing Facility Limit), as evidenced by the Wholesale Lease Management Report. Notwithstanding the foregoing, (i) any Wholesale Lease or Finance Contract included in the Wholesale Leasing Borrowing Base shall only be for units/vehicles in Canada and the United States1, (ii) the value of the leases (as calculated above) relating to Leased Units of Medium Duty Trucks or Heavy Duty Trucks that are included in the Wholesale Leasing Borrowing Base shall not exceed 15% of the Wholesale Leasing Limit, (iii) none of the leases included in the Wholesale Leasing Borrowing Base shall be financed by any other third-party financing, (iv) up to a maximum of $40,000,000 of the Wholesale Leasing Limit shall be available to finance Eligible Finance Contracts, (v) the form of the agreement to be used for Eligible Wholesale Leases and Eligible Finance Contracts is subject to approval of the Administrative Agent, acting reasonably, and (vi) the Administrative Agent shall have the right, acting reasonably, in its sole discretion, to exclude any lease or Finance Contract from the Wholesale Leasing Borrowing Base. For the purposes of calculating the aggregate depreciated book value for Eligible Wholesale Leases, the minimum average depreciation of the capital cost of all vehicles forming part of the Wholesale Lease Management Report, is based on the following schedule: Original Lease Term Rate per Month up to 12 months 2.20% 13 to 24 months 1.70% 1 The value of the units/vehicles located in the US that can be included in the Wholesale Leasing Facility Borrowing Base is limited to 2% of the Wholesale Leasing Facility Borrowing Base.
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- 38 - EXECUTION COPY LEGAL_38580411.20 CREDIT AGREEMENT 25 to 36 months 1.40% 37 to 48 months 1.20% 49 to 60 months 1.10% 61 to 72 month 1.00% For the purposes of calculating the aggregate depreciated book value for Eligible Finance Contracts, the minimum average depreciation of the capital cost of all vehicles forming part of the Wholesale Lease Management Report, is based on the following schedule: Original Loan Term Rate per Month up to 12 months 2.20% 13 to 24 months 1.70% 25 to 36 months 1.40% 37 to 48 months 1.20% 49 to 60 months 1.10% 61 to 72 months 1.00% 73 to 84 months 1.00% With respect to any lease included in the Wholesale Leasing Borrowing Base, for audit purposes, the Administrative Agent shall have the right to verify any lease and/or or Finance Contract directly with the lessee/customer thereunder. The verification of leases and /or Finance Contract shall either be completed (i) directly by the Administrative Agent at no cost to the Borrowers or, (ii) at the option of the Borrowers, the verification of leases and / or Finance Contract may be completed by the Borrowers’ auditor so long as the auditor is satisfactory to the Administrative Agent and the verification is completed in accordance with the terms stipulated by the Administrative Agent. The costs of the verification completed by the Borrowers’ auditor shall be paid by the Borrowers. (232) “Wholesale Leasing Borrowing Base Certificate” means a borrowing base certificate substantially in the form attached as Schedule 1.1(232) signed by a Responsible Officer of Master Borrower. (233) “Wholesale Leasing Facility” has the meaning given to it in Section 2.4(1). (234) “Wholesale Leasing Limit” means the aggregate amount of the Commitments of the Lenders from time to time under the Wholesale Leasing Facility which on the Closing Date is $400,000,000. (235) “Wholesale Leasing Loans” means Loans made under the Wholesale Leasing Facility.
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- 40 - EXECUTION COPY LEGAL_38580411.20 CREDIT AGREEMENT applicable on an unconsolidated basis as at the date on which such calculation is made or required to be made in accordance with generally accepted accounting principles). Where the character or amount of any asset or liability or item of revenue or expense or amount of equity is required to be determined, or any consolidation or other accounting computation is required to be made for the purpose of this Agreement or any other Document, such determination or calculation shall, to the extent applicable and except as otherwise specified herein or as otherwise agreed in writing by the Parties, be made in accordance with generally accepted accounting principles applied on a consistent basis. In the event that any “Accounting Change” (as defined below) shall occur and such change results in a change in the method of calculation of the Financial Covenants, standards or terms of this Agreement, then the Borrowers and the Agent agree to enter into negotiations in order to amend such provisions of this Agreement so as to reflect equitably such Accounting Changes with the desired result that the criteria for evaluating the Borrowers’ financial condition shall be substantially the same after such Accounting Changes as if such Accounting Changes had not been made. Until such time as such an amendment shall have been executed and delivered by the Borrowers, the Administrative Agent and the Required Lenders, all Financial Covenants, standards and terms in this Agreement shall continue to be calculated or construed as if such Accounting Changes had not occurred. “Accounting Changes” refers to changes in accounting principles required by the promulgation of any rule, regulation, pronouncement or opinion by the Accounting Principles Board of the American Institute of Certified Public Accountants including as a result of a conversion to International Financial Reporting Standards, and in all events including changes which have resulted from implementation and adoption of the International Financial Reporting Standards or accounting standards for private or public enterprises to the extent required by the Financial Accounting Standards Board and to the extent applicable to the Borrowers. Section 1.8 Officer’s Certificate If Master Borrower delivers an Officer’s Certificate in accordance with the provisions of this Agreement or any other Loan Document, Administrative Agent has the right to request details of the calculation of the Financial Covenants referenced therein (consistent with the details provided in connection with a Compliance Certificate) and Master Borrower shall deliver such information to Administrative Agent no later that 10 days after receipt of such request. Administrative Agent may circulate the information received from Master Borrower pursuant to this Section 1.8 to the Lenders. Section 1.9 Headings and Table of Contents The division of this Agreement into sections, the insertion of headings and the provision of a table of contents are for convenience of reference only and are not to affect the construction or interpretation of this Agreement. Section 1.10 Time of Day Unless otherwise specified, references to time of day or date mean the local time or date in the City of Toronto, Province of Ontario.
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- 41 - EXECUTION COPY LEGAL_38580411.20 CREDIT AGREEMENT Section 1.11 Governing Law This Agreement shall be governed by, and construed in accordance with, the laws of the Province of Ontario and the laws of Canada applicable in the Province of Ontario. Section 1.12 Severability If any provision of this Agreement is or becomes illegal, invalid or unenforceable in any jurisdiction, the illegality, invalidity or unenforceability of that provision will not affect: (a) the legality, validity or enforceability of the remaining provisions of this Agreement; or (b) the legality, validity or enforceability of that provision in any other jurisdiction. Section 1.13 Schedules The following Schedules are attached to and form part of this Agreement: Schedule 1.1(1) – Accordion Agreement Schedule 1.1(14) – Applicable Percentage Schedule 1.1(16) – Assignment and Assumption Schedule 1.1(24) – Branch of Account Schedule 1.1(43) – Commitments Schedule 1.1(46) – Compliance Certificate Schedule 1.1(59) – Daily Rental Borrowing Base Certificate Schedule 1.1(126) – Joinder Agreement Schedule 1.1(163) – Officer’s Certificate Schedule 1.1(186) – Revolving Borrowers Schedule 1.1(188) – Revolving Borrowing Base Certificate Schedule 1.1(215) – Used Vehicle Flooring Borrowing Base Certificate Schedule 1.1(222) – Wholesale Flooring Borrowers Schedule 1.1(232) – Wholesale Leasing Borrowing Base Certificate Schedule 3.1(1)(a) – Notice of Requested Borrowing Schedule 3.3(3)(b) – Letter of Credit Extension Request Schedule 3.3(11) – Existing L/Cs Schedule 3.4 – Conversion Option Notice Schedule 5.6 – Notice of Repayment Schedule 5.8 – Notice of Cancellation of Credit Facility Schedule 9.1(8) – Owned Property Schedule 9.1(9) – Real Property Leases Schedule 9.1(11) – Location of Assets, Places of Business Schedule 9.1(17) – Canadian Benefit and Pension Plans Schedule 9.1(18) – Labour Matters Schedule 9.1(20) – Corporate Organization
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- 43 - EXECUTION COPY LEGAL_38580411.20 CREDIT AGREEMENT Credit issued under the Revolving Facility shall mature on or prior to the Final Maturity Date. Revolving Borrowers may repay amounts borrowed under the Revolving Facility at any time without penalty prior to the Final Maturity Date. (6) Revolving Swing Line Loans (a) Subject to payment of applicable fees and charges of the Swing Line Lender, and the terms and conditions set out in this Section 2.1, the Swing Line Lender shall provide Revolving Borrowers with Canadian Dollar netting or zero balance accounts at the main branch of the Swing Line Lender (or at such other branch of the Swing Line Lender as may be agreed upon by the Swing Line Lender and Master Borrower from time to time). At any time that Revolving Borrowers would be entitled to obtain Loans under the Revolving Facility, Revolving Borrowers shall be entitled to obtain Loans from the Swingline Lender (including by way of overdraft), draw cheques or request wire transfers or other debit transactions in Canadian Dollars on their Canadian Dollar accounts respectively at the Swing Line Lender. The amount of any overdraft in such zero netting or zero balance accounts of Revolving Borrowers at the end of each Business Day, subject to appropriate adjustments, shall be deemed to be a CDOR Loan in the case of such Canadian Dollar accounts outstanding to Revolving Borrowers from the Swing Line Lender (each, a “Revolving Swing Line Loan”). The credit balance in such netting or zero balance accounts at the end of each Business Day, subject to appropriate adjustments, shall be applied by the Swing Line Lender as a repayment of outstanding Revolving Swing Line Loans and such netting or zero balance accounts shall be reduced accordingly. (b) If, on any Business Day, either (i) the aggregate amount of all outstanding Revolving Swing Line Loans exceeds the Revolving Swing Line Limit, or (ii) the Swing Line Lender providing its Applicable Percentage of a requested Borrowing under the Revolving Facility would, when combined with the amount of all outstanding Revolving Swing Line Loans, cause the Swing Line Lender’s Applicable Percentage of the Revolving Limit to be exceeded, then the Swing Line Lender may deliver a written notice to the Administrative Agent and each of the Lenders and Revolving Borrowers requiring repayment of that portion of the Revolving Swing Line Loans which will reduce the outstanding balance of all Revolving Swing Line Loans to an amount less than the Revolving Swing Line Limit (or will permit the Swing Line Lender to make its Applicable Percentage of the requested Borrowings under the Revolving Facility, as applicable). Upon delivery of such written notice, Revolving Borrowers shall be deemed to have given at such time an notice to the Administrative Agent requesting CDOR Loans under the Revolving Facility in an aggregate amount equal to the repayment amount specified by the Swing Line Lender and, for greater certainty, the required number of Business Days’ notice and the minimum amount of the Loans shall not be applicable to such CDOR Loans. If the aggregate principal amount of all such requested Loans and all Borrowings outstanding under the Revolving Facility would not exceed the Revolving Limit at such time, and if no Default or Event of Default is then continuing, then the Lenders shall make such requested Loans based upon each Lender’s Applicable Percentage thereof on the same Business Day (if such written notice was given by 11:00 a.m. (Eastern Standard Time) on
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- 44 - EXECUTION COPY LEGAL_38580411.20 CREDIT AGREEMENT such Business Day) or on the next Business Day (if such written notice was given after 11:00 a.m. (Eastern Standard Time) on such Business Day) and the Administrative Agent shall apply the proceeds thereof in reduction of the Revolving Swing Line Loans then outstanding. The Administrative Agent shall promptly notify Master Borrower of any such Loans made and Master Borrower agrees to accept each such Loans and hereby irrevocably authorizes and directs the Administrative Agent to apply the proceeds thereof in payment of the Revolving Swing Line Loans as aforesaid. (c) If and to the extent that Loans under the Revolving Facility cannot be made when required under Section 2.1(6)(b) as a result of there not being enough undrawn availability remaining under the Revolving Facility Limit or by reason of an Event of Default having occurred and being continuing, each of the Lenders agrees that it will purchase from the Swing Line Lender, and the Swing Line Lender shall sell to the Lenders, for cash, at par, without representation or warranty from or recourse against the Swing Line Lender (and irrespective of whether any condition precedent to a Loan has been satisfied or any Default or Event of Default has occurred and is continuing) an interest in such of the Revolving Swing Line Loans outstanding from the Swing Line Lender so that, after the completion of such purchases and sales, all Loans outstanding under the Revolving Facility (including Revolving Swing Line Loans) are outstanding rateably from the Lenders in accordance with their Applicable Percentage of the Revolving Limit of the Lenders. The intention of this Section 2.1(6)(c) is that when all purchases and sales required hereby have been completed, the outstanding Loans under the Revolving Facility will be outstanding rateably from the Lenders in accordance with their Applicable Percentage of the Revolving Limit. The Administrative Agent, upon consultation with the Lenders, shall have the power to settle any documentation required to evidence any such purchase and sale and, if deemed advisable by the Administrative Agent, to execute any document as attorney for any Lender in order to complete such purchase and sale. The Borrowers and the Lenders acknowledge that the foregoing arrangements are to be settled by the Lenders among themselves and the Borrowers expressly consent to the foregoing arrangements among the Lenders. (d) Upon the occurrence and during the continuance of an Event of Default, no Revolving Swing Line Loans shall be made without the consent of the Required Lenders. (e) Each of the Lenders shall indemnify and save harmless the Swing Line Lender on a rateable basis based on such Lender’s Applicable Percentage of the Revolving Limit of the Lenders against all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses, payments or disbursements of any kind or nature whatsoever which may be imposed on, incurred by or asserted against the Swing Line Lender in any way related to or arising out of any Revolving Swing Line Loan made by the Swing Line Lender (except for any such liabilities resulting from the gross negligence or wilful misconduct of the Swing Line Lender), other than solely related to or arising out of cash management services provided by the Swing Line Lender.
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- 52 - EXECUTION COPY LEGAL_38580411.20 CREDIT AGREEMENT Accordion Notice and Schedule 1.1(42) hereto shall be deemed to be amended accordingly. (c) In the event that fifteen (15) Business Days after Master Borrower’s delivery of an Accordion Notice to the Administrative Agent no existing Lender agrees to become an Accordion Lender or the amount by which the existing Lenders that agree to become Accordion Lenders are willing to increase the applicable Credit Facility Limit is not sufficient, in the aggregate, to accommodate the requested increase in the applicable Credit Facility Limit, then subject to the provisions of this Section 2.6 a lender other than an existing Lender may, within the twenty (20) Business Day period following such fifteen (15) Business Days, become an Accordion Lender. Upon delivery to the Administrative Agent and the Lenders of an Accordion Agreement executed by Master Borrower and a proposed Accordion Lender that is acceptable to the Administrative Agent, the Lenders and Master Borrower, acting reasonably, the Lenders shall promptly execute and deliver such Accordion Agreement whereupon (a) this Agreement and each other Loan Document shall, henceforth be read and construed as if such Accordion Lender were party to this Agreement as a Lender having all of the rights and obligations of a Lender expressed herein with respect to the applicable Credit Facility that the Accordion Lender has agreed to accept and all references to any Lenders in any Loan Document shall (to the extent the context so admits) be construed accordingly and (b) Schedule 1.1(42) hereto shall be deemed to be amended to add the amount of the Credit Facility Limit of such Accordion Lender. Borrowers shall be responsible for all reasonable fees, costs and expenses relating to the adding of any new Accordion Lender. For greater certainty, Borrowers shall not have the right to replace any existing Lender pursuant to Section 4.12(2) solely on the basis that such Lender decides not to become an Accordion Lender pursuant to this Section 2.6. (d) No increase in any Credit Facility Limit in accordance with this Section 2.6 shall be permitted at any time that a Default or Event of Default has occurred and is continuing. (e) The Administrative Agent, the Borrowers, and the Lenders shall execute and deliver such documents and agreements as Administrative Agent deems appropriate to evidence the increase in and allocations of the Commitments pursuant to this Section 2.6. Section 2.7 Reallocation of Commitments (a) Subject to the provisions of this Section 2.7 and so long as no Event of Default has occurred and is continuing or will exist after giving effect thereto, Master Borrower may from time to time request a reallocation of all or part of any unused portion of the Committed Facility Limits as follows: (i) the Revolving Limit to the Used Vehicle Flooring Facility Limit and/or the Wholesale Leasing Limit, (ii) the Used Vehicle Flooring Facility Limit to the Revolving Limit and/or the Wholesale Leasing Limit, (iii) the Wholesale Leasing Limit to the Revolving Limit and/or the Used Vehicle Leasing Limit, or (iv) the Daily Rental Limit to
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- 53 - EXECUTION COPY LEGAL_38580411.20 CREDIT AGREEMENT the Revolving Limit, the Used Vehicle Leasing Limit and/or the Wholesale Leasing Limit (each a “Reallocation”). (b) Master Borrower may request a Reallocation no more frequently than once in any Fiscal Quarter (unless otherwise approved by the Administrative Agent and the Required Lenders in their sole discretion). If Master Borrower wish to request a Reallocation, Master Borrower shall give the Administrative Agent irrevocable written notice thereof in such form as is acceptable to the Agent (a “Reallocation Request”) no later than 11:00 a.m. (Eastern Time) at least two (2) Business Days prior to the requested effective date of the Reallocation. The Administrative Agent will promptly notify Master Borrower and the Lenders of the effective date of any Reallocation and the amount of the new Commitments for each Lender and Schedule 1.1(42) hereto shall be deemed to be amended accordingly. (c) Following any Reallocation, (i) the aggregate Committed Facility Limits shall not change; (ii) the aggregate Used Vehicle Flooring Facility Limit (A) shall not be more than 40% of the amount of the aggregate Committed Facility Limits at the time of such Reallocation, and (B) shall not be less than the then outstanding principal balance of the Used Vehicle Flooring Loans and the Used Vehicle Flooring Swing Line Loans; (iii) the aggregate Revolving Limit (A) shall not be more than 40% of the amount of the aggregate Committed Facility Limits at the time of such Reallocation, and (B) shall not be less than the then outstanding principal balance of the Revolving Loans and Revolving Swing Line Loans plus any L/C Exposure and unpaid L/C Disbursements; (iv) the aggregate Wholesale Leasing Flooring Limit (A) shall not be more than 90% of the amount of the aggregate Committed Facility Limits at the time of such Reallocation, and (B) shall not be less than the then outstanding principal balance of the Wholesale Leasing Loans; and (v) the Daily Rental Limit shall not be less than the then outstanding principal balance of the Daily Rental Loans. (d) All Reallocations shall be made pro rata among the Lenders according to their respective Applicable Percentage of the applicable Credit Facilities. (e) In connection with a Reallocation (a) the Wholesale Flooring Facility Limit, the Revolving Swing Line Limit, the L/C Sublimit and the Used Vehicle Flooring Swing Line Limit shall not be increased, (b) the Used Vehicle Flooring Swing Line Limit shall not be reduced unless the Used Vehicle Flooring Facility Limit is reduced to less than the amount of the Used Vehicle Flooring Swing Line Limit, (c) the Revolving Swing Line Limit and the L/C Sublimit shall not be reduced unless the Revolving Limit is reduced to less than the amount of the Revolving Swing Line Limit and L/C Sublimit, as applicable. (f) Following any Reallocation, the Revolving Limit, the Used Vehicle Flooring Facility Limit, the Wholesale Leasing Limit and the Daily Rental Limit and the updated Commitment amounts of each Lender based on their respective Applicable Percentages shall be noted in the Administrative Agent’s records, which records will be conclusive evidence thereof, absent manifest error; provided, however, that any failure by the Administrative Agent to record such information shall not affect or limit the obligations of the Borrowers hereunder.
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- 59 - EXECUTION COPY LEGAL_38580411.20 CREDIT AGREEMENT (b) L/C Fee Payable. In addition to the fees and expenses under Section 3.3(4)(a) above, Revolving Borrowers shall pay to the Administrative Agent, for the rateable account of the L/C Issuer and the Lenders, a fee (“L/C Fee”) with respect to each L/C in an amount equal to the Applicable Margin for L/C Fees then in effect, which fee shall be payable quarterly in arrears on the last day of March, June, September and December after the date of issuance for the number of days elapsed until the last day of the relevant quarterly period or the last day of the Contract Period for such L/C, as the case may be, and based on a year of 365 days, and shall not be refundable. (c) Distribution of Fees. The Administrative Agent shall, promptly following its receipt thereof, distribute to the L/C Issuer and the Lenders all fees and commissions received by the Administrative Agent for their respective accounts pursuant to this Section 3.3(4). (5) Reimbursement Obligation of the Borrowers. (a) The Borrowers shall reimburse the L/C Issuer on each date on which a drawing is made under any L/C and paid by the L/C Issuer for the amount equal to the aggregate of (i) such drawing so paid and (ii) any charges or other reasonable costs or expenses payable under Section 3.3 which are incurred by the L/C Issuer in connection with such payment. Each such payment shall be made to the L/C Issuer at its Branch of Account in lawful money of the currency in which such L/C is denominated and in immediately available funds. (b) Unless the Borrowers shall reimburse the L/C Issuer for such L/C Disbursement and such other amounts owing under Section 3.3(5)(a) due in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such amounts are paid to but excluding the date that the Borrowers reimburses such unpaid amounts, at the rate per annum then applicable to a Prime Loan under the Revolving Facility. (6) Obligations Absolute. (a) The obligations of the Borrowers under this Section 3.3 shall be absolute and unconditional under any and all circumstances and irrespective of any set-off, compensation, counterclaim or defence to payment which the Borrowers may have or have had against the L/C Issuer or any beneficiary of a L/C issued for the account of the Borrowers. (b) The Borrowers agrees with the L/C Issuer that the L/C Issuer shall not be responsible for, and the Borrowers’ obligations under Section 3.3(5) shall not be affected by, among other things, (i) the validity or genuineness of documents even though such documents shall in fact prove to be invalid, fraudulent or forged, or (ii) any dispute between or among the Borrowers and any beneficiary of any L/C or any other party to which such L/C may be transferred or (iii) any claims whatsoever of the Borrowers against any beneficiary of such L/C or any such transferee, except that the Borrowers reserves its right to subsequently assert
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- 62 - EXECUTION COPY LEGAL_38580411.20 CREDIT AGREEMENT Administrative Agent for the account of the L/C Issuer such L/C Participant’s Applicable Percentage of such unreimbursed amount arising from any wrongful payment made by the L/C Issuer under such Letter of Credit as a result of acts or omissions constituting willful misconduct or gross negligence on the part of the L/C Issuer. If the L/C Issuer so notifies, prior to 12:00 Noon (EST) on any Business Day, any L/C Participant required to fund a payment under such Letter of Credit, such L/C Participant shall make available to the Administrative Agent for the account of the L/C Issuer such L/C Participant’s Applicable Percentage of the amount of such payment on such Business Day in same day funds. If and to the extent such L/C Participant shall not have so made its Applicable Percentage of the amount of such payment available to the Administrative Agent for the account of the L/C Issuer, such L/C Participant agrees to pay to the Administrative Agent for the account of such the L/C Issuer, forthwith on demand, such amount, together with interest thereon for each day from such date until the date such amount is paid to the Administrative Agent for the account of the L/C Issuer at the standard interbank reference rate then in effect in Canada. The failure of any L/C Participant to make available to the Administrative Agent for the account of a the L/C Issuer such L/C Participant’s Applicable Percentage of any payment under any Letter of Credit shall not relieve any other L/C Participant of its obligation hereunder to make available to the Administrative Agent for the account of the L/C Issuer such other L/C Participant’s Applicable Percentage of any payment under such Letter of Credit on the date required, as specified above, but no L/C Participant shall be responsible for the failure of any other L/C Participant to make available to the Administrative Agent such other L/C Participant’s Applicable Percentage of any such payment. (d) Whenever the L/C Issuer receives a payment in respect of an unpaid reimbursement obligation as to which the Administrative Agent has received for the account of the L/C Issuer any payments from the L/C Participants pursuant to paragraph (c) above, the L/C Issuer shall pay to the Administrative Agent and the Administrative Agent shall promptly pay to each L/C Participant that has paid its applicable portion of such reimbursement obligation, in Canadian Dollars and in same day funds, an amount equal to such L/C Participant’s share (based upon the proportionate aggregate amount originally funded by such L/C Participant to the aggregate amount funded by all L/C Participants) of the principal amount of such reimbursement obligation and interest thereon accruing after the purchase of the respective L/C Participations. (e) The obligations of the L/C Participants to make payments to the Administrative Agent for the account of the L/C Issuer with respect to Letters of Credit issued by it shall be irrevocable and not subject to counterclaim, set-off or other defense or any other qualification or exception whatsoever and shall be made in accordance with the terms and conditions of this Agreement under all circumstances, including, without limitation, any of the following circumstances: (i) any lack of validity or enforceability of this Agreement or any of the other Loan Documents;
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- 73 - EXECUTION COPY LEGAL_38580411.20 CREDIT AGREEMENT fails to consent to an amendment or waiver approved by the Required Lenders as to any matter for which the consent of all Lenders is required hereunder, then Master Borrower may either, at its sole expense and effort, upon 10 days’ notice to such Lender and the Administrative Agent (i) repay all outstanding amounts due to such affected Lender (or such portion which has not been acquired pursuant to clause (ii) below) and thereupon such Applicable Percentage of such Lender (in respect of the Wholesale Flooring Facility) and Commitments of the affected Lender shall be permanently cancelled and the aggregate Applicable Percentages (in respect of the Wholesale Flooring Facility) and Commitments shall be permanently reduced by the same amount and the allocations (in respect of the Wholesale Flooring Facility) and the Commitments of each of the other Lenders shall remain the same; or (ii) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Article 14), all of its interests, rights and obligations under this Agreement and the related Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment), provided that; (a) incumbent Lenders (that is not at such time a Defaulting Lender) shall have the right to assume any such rights and obligations in accordance with their Applicable Percentage in priority to any other Person which is not a Lender at the time that Master Borrower has provided the aforementioned notice to the Administrative Agent; (b) any consent required pursuant to Section 14.2 in respect of such assignee shall have been obtained; (c) the Borrowers pays the Administrative Agent the assignment fee specified in Section 14.2; (d) the assigning Lender receives payment of an amount equal to the outstanding principal of its Loans and in the case of the L/C participations in disbursements under Letters of Credit, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any breakage costs and amounts required to be paid under this Agreement as a result of prepayment to a Lender) from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrowers (in the case of all other amounts); (e) in the case of any such assignment resulting from a claim for compensation under Section 4.10 or payments required to be made pursuant to Section 4.11, such assignment will result in a reduction in such compensation or payments thereafter; and (f) such assignment does not conflict with Applicable Law. A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrowers to require such assignment and delegation cease to apply.
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- 75 - EXECUTION COPY LEGAL_38580411.20 CREDIT AGREEMENT paragraph 5.2(c) below are applicable at that time, advise Master Borrower which Lenders have agreed to extend the Termination Date to the New Date pursuant to the Extension Request, and deliver to Master Borrower an acceptance of the Extension Request, which may be conditional upon any additional terms and conditions specified by the Administrative Agent (the date on which Administrative the Agent notifies Master Borrower of such conditional acceptance being the “Extension Decision Date”). If the acceptance is not conditional upon additional terms and conditions, effective on the Anniversary Date, the Termination Date shall be extended to the New Date. If the acceptance is conditional upon additional terms and conditions, Master Borrower shall have 10 Business Days to accept such additional terms and conditions. Upon written notice being provided by Master Borrower to the Administrative Agent accepting such additional terms and conditions, the Termination Date shall be extended to the New Date effective on the Anniversary Date. For clarity, any extension of the Termination Date shall not limit the Lenders’ right to make demand at any time in respect of the Wholesale Flooring Facility, and shall not extend the time for any repayment required hereunder, other than repayments to be made on the Termination Date which shall be extended to the New Date. (b) For the purposes of this Section 5.2: (i) a “Non-Agreeing Lender” means any Requested Lender which does not agree (or is deemed not to have agreed) to extend the Termination Date pursuant to Section 5.2(a), and (ii) an “Agreeing Lender” means any Requested Lender which agrees to extend the Termination Date pursuant to Section 5.2(a). (c) If, in respect of any Extension Request, the Required Lenders are Non-Agreeing Lenders, then: (i) the Termination Date for all Requested Lenders shall not be extended; and (ii) the Borrowers shall not be entitled to request any further extensions of the Termination Date. (d) If all Requested Lenders agree to the Extension Request pursuant to Section 5.2(a), then the Termination Date for all Requested Lenders shall be extended to the New Date pursuant to such Section 5.2(a). (e) If, after any Extension Request pursuant to Section 5.2(a), the provisions of Section 5.2(c) and 5.2(d) are not applicable, then: (i) each of the Agreeing Lenders shall have the right, but not the obligation, to purchase the Commitment of any Non-Agreeing Lender, and each of the Agreeing Lenders wishing to exercise its rights to purchase the Commitment of a Non-Agreeing Lender (each, a “Purchasing Lender”) shall forthwith so notify Master Borrower, the Administrative Agent and the other Lenders, and such Purchasing Lender shall thereupon be obligated to purchase not less than the 30th day after the Extension Decision Date an amount of such Commitment equal to the Commitment of the Non-Agreeing Lender multiplied by such Purchasing Lender’s
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- 76 - EXECUTION COPY LEGAL_38580411.20 CREDIT AGREEMENT Applicable Percentage of the Credit Facilities over the aggregate of all Purchasing Lenders’ Applicable Percentage of the Credit Facilities, or as otherwise agreed to by Master Borrower and all Purchasing Lenders. The Non-Agreeing Lender, the Purchasing Lender(s), the Administrative Agent, the Borrowers and each of the other Lenders, if any, shall forthwith duly execute and deliver any necessary documentation to give effect to such purchase, whereupon the Non-Agreeing Lender shall, as of the effective date thereof, be released from its obligations to the Borrowers hereunder and under the other Loan Documents arising subsequent to such date; or (ii) if none of the Agreeing Lenders exercises its rights under Section 5.2(e)(i), then Master Borrower shall: (A) so long as there exists no Default or Event of Default which is continuing, repay all Obligations owing hereunder to any such Non-Agreeing Lender on or prior to the 30th day after the Extension Decision Date (and in any event no later than the unextended Termination Date applicable to Borrowers and such Non-Agreeing Lender), and upon such payment any such Non- Agreeing Lender shall cease to be a Lender hereunder and each such Non-Agreeing Lender’s Commitment shall be terminated and the applicable Commitment reduced accordingly; or (B) arrange for a replacement lender (or lenders) (which may be one or more Lenders) to replace each Non-Agreeing Lender’s Loans and its Commitment; provided that any such replacement lender (or lenders) (if not already a Lender hereunder) shall have been approved by the Administrative Agent (acting reasonably), shall qualify as a permitted assignee and all other requirements hereunder shall have been satisfied on or prior to the 30th day after the Extension Decision Date, and in respect of which the Lenders shall do all things and make all such adjustments as are reasonably necessary to give effect to any such replacement. (f) Master Borrower understands that consideration of any Extension Request constitutes an independent credit decision which each Lender retains the absolute and unfettered discretion to make, and that no commitment in this regard is hereby given by any Lender. (g) Notwithstanding the foregoing, the Termination Date will not be extended if a Default or Event of Default has occurred and is continuing, unless such Default or Event of Default is waived by all of the Agreeing Lenders; provided that any such waiver shall, unless otherwise specified therein, be effective only for the purposes of this Article 5. (h) This Section shall apply to permit two (2) extensions of the Termination Date .
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- 82 - EXECUTION COPY LEGAL_38580411.20 CREDIT AGREEMENT (f) a certificate of each of the General Partners, for and on behalf of itself and its applicable Borrower, executed by a Responsible Officer of the such General Partner, certifying: (i) the names and the specimen signatures of the Persons authorized to sign this Agreement and any other Loan Documents to be executed and delivered by the Obligor under this Agreement as of the Closing Date; (ii) that the constating documents and the by-laws of each General Partner and the limited partnership agreement for its applicable Borrower, which in each case shall be attached thereto, are complete and correct copies and that such constating documents, by-laws and limited partnership agreement have not been amended, modified or supplemented except as attached thereto and are in full force and effect; and (iii) the directors’ resolutions of each General Partner and all other corporate and partnership authorizations necessary to authorize the execution and delivery of and the performance by the Obligors of its obligations under this Agreement, the Security Documents and the other Loan Documents to which it is a party and all the transactions contemplated thereby; (g) a certificate of status, good standing, or equivalent in respect of each Obligor issued under the laws of the applicable jurisdictions in which such Obligor was incorporated or formed, as the case may be; (h) legal opinions of counsel to the Obligors in all relevant jurisdictions, in each case, addressed to the Administrative Agent and each Lender with respect to, inter alia, as applicable, due authorization, execution, delivery by, and enforceability against, the Obligors of this Agreement, the Fee Letter, the Supplemental Fee Letter and the Security Documents executed and delivered by the Obligors as of the Closing Date and, with respect to the Provinces of Ontario, Alberta and British Columbia, the creation of a valid security interest and the perfection, by way of registration, of such security interests (with respect to the GSA), subject to usual and customary assumptions and qualifications; and (i) such other documents as the Administrative Agent and the Lenders may reasonably require in connection with the Credit Facilities including, without limitation, standard documentation used by a Lender in connection with the issuance of Letters of Credit. (2) Registration of Security Documents. All registrations, recordings and filings of or with respect to the Security Documents which in the opinion of counsel to the Administrative Agent are necessary to render effective and perfected, or to give notice of, the security intended to be created thereby shall have been completed. (3) Insurance. The Administrative Agent shall have received duly executed certificate(s) of insurance evidencing the insurance required under this Agreement showing first loss payable to the Administrative Agent and showing the Administrative Agent as an additional insured under all liability policies.
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- 85 - EXECUTION COPY LEGAL_38580411.20 CREDIT AGREEMENT will not result in the creation of any Lien, except as set out in the Security Documents, upon any of its assets or properties under any Material Contract. (3) Authorization, Execution, Delivery and Binding Effect. Each of this Agreement, the Security Documents and the other Loan Documents executed by the Obligors has been or will be duly authorized, executed and delivered and constitutes or will constitute a legal, valid and binding obligation of the Obligors, enforceable in accordance with its terms, subject to (a) applicable bankruptcy, insolvency, moratorium, reorganization or other similar laws affecting creditors’ rights generally, (b) the fact that specific performance and injunctive relief may only be given at the discretion of the courts, and (c) the equitable or statutory powers of the courts to stay proceedings before them and to stay the execution of judgments. (4) No Approvals Required. (a) Each of the Obligors has obtained all Governmental Approvals which are necessary for the conduct of its business as presently conducted, each of which is in full force and effect, is a good, valid and subsisting approval which has not been surrendered, forfeited or become void or voidable and is unamended, (b) there is no default under any Governmental Approval, nor are there any proceedings in progress, pending or threatened which may result in the revocation, suspension or material adverse modification of the Governmental Approval, and (c) no further registration, order, permit, filing, consent, authorization, licence, decree or approval of, from or with any Person (including any Governmental Authority) is necessary or advisable in order to ensure the legality, validity, binding effect and enforceability of this Agreement, the Security Documents, or any other Loan Document or the execution, delivery or performance of the Obligors’ Obligations, except in each case referred to in (a) and (b), to the extent it would not reasonably be expected to have a Material Adverse Effect. (5) Financial Statements. Master Borrower’s most recent consolidated financial statements (including pro forma consolidated financial statements), copies of which have been furnished to the Administrative Agent, were prepared in accordance with GAAP applied on a basis consistent with preceding periods, except as stated therein or in the notes, and those financial statements fairly represent Master Borrower’s financial condition as at their date. (6) Material Adverse Change. Since the date of the financial statements referred to in Section 9.1(5), except as otherwise disclosed to the Administrative Agent in writing, there has been no Material Adverse Change with respect to the Obligors and no other change, event or condition has occurred that has had, or would reasonably be expected to have, a Material Adverse Effect. (7) Contingent Liabilities and Debt. None of the Obligors has any contingent liabilities which are not disclosed in the most recent financial statements furnished to the Administrative Agent or otherwise disclosed to the Administrative Agent in writing which would have a Material Adverse Effect, nor has any of the Obligors incurred any Debt which would have a Material Adverse Effect which is not disclosed in those financial statements or otherwise disclosed to the Administrative Agent in writing. (8) Title to Assets and Liens. Each of the Obligors are the legal and beneficial owners of, or validly leases, all of their respective real and personal assets free and clear of any Liens, other than Permitted Liens, and attached hereto as Schedule 9.1(8) is a list of all owned real property owned by any of the Obligors (the “Owned Property”).
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- 89 - EXECUTION COPY LEGAL_38580411.20 CREDIT AGREEMENT Environmental Laws, except in each case where failure to do would not reasonably be expected to have a Material Adverse Effect. (4) Government Approvals. The Obligors shall obtain and maintain, by the observance and performance of all obligations thereunder and conditions thereof, all Government Approvals required for it and them to carry on their respective businesses. (5) Conduct of Business. Each of the Obligors shall: (a) conduct its business in a proper and efficient manner and keep proper books of account and records with respect to the operation of its business; (b) diligently maintain, repair, use and operate its property and premises in a commercially reasonable and efficient manner; (c) maintain its physical assets in good condition so that each asset may be used at all times for the purpose for which it was intended; and (d) comply in with its obligations under its Material Contracts except where failure to do would not reasonably be expected to have a Material Adverse Effect. (6) Rights of Inspection and Audit. (a) at any reasonable time during normal business hours and from time to time upon reasonable prior notice, not more than twice per year per Obligor, unless an Event of Default has occurred and is continuing, the Obligors shall permit the Administrative Agent and any Lender or any representative thereof (at the reasonable expense of the Borrowers) to (i) examine and make copies of and abstracts from the records and books of account of the Obligors, (ii) visit and inspect the premises and properties of the Borrowers (in each case at the risk of the Borrowers, except for the gross negligence or wilful misconduct of the inspecting party or the failure of any such inspecting party to comply with the Obligors’ health and safety requirements, as advised to such inspecting party), and (iii) discuss (outside of the normal course communications between the Administrative Agent and any Obligor) the affairs, operations, finances and accounts of the Obligors with any of the officers or directors of the Obligors or, with the prior written consent of Master Borrower or after the occurrence and during the continuance of an Event of Default, their respective accountants, consultants or other third party consultants or representatives of the Obligors, and (b) make the necessary information available and permit the Agent and the Lenders or their agents to conduct flooring, and/or daily rental and/or revolving term audits, as applicable, during normal business hours once per Fiscal Quarter for each Borrower, provided that the Administrative Agent and the Lenders reserve the right to increase the frequency of such audits once per month for each Borrower if (i) an Event of Default has occurred and is continuing or (ii) the results of a prior audit were not satisfactory to the Agent and the Lenders, acting reasonably, and the applicable Borrower is provided with written notice that such results were not satisfactory. Except for information required to be disclosed by Applicable Law and information in the public domain, any information regarding the Obligors obtained pursuant to this Section 10.1(6) or otherwise pursuant to any Loan Document shall, for so long as no Event of Default has occurred and is continuing, not be disclosed to third parties other than agents or other professionals engaged by the Administrative Agent or any Lender to advise it with respect to this Agreement.
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- 91 - EXECUTION COPY LEGAL_38580411.20 CREDIT AGREEMENT Pension Plan; and (ii) notification any material increases in the benefits of any existing Canadian Pension Plan, or the establishment of any new Canadian Pension Plan. (13) Use of Proceeds. The Borrowers shall use all Borrowings solely for the purposes set out in Article 2. (14) Bank Accounts. The Borrower shall maintain all of their operating bank accounts with the Administrative Agent. (15) Additional Borrower. (a) The Borrowers shall, within thirty (30) days, cause any Person that is or becomes a Designated Subsidiary of any of the Borrowers to become a “Borrower” for the purposes of this Agreement and the other Borrowers shall cause such new Borrower to: (i) execute and deliver in favour of the Administrative Agent a Joinder Agreement; (ii) grant or cause to be granted to the Administrative Agent a first priority perfected Lien (subject to Permitted Liens) in all of the assets of such new Borrower(s) (which grant may be included in the Joinder Agreement); and (iii) execute such other documents and take such other actions, including delivery of legal opinions of counsel to such Borrower, as may be reasonably required by the Lenders in connection therewith. (b) Upon compliance with the applicable requirements of this Section, the applicable Designated Subsidiary shall become a Borrower hereunder and under the other applicable Loan Documents with the same force and effect as if originally named as a Borrower herein. The execution and delivery by an additional Borrower of a Joinder Agreement adding such additional Borrower as a party to this Agreement and the applicable Security Documents shall not require the consent of any other Obligor hereunder. The rights and obligations of each Obligor hereunder shall remain in full force and effect notwithstanding the addition of any new Borrower hereunder. (16) Maintenance of Perfection; Further Assurances Without limiting the foregoing, each Obligor will execute and deliver to the Administrative Agent such documents, agreements and instruments, and will take or cause to be taken such further actions (including the filing and recording of financing statements, fixture filings, mortgages (but only with respect to Eligible Real Property), delivery of legal opinions and/or title insurance policies, and other documents and such other actions or deliveries of the type required by Section 7.1 as applicable), which may be required by Applicable Law or which the Administrative Agent may, from time to time, reasonably request to carry out the terms and conditions of this Agreement and the other Loan Documents and to ensure perfection and priority of the Liens created or intended to be created by the Security Documents, all at the expense of the Obligors.
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- 95 - EXECUTION COPY LEGAL_38580411.20 CREDIT AGREEMENT (ii) capitalized rent payments in connection with any Permitted Acquisition shall be calculated on a trailing twelve month basis, (iii) Debt and Interest Expense incurred with respect to the Wholesale Flooring Facility, the Used Vehicle Flooring Facility, the Wholesale Leasing Facility, the Rental Facility and any Manufacturer Flooring Facility shall excluded from the calculation, and (iv) for the first four Fiscal Quarters from the Closing Date only, Distributions are to be normalized. Section 10.4 Accounting, Financial Statements and Other Information While any amount owing under this Agreement or any of the other Loan Documents remains unpaid, or the Administrative Agent or the Lenders have any obligations under this Agreement or any of the other Loan Documents, the Obligors covenant with each Lender and the Administrative Agent as follows: (1) General. The Obligors shall maintain a system of accounting established and administered in accordance with GAAP consistently applied and shall set aside on their respective books all proper reserves as GAAP shall require. (2) Monthly Reports. The applicable Borrowers shall provide the Administrative Agent with the following reports on a monthly basis, promptly upon availability, and in any event within 30 days of the end of each month in each Fiscal Year (except December) and within forty five (45) days of the month ending after December 31st: (a) a Revolving Facility Borrowing Base Certificate with accompanying calculation in a form satisfactory to the Administrative Agent; (b) a Used Vehicle Flooring Facility Borrowing Base Certificate with accompanying Used Vehicle Flooring Borrowing Base report in a form satisfactory to the Administrative Agent; (c) a monthly Wholesale Leasing Borrowing Base Certificate attaching a monthly Wholesale Lease Management Report in a form satisfactory to the Administrative Agent; and (d) a monthly Daily Rental Borrowing Base Certificate attaching a monthly Daily Rental Management Report in a form satisfactory to the Administrative Agent. (3) Quarterly Reports. The applicable Borrowers shall provide the Administrative Agent with the following reports on a quarterly basis (unless otherwise noted), promptly upon availability, and in any event within 45 days (unless otherwise noted) of the end of each Fiscal Quarter in each Fiscal Year: (a) quarterly internally prepared interim consolidated financial statements of Master Borrower (excluding any Non-Designated Subsidiary) together with accompanying cash flow statement (provided that cash flow statement to be delivered starting Fiscal Quarter ending September 30, 2022), for the first three
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- 96 - EXECUTION COPY LEGAL_38580411.20 CREDIT AGREEMENT Fiscal Quarters in each Fiscal Year (including a breakdown of sales, cost of sales and inventory (new, used, parts/services), the outstanding Funded Debt under each of the Credit Facilities and any other Funded Debt, breakdown of other current assets and providing unit sales for new and used vehicles, and inventory number of units; (b) quarterly internally prepared interim unconsolidated financial statements of each Borrower for the first three Fiscal Quarters in each Fiscal Year; (c) a quarterly wholesale lease loan loss and payment delinquency report within 30 days of the end of each Fiscal Quarter, which report shall include delinquency aging for leases included in the most recent Lease Management Report; and (d) a Compliance Certificate for the first three Fiscal Quarters in each Fiscal Year. (4) Annual Reports. The Borrowers shall provide the Administrative Agent with the following reports, promptly upon availability, and in any event within 120 days of the end of each Fiscal Year: (a) annual internally prepared financial statements of Master Borrower, on a consolidated basis (but excluding any Non-Designated Subsidiary) together with accompanying cash flow statement (including a breakdown of sales, cost of sales and inventory (new, used, parts/services), the outstanding Funded Debt under each of the Credit Facilities and any other Funded Debt, breakdown of other current assets and providing unit sales for new and used vehicles ,and inventory number of units, (b) quarterly internally prepared interim unconsolidated financial statements of each Borrower for the Fiscal Quarter ending December 31 in each Fiscal Year, (c) a Compliance Certificate for the Fiscal Year, and (d) an updated corporate organizational chart. (5) Notice of Material Events. The Borrowers will furnish to the Administrative Agent and each Lender prompt written notice of the following: (a) receipt of any notice of any investigation, litigation or proceeding by a Governmental Authority that (i) seeks damages in excess of the Threshold Amount, (ii) seeks injunctive relief and which would reasonably be expected to have a Material Adverse Effect, (iii) is asserted or instituted against any Canadian Benefit Plan, Canadian Pension Plan, its fiduciaries or its assets, and which would reasonably be expected to have a Material Adverse Effect, (iv) alleges criminal misconduct by any Obligor, (v) alleges the violation of any law regarding, or seeks remedies in connection with, any Environmental Laws and which would reasonably be expected to have a Material Adverse Effect, (vi) contests any Taxes, fee, assessment, or other charge of a Governmental Authority in excess of the Threshold Amount, or (vi) involves any product recall, the result of which would reasonably be expected to have a Material Adverse Effect;
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- 105 - EXECUTION COPY LEGAL_38580411.20 CREDIT AGREEMENT Section 13.3 Exculpatory Provisions (1) The Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the other Loan Documents. Without limiting the generality of the foregoing, the Administrative Agent: (a) shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing; (b) shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for in the Loan Documents), but the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any Loan Document or Applicable Law; (c) shall not, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrowers or any of its Affiliates that is communicated to or obtained as the Administrative Agent or any of its Affiliates in any capacity; and (d) although the Administrative Agent shall promptly deliver to each of the Lenders, at their respective Branches of Account, all documents, papers, materials and other information as are furnished by the Borrowers to the Agent on behalf of the Lenders under this Agreement, it shall have no other obligation to provide any Lender with any credit or other information whatsoever with respect to the Borrowers and shall be under no obligation to inquire as to the performance by the Borrowers of its obligations under this Agreement or any other Loan Document. (2) The Administrative Agent shall not be liable for any action taken or not taken by it (a) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as is necessary, or as the Administrative Agent believes in good faith is necessary, under the provisions of the Loan Documents) or (b) in the absence of its own gross negligence or wilful misconduct. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until notice describing the Default is given to the Administrative Agent by any of the Borrowers or a Lender. (3) Except as otherwise expressly specified in this Agreement, the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (a) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (b) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (c) the financial condition of any Borrower, (d) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (e) the validity,
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- 107 - EXECUTION COPY LEGAL_38580411.20 CREDIT AGREEMENT Section 13.7 Replacement of Administrative Agent (1) The Administrative Agent may at any time give notice of its resignation to the Lenders, the L/C Issuer and the Borrowers. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, with the prior written consent of the Master Borrower (but only if no Event of Default has occurred and is continuing), to appoint a successor, which shall be a Lender and having an office in Toronto, Ontario, or an Affiliate of any such Lender with an office in Toronto. The Administrative Agent may also be removed at any time by the Required Lenders upon 30 days’ notice to the Administrative Agent and the Borrowers as long as the Required Lenders, with the prior written consent of the Master Borrower (but only if no Event of Default has occurred and is continuing), appoint and obtain the acceptance of a successor within such 30 days, which shall be a Lender having a Commitment and having an office in Toronto, or an Affiliate of any such Lender with an office in Toronto. (2) If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may on behalf of the Lenders, appoint a successor Administrative Agent meeting the qualifications specified in Section 13.7(1), provided that if the Administrative Agent shall notify the Borrowers and the Lenders that no qualifying Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice and (a) the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any collateral security held by the Administrative Agent on behalf of the Lenders under any of the Loan Documents, the retiring Administrative Agent shall continue to hold such collateral security until such time as a successor Administrative Agent is appointed) and (b) all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender directly, until such time as the Required Lenders appoint a successor Administrative Agent as provided for in Section 13.7(1). (3) Upon a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the former Administrative Agent, and the former Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided in Section 13.7(1)). The fees payable by the Borrowers to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrowers and such successor. After the termination of the service of the former Administrative Agent, the provisions of this Article 13 and of Section 15.8 shall continue in effect for the benefit of such former Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the former Administrative Agent was acting as Administrative Agent. Section 13.8 Non-Reliance on Administrative Agent and Other Lenders Each of the Lenders and the L/C Issuer acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each of the Lenders and the L/C Issuer also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and
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- 110 - EXECUTION COPY LEGAL_38580411.20 CREDIT AGREEMENT with respect to an Erroneous Payment unless such demand is made within two (2) days of the date of receipt of such Erroneous Payment by the applicable Payment Recipient), such Erroneous Payment shall at all times remain the property of the Administrative Agent and shall be segregated by the Payment Recipient and held in trust for the benefit of the Administrative Agent, and such Lender shall (or, with respect to any Payment Recipient who received such funds on its behalf, shall cause such Payment Recipient to promptly, but in no event later than two (2) Business Days thereafter, return to the Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made, in same day funds (in the currency so received), together with interest thereon in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Payment Recipient to the date such amount is repaid to the Administrative Agent in same day funds at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect. A notice of the Administrative Agent to any Payment Recipient under this Section 13.12(a) shall be conclusive, absent manifest error. (b) Without limiting Section 13.12(a), each Lender, or any Person who has received funds on behalf of a Lender, hereby further agrees that if it receives a payment, prepayment or repayment (whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise) from the Administrative Agent (or any of its Affiliates) (x) that is in a different amount than, or on a different date from, that specified in a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates) with respect to such payment, prepayment or repayment, (y) that was not preceded or accompanied by a notice of payment, prepayment or repayment sent by the Agent (or any of its Affiliates), or (z) that such Lender or other such recipient, otherwise becomes aware was transmitted, or received, in error or by mistake (in whole or in part) in each case: (i) (A) in the case of Section 13.12(b) (x) or (y), an error shall be presumed to have been made (absent written confirmation from the Administrative Agent to the contrary) or (B) an error has been made (in the case of Section 13.12(b)(z)), in each case, with respect to such payment, prepayment or repayment; and (ii) such Lender shall (and shall cause any other recipient that receives funds on its respective behalf to) promptly (and, in all events, within one (1) Business Day of its knowledge of such error) notify the Administrative Agent of its receipt of such payment, prepayment or repayment, the details thereof (in reasonable detail) and that it is so notifying the Administrative Agent pursuant to this Section 13.12(b)(ii). (c) Each Lender hereby authorizes the Administrative Agent to set off, net and apply any and all amounts at any time owing to such Lender under any Loan Document, or otherwise payable or distributable by the Administrative Agent to such Lender
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- 111 - EXECUTION COPY LEGAL_38580411.20 CREDIT AGREEMENT from any source, against any amount due to the Agent under Section 13.12(a), Section 13.12(b) or under the indemnification provisions of this Agreement. (d) In the event that an Erroneous Payment (or portion thereof) is not recovered by the Administrative Agent for any reason, after demand therefor by the Administrative Agent in accordance with Section 13.12(a), from any Lender that has received such Erroneous Payment (or portion thereof) (and/or from any Payment Recipient who received such Erroneous Payment (or portion thereof) on its respective behalf) (such unrecovered amount, an “Erroneous Payment Return Deficiency”), upon the Administrative Agent’s notice to such Lender at any time, (i) such Lender shall be deemed to have assigned its Loans (but not its Commitments) of the relevant Credit Facility with respect to which such Erroneous Payment was made (the “Erroneous Payment Impacted Facility”) in an amount equal to the Erroneous Payment Return Deficiency (or such lesser amount as the Administrative Agent may specify) (such assignment of the Loans (but not Commitments) of the Erroneous Payment Impacted Facility, the “Erroneous Payment Deficiency Assignment”) at par plus any accrued and unpaid interest (with the assignment fee to be waived by the Administrative Agent in such instance), and is hereby (together with the Borrowers) deemed to execute and deliver an Assignment Agreement with respect to such Erroneous Payment Deficiency Assignment (with such modifications as are necessary, in the Administrative Agent’s sole discretion, to ensure that only Loans, and not Commitments, are assigned thereunder), (ii) the Administrative Agent as the assignee Lender shall be deemed to acquire the Erroneous Payment Deficiency Assignment, (iii) upon such deemed acquisition, the Administrative Agent as the assignee Lender shall become a Lender hereunder with respect to such Erroneous Payment Deficiency Assignment and the assigning Lender shall cease to be a Lender, hereunder with respect to such Erroneous Payment Deficiency Assignment, excluding, for the avoidance of doubt, its obligations under the indemnification provisions of this Agreement and its applicable Commitments which shall survive as to such assigning Lender and (iv) the Administrative Agent may reflect in the Register its ownership interest in the Borrowings subject to the Erroneous Payment Deficiency Assignment. The Administrative Agent may, in its discretion, but subject to Section 14.2 (as if it were a Lender), sell any Loans acquired pursuant to an Erroneous Payment Deficiency Assignment and upon receipt of the proceeds of such sale, the Erroneous Payment Return Deficiency owing by the applicable Lender shall be reduced by the net proceeds of the sale of such Loan (or portion thereof), and the Administrative Agent shall retain all other rights, remedies and claims against such Lender (and/or against any recipient that receives funds on its respective behalf). For the avoidance of doubt, no Erroneous Payment Deficiency Assignment will reduce the Commitments of any Lender and such Commitments shall remain available in accordance with the terms of this Agreement. In addition, each party hereto agrees that, except to the extent that the Administrative Agent has sold a Loan (or portion thereof) acquired pursuant to an Erroneous Payment Deficiency Assignment, and irrespective of whether the Administrative Agent may be equitably subrogated, the Administrative Agent shall be contractually subrogated to all the rights and interests of the applicable Lender under the Loan Documents with respect to each Erroneous Payment Return Deficiency (the “Erroneous Payment Subrogation Rights”).
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- 114 - EXECUTION COPY LEGAL_38580411.20 CREDIT AGREEMENT (a) except if (i) an Event of Default has occurred and is continuing or (ii) in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and the Loans at the time owing to it or (iii) in the case of an assignment to a Lender or an Affiliate of a Lender or an Approved Fund with respect to a Lender, the aggregate amount of the Commitment or Loan being assigned (which for this purpose includes Loans outstanding thereunder) shall not be less than $10,000,000, unless the Administrative Agent otherwise consents to a lower amount (each such consent not to be unreasonably withheld or delayed); (b) each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Loan or the Commitment assigned; (c) any assignment must be approved by the Administrative Agent and Master Borrower (such approval not to be unreasonably withheld or delayed), after consultation with the Borrowers, unless: (i) the proposed assignee is itself already a Lender or an Affiliate of a Lender or an Approved Fund with respect to a Lender; (ii) the proposed assignee is the Administrative Agent or the Issuing Bank; or (iii) an Event of Default has occurred and is continuing; and (d) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $<*>and the Eligible Assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire. Subject to acceptance and recording thereof by the Administrative Agent pursuant to Section 14.3, from and after the effective date specified in each Assignment and Assumption, the Eligible Assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement and the other Loan Documents, including any collateral security, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Section 4.10 and Section 15.8, and shall continue to be liable for any breach of this Agreement by such Lender, with respect to facts and circumstances occurring prior to the effective date of such assignment. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance Section 14.4. Any payment by an assignee to an assigning Lender in connection with an assignment or transfer shall not be or be deemed to be a repayment by the Borrowers or a new Loan to the Borrowers.
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- 115 - EXECUTION COPY LEGAL_38580411.20 CREDIT AGREEMENT Section 14.3 Register The Administrative Agent shall maintain at one of its offices in Toronto, Ontario a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal amounts of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, absent manifest error, and the Borrowers, the Administrative Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrowers and any Lender, at any reasonable time and from time to time upon reasonable prior notice. Section 14.4 Participations Any Lender may at any time, without the consent of, or notice to, the Borrowers or the Administrative Agent, sell participations to any Person (other than a natural person, an Obligor or any Affiliate of an Obligor) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans owing to it); provided that (a) such Lender’s obligations under this Agreement shall remain unchanged, (b) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (c) the Borrowers, the Administrative Agent and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any payment by a Participant to a Lender in connection with a sale of a participation shall not be or be deemed to be a repayment by the Borrowers or a new Loan to the Borrowers. Subject to Section 14.5, the Borrowers agrees that each Participant shall be entitled to the benefits of Section 4.10 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 14.2. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 12.4 as though it were a Lender, provided such Participant agrees to be subject to Section 12.3 as though it were a Lender. Section 14.5 Limitations Upon Participant Rights A Participant shall not be entitled to receive any greater payment under Sections 4.10 and 4.11 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrowers’ prior written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 4.11 unless the Borrowers are notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrowers, to comply with Section 4.11(5) as though it were a Lender. Section 14.6 Certain Pledges Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, but no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.
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- 120 - EXECUTION COPY LEGAL_38580411.20 CREDIT AGREEMENT modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (b) all reasonable out-of-pocket expenses incurred by the L/C Issuer in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder and (c) all reasonable out-of-pocket expenses incurred by the Administrative Agent, any Lender or the L/C Issuer, including the reasonable fees, charges and disbursements of counsel, in connection with the enforcement or protection of its rights in connection with this Agreement and the other Loan Documents, including its rights under this Section, or in connection with the Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit. (2) Indemnification by the Borrowers. The Borrowers shall indemnify the Administrative Agent (and any sub-agent thereof), each Lender and the L/C Issuer, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses, including the fees, charges and disbursements of any counsel for any Indemnitee, incurred by any Indemnitee or asserted against any Indemnitee by any third party or by any Obligor arising out of, in connection with, or as a result of (a) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance or non-performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation or non-consummation of the transactions contemplated hereby or thereby, (b) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by the L/C Issuer to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (c) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by any Obligor, or any Environmental Liability related in any way to any Obligor, or (d) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by an Obligor and regardless of whether any Indemnitee is a party thereto, provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (x) are determined by a court of competent jurisdiction by final and non- appealable judgment to have resulted from the gross negligence or wilful misconduct of such Indemnitee or (y) result from a claim brought by the Borrowers or any other Obligor against an Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if the Obligor has obtained a final and nonappealable judgment in its favour on such claim as determined by a court of competent jurisdiction, nor shall it be available in respect of matters specifically addressed in Sections 4.10, 4.11 and 15.8(1). (3) Reimbursement by Lenders. To the extent that the Borrowers for any reason fails to indefeasibly pay any amount required under Sections 15.8(1) or (2) to be paid by it to the Administrative Agent (or any sub-agent thereof), the L/C Issuer or any Related Party of any of the foregoing, each Lender severally agrees to pay to the Administrative Agent (or any such sub- agent), the L/C Issuer or such Related Party, as the case may be, such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount, provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent (or any such sub-agent) or the L/C Issuer in its capacity as such, or against any Related Party of any of the foregoing acting for the
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- 121 - EXECUTION COPY LEGAL_38580411.20 CREDIT AGREEMENT Administrative Agent (or any such sub-agent) or L/C Issuer in connection with such capacity. The obligations of the Lenders under this Section 15.8(3) are subject to the other provisions of this Agreement concerning several liability of the Lenders. (4) Waiver of Consequential Damages, etc. To the fullest extent permitted by Applicable Law, the Obligors shall not assert, and hereby waive, any claim against any Indemnitee, on any theory of liability, for indirect, consequential, punitive, aggravated or exemplary damages (as opposed to direct damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby (or any breach thereof), the transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof. No Indemnitee shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby. (5) Payments. All amounts due under this Section shall be payable promptly after demand therefor. A certificate of the Administrative Agent or a Lender setting forth the amount or amounts owing to the Administrative Agent, Lender or a sub-agent or Related Party, as the case may be, as specified in this Section, including reasonable detail of the basis of calculation of the amount or amounts, and delivered to the Borrowers shall be conclusive absent manifest error. Section 15.9 Submission to Jurisdiction Each Obligor irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the courts of the Province of Ontario, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or any other Loan Document, or for recognition or enforcement of any judgment, and each of the parties hereto irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement or in any other Loan Document shall affect any right that the Administrative Agent or any Lender may otherwise have to bring any action or proceeding relating to this Agreement or any other Loan Document against any Obligor or its properties in the courts of any jurisdiction. Section 15.10 WAIVER OF JURY TRIAL EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND
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- 123 - EXECUTION COPY LEGAL_38580411.20 CREDIT AGREEMENT Administrative Agent or any Lender on a non-confidential basis from a source other than an Obligor. (2) For purposes of this Section, “Information” means all information received in connection with this Agreement from any Obligor relating to any Obligor or any of its Subsidiaries or any of their respective businesses, other than any such information that is available to the Administrative Agent or any Lender on a non-confidential basis prior to such receipt. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. In addition, the Administrative Agent may disclose to any agency or organization that assigns standard identification numbers to loan facilities such basic information describing the facilities provided hereunder as is necessary to assign unique identifiers (and, if requested, supply a copy of this Agreement), it being understood that the Person to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to make available to the public only such Information as such person normally makes available in the course of its business of assigning identification numbers. (3) In addition, and notwithstanding anything herein to the contrary, Administrative Agent may provide to the Loan Pricing Corporation and/or other recognized trade publishers information concerning Borrowers and the Credit Facilities of the nature customarily provided to the Loan Pricing Corporation and/or other recognized trade publishers of such information for general circulation in the loan market. (4) With the prior written consent of Master Borrower, Administrative Agent and the Lenders may reproduce, disclose and use customary information about Borrowers (including, without limitation, Borrowers’ name and any identifying logos) and the transactions herein contemplated to enable Administrative Agent and/or the Lenders to publish promotional “tombstones” and other forms of notices of the transactions contemplated herein in a manner and in media (including, without limitation, brochures and posting by Administrative Agent and the Lenders on their websites) as consented to by Master Borrower. [SIGNATURE PAGES FOLLOW]
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EXECUTION COPY CREDIT AGREEMENT THE BANK OF NOVA SCOTIA, as Administrative Agent By: Name: Title: By: Name: Title: Xxxxxxx Xx Director Xxxxxx Xxxxxxxxx Associate
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EXECUTION COPY CREDIT AGREEMENT THE BANK OF NOVA SCOTIA, as a Lender and as L/C Issuer By: Name: Title: By: Name: Title: Xxxxx Xxxxxx Director, National Accounts Xxxxx Xxxxxx Director
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EXECUTION COPY CREDIT AGREEMENT BANK OF MONTREAL, as a Lender By: Name: Title: By: Name: Title:
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EXECUTION COPY CREDIT AGREEMENT THE TORONTO-DOMINION BANK, as a Lender By: Name: Title: By: Name: Title: Xxxxxxx Xxxxx Director, Strategic Accounts, TD Auto Finance Xxxx Xxxxxxx Manager Commercial Credit, TD Auto Finance
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EXECUTION COPY CREDIT AGREEMENT BMW GROUP FINANCIAL SERVICES, a division of BMW CANADA INC., as a Lender By: Name: Title: By: Name: Title: Xxx Xxxxxx Director, Sales and Marketing Xxxxxxx Xxxxxxxxx Chief Financial Officer
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EXECUTION COPY CREDIT AGREEMENT VW CREDIT CANADA, INC. , as a Lender By: Name: Title: By: Name: Title: DocuSign Envelope ID: 07CCC2EA-5392-4925-BBCB-158846ECD4FE 6/1/2022 Xxxx Xxxxxxxxxxx Senior Director, Sales & Marketing Manager, Commercial Credit & Risk Xxxx-Xxxxxxx Xxxxx
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EXECUTION COPY LEGAL_38580411.20 1.1(1) - 3 CREDIT AGREEMENT By: Name: ● Title: ● [ACCORDION LENDER] By: Name: ● Title: ●
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EXECUTION COPY LEGAL_38580411.20 1.1(14) - 1 CREDIT AGREEMENT Schedule 1.1(14) – Applicable Percentage Facility The Bank of Nova Scotia Bank of Montreal Royal Bank of Canada The Toronto- Dominion Bank BMW Group Financial Services, a division of BMW Canada Inc. VW Credit Canada, Inc. Revolving Facility <*> <*> <*> <*> <*> <*> Wholesale Flooring Facility <*> <*> <*> <*> <*> <*> Used Vehicle Flooring Facility <*> <*> <*> <*> <*> <*> Wholesale Leasing Facility <*> <*> <*> <*> <*> <*>
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EXECUTION COPY LEGAL_38580411.20 1.1(14) - 2 CREDIT AGREEMENT Daily Rental Facility <*> <*> <*> <*> <*> <*>
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EXECUTION COPY LEGAL_38580411.20 1.1(16) - 1 CREDIT AGREEMENT Schedule 1.1(16) – Assignment and Assumption This Assignment and Assumption (the “Assignment and Assumption”) is dated as of the Effective Date set forth below and is entered into by and among [Insert name of Assignor] (the “Assignor”), [Insert name of Assignee] (the “Assignee”) and Lithia Master LP Company, LP (the “Master Borrower”)2. Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement (as defined below), receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full. For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below (a) all of the Assignor’s rights and obligations in its capacity as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding rights and obligations of the Assignor under the respective facilities identified below (including without limitation any letters of credit and guarantees included in such facilities) and (b) to the extent permitted to be assigned under Applicable Law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan-transactions governed thereby or in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (a) above (the rights and obligations sold and assigned pursuant to clauses (a) and (b) above being referred to herein collectively as, the “Assigned Interest”). Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by the Assignor. 1. Assignor: 2. Assignee: [and is an Affiliate/Approved Fund of [identify Lender]3] 3. Borrowers(s): 4. Administrative Agent: The Bank of Nova Scotia, as the administrative agent under the Credit Agreement 5. Credit Agreement: Credit agreement dated as of June 3, 2022 among, inter alios, Lithia Master LP Company, LP and the other entities party thereto, as borrowers, The Bank of Nova Scotia, as 2 Master Borrower to be included as party if consent required 3 Select as applicable.
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EXECUTION COPY LEGAL_38580411.20 1.1(16) - 3 CREDIT AGREEMENT Effective Date: , 20 [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] The terms set forth in this Assignment and Assumption are hereby agreed to: ASSIGNOR [NAME OF ASSIGNOR] By: Name: Title: ASSIGNEE [NAME OF ASSIGNEE] By: Name: Title: [Consented to and] Accepted: THE BANK OF NOVA SCOTIA, as Administrative Agent By: Name: Title: LITHIA MASTER GP COMPANY, INC., in its capacity and as general partner of LITHIA MASTER LP COMPANY, LP as Master Borrower By: Name: Title:
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EXECUTION COPY LEGAL_38580411.20 1.1(16) - 5 CREDIT AGREEMENT Administrative Agent for periods prior to the Effective Date or with respect to the making of this assignment directly between themselves. 3. General Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and permitted assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment and Assumption by telecopy or by sending a scanned copy by electronic mail shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed by, and construed in accordance with, the law governing the Credit Agreement.
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EXECUTION COPY LEGAL_38580411.20 1.1(24) - 1 CREDIT AGREEMENT Schedule 1.1(24) – Branch of Account Lender The Bank of Nova Scotia Bank of Montreal Royal Bank of Canada The Toronto-Dominion Bank Branch of Account <*> <*> <*> <*>
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EXECUTION COPY LEGAL_38580411.20 1.1(24) - 2 CREDIT AGREEMENT BMW Group Financial Services, a division of BMW Canada Inc. VW Credit Canada, Inc. <*> <*>
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EXECUTION COPY LEGAL_38580411.20 1.1(43) - 1 CREDIT AGREEMENT Schedule 1.1(43) – Commitments Facility The Bank of Nova Scotia Bank of Montreal Royal Bank of Canada The Toronto- Dominion Bank BMW Group Financial Services, a division of BMW Canada Inc. VW Credit Canada, Inc. Total Revolving Facility <*> <*> <*> <*> <*> <*> $100,000,000.00 Wholesale Flooring Facility <*> <*> <*> <*> <*> <*> $500,000,000.00 Used Vehicle Flooring Facility <*> <*> <*> <*> <*> <*> $100,000,000.00 Wholesale Leasing Facility <*> <*> <*> <*> <*> <*> $400,000,000.00 Daily Rental Facility <*> <*> <*> <*> <*> <*> $25,000,000.00 Total $1,125,000,000.00
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EXECUTION COPY Schedule 1.1(46) – Compliance Certificate Date: The Bank of Nova Scotia, as Administrative Agent <*> Attention: E-mail: Head, Agency Services <*> Dear Sirs/Mesdames: Re: Lithia Master LP Company, LP [Fiscal Quarter/Fiscal Year] ended _________________. I, ________________________, in my capacity as ____________________________ of Lithia Master GP Company, Inc., the General Partner of Lithia Master LP Company, LP (“Master Borrower”), hereby certify on behalf of the Obligors and without personal liability that: 1. I am familiar with and have examined the provisions of the credit agreement made as of June 3, 2022 between, inter alios, Master Borrower. together with certain of its subsidiaries, as borrowers, The Bank of Nova Scotia, as Administrative Agent, and the Lenders party thereto from time to time, (as amended, restated, supplemented, replaced and otherwise modified from time to time, the “Credit Agreement”) and have made such reasonable investigations of corporate records and reasonable inquiries of other officers and senior personnel of the Obligors as are sufficient to enable me to make an informed statement herein. Capitalized terms used and not defined in this certificate shall have the meanings given to them in the Credit Agreement and all section references, unless stated otherwise, shall be references to sections of the Credit Agreement. 2. Based on the foregoing: (a) the representations and warranties of the Obligors set forth in the Credit Agreement, other than those expressly stated to be made as of a specific date, are true and correct as of the date hereof with the same effect as if such representations and warranties had been made on and as of the date hereof (except
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EXECUTION COPY to the extent of any breach of representation and warranty that constitutes a Default or Event of Default, a description of which is attached hereto);8 (b) no Default or Event of Default has occurred and is continuing on the date hereof [NTD: if there exists a Default or Event of Default, the officer shall set forth with reasonable detail the circumstances and the steps taken or proposed to be taken to cure or remedy the Default or Event of Default]; and (c) the covenants contained in the Credit Agreement have not been breached and I am not aware of any financial or other information which leads me to believe that any of such covenants will be breached during the next Fiscal Quarter of the Borrowers. FINANCIAL COVENANTS (Section 10.3) 3. As of the end of the Fiscal Quarter ended (last day of most recently ended Fiscal Quarter) the Fixed Charge Coverage Ratio is __ : _ . 4. For the Fiscal Quarter period ended _________________(last day of most recently ended Fiscal Quarter): (a) Lease Adjusted Funded Debt is $_______________________ (b) EBITDAR is $_______________________ The Leverage Ratio (i.e., (a) to (b)), was _______:_______. 5. Schedule “A” attached hereto sets forth financial data and computations evidencing the Obligor’s compliance with the covenants set out in paragraphs 3 and 4 this certificate, all of which data and computations are true, correct and complete. LITHIA MASTER GP COMPANY, INC., in its capacity and as general partner of LITHIA MASTER LP COMPANY, LP as Master Borrower By: Name: Title: 8 Please attach replacement schedules hereto to the extent the representations and warranties are no longer true and correct.
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EXECUTION COPY LEGAL_38580411.20 1.1(59) - 2 CREDIT AGREEMENT partner of LITHIA MASTER LP COMPANY, LP as Master Borrower By: Name: Title:
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EXECUTION COPY LEGAL_38580411.20 1.1(126) - 1 CREDIT AGREEMENT Schedule 1.1(126) – Joinder Agreement BORROWER JOINDER AGREEMENT This Borrower Joinder Agreement (“Agreement”) dated as of _______________, 202___, is entered into by and among Lithia Master LP Company, LP (the “Master Borrower” and together with certain of its subsidiaries party to the Credit Agreement (as defined below) as borrowers, collectively, the “Borrowers” and each a “Borrower”), by its general partner Lithia Master GP Company, Inc. (together with the other parties to the Credit Agreement in their capacity as general partners of the applicable Borrower, collectively, the “General Partners”) for the Master Borrower and on behalf of the other Borrowers and applicable General Partners, [NEW BORROWER], a [TYPE OF ENTITY] with its [chief executive office] located in the Province of [JURISDICTION OF ORGANIZATION] (“New Borrower”), [NEW GENERAL PARTNER], the general partner of New Borrower, a [TYPE OF ENTITY] with its [chief executive office] located in the Province of [JURISDICTION OF ORGANIZATION] (“New General Partner”) and The Bank of Nova Scotia, as agent (in such capacity, the “Agent”) for the Lenders (as defined below), who are parties to the Credit Agreement. RECITALS A. The Borrowers, by their respective General Partners, the financial institutions which are from time to time parties thereto (collectively, the “Lenders” and each a “Lender”) and the Agent, have entered into a Credit Agreement dated as of June 3, 2022 (as same may be amended, modified, supplemented or extended from time to time and any number of substitutions, renewals, restatements and replacements thereof or therefor, the “Credit Agreement”), pursuant to which the Lenders may extend credit to the Revolving Borrowers, the Wholesale Flooring Borrowers, the Used Vehicle Flooring Borrower, Wholesale Leasing Borrower and the Daily Rental Borrower from time to time. B. The Borrowers have executed (i) an omnibus general security agreement (the “Security Agreement”) creating a security interest in all of the personal property, assets and undertaking of each of the Borrowers in favour of the Agent for and on behalf of the Lenders, subject only to Permitted Liens, (ii) an omnibus assignment of insurance (the “Assignment”) transferring and assigning to the Agent for and on behalf of the Lenders each of the Assignors’ (as defined therein) interests as insureds in any and all policies of insurance with respect to the Collateral, and (iii) an omnibus unlimited guarantee and postponement of claim (the “Guarantee”) guaranteeing the due payment and performance to the Agent for and on behalf of the Lenders of all Obligations of the other Borrowers, each dated as of June 3, 2022. C. It is a condition of the Credit Agreement that New Borrower grant a first priority Lien (subject to Permitted Liens) in all of the personal property, assets and undertaking of such New Borrower, assign and transfer its interests as insured in any and all policies of insurance, and guarantee the Obligations of each other Borrower to the Agent and the Lenders. D. New Borrower also wishes to become a Borrower under the Credit Agreement under the [Revolving Facility, the Wholesale Flooring Facility, the Used Vehicle Flooring Facility, Wholesale Leasing Facility and the Daily Rental Facility].
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EXECUTION COPY LEGAL_38580411.20 1.1(126) - 4 CREDIT AGREEMENT Name: Name: Title: Title:
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EXECUTION COPY LEGAL_38580411.20 1.1(126) - 5 CREDIT AGREEMENT Schedule 1.1(163) – Officer’s Certificate OFFICER'S CERTIFICATE (Permitted Debt - Section 10.2(3)/Permitted Distributions - Section 10.2(4)/ Permitted Investments – Section 10.2(10)/Mandatory Prepayment (Insurance Proceeds) – Section 5.5/Permitted Dispositions – Section 10.2(1)/Permitted Expenditures – Section 10.2(11) / Permitted Reorganization – Section 10.2(2)) [DATE] I, ______________ , hereby certify that I am the duly appointed ________________________ of LITHIA MASTER GP COMPANY, INC., an Alberta corporation and the General Partner of LITHIA MASTER LP COMPANY, LP, an Alberta limited partnership (“Master Borrower”). Capitalized terms used herein but not defined herein shall have the meanings given to them in the Credit Agreement made as of June 3, 2022 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) among, inter alios, Master Borrower, certain Subsidiaries of Master Borrower, The Bank of Nova Scotia, as Administrative Agent for the Lenders, and the other parties thereto. Pursuant to Section ● of the Credit Agreement, I further certify on behalf of Master Borrower to Administrative Agent as follows: 1. [Insert description of Event]. 2. Each of the following conditions have been or will be satisfied as of the date of the [Event] (the “Event”): a. Master Borrower will be in compliance with the Financial Covenants in the Credit Agreement both before and after giving effect to the Event. b. The Board of Directors (or other Persons exercising similar functions) of each of the sellers has not disapproved the transaction or recommended that such transaction be disapproved. [NTD: Permitted Acquisition Only] c. All representations and warranties in the Credit Agreement will be true and correct as of the date of the Event and no Default or Event of Default will have occurred and be continuing or will exist after giving effect to the Event. [Remainder of this page intentionally left blank; Signature page follows.]
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EXECUTION COPY Schedule 1.1(186) – Revolving Borrowers 1. Lithia Master LP Company, LP. 2. Autoworks Xxxxxxx, XX 3. Autoworks Woodbridge, LP 4. Canada-MC, LP 5. Guelph-S, LP 6. Lithia Canada Leasing, LP 7. Markham-B, LP 8. Markham-P, LP 9. Mississauga-B, LP 10. Motus Car Rental, LP 11. Newmarket-A, LP 12. Newmarket-V, LP 13. Richmond Hill-H, LP 14. Xxxxxxxxx-H, LP 15. Vancouver-MP, LP 16. Vaughan-A, LP 17. Vaughan-P, LP 18. Vaughan-S, LP 19. Woodbridge-MC, LP 20. Woodbridge-PA, LP
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EXECUTION COPY LEGAL_38580411.20 1.1(188) - 1 CREDIT AGREEMENT Schedule 1.1(188) – Revolving Borrowing Base Certificate Date: The Bank of Nova Scotia, as Administrative Agent <*> Attention: E-mail: Head, Agency Services <*> Dear Sirs/Mesdames: Re: Lithia Master LP Company, LP [Month] ended _________________. I, ________________________, in my capacity as ____________________________ of Lithia Master GP Company, Inc., the General Partner of Lithia Master LP Company, LP (“Master Borrower”), hereby certify on behalf of the Revolving Borrowers and without personal liability that: 1. I am familiar with and have examined the provisions of the credit agreement made as of June 3, 2022 between, inter alios, Master Borrower, together with certain of its subsidiaries, as borrowers, The Bank of Nova Scotia, as Administrative Agent, and the Lenders party thereto from time to time, (as amended, restated, supplemented, replaced and otherwise modified from time to time, the “Credit Agreement”) and have made such reasonable investigations of corporate records and reasonable inquiries of other officers and senior personnel of the Obligors as are sufficient to enable me to make an informed statement herein. Capitalized terms used and not defined in this certificate shall have the meanings given to them in the Credit Agreement and all section references, unless stated otherwise, shall be references to sections of the Credit Agreement. 2. The following calculations as presented in the attached Exhibit “A” determine the Revolving Borrowing Base in accordance with the relevant definitions as set forth in the Credit Agreement and the other Loan Documents. 3. The Master Borrower hereby represents and warrants that this Certificate presents fairly the Revolving Borrowing Base and the amounts set forth herein are in compliance with the provisions of the Credit Agreement. 4. As of the date of hereof the Master Borrower confirms that: (i) no Default or Event of Default has occurred that is continuing and (ii) the representations and warranties set out in Article 9 of the Credit Agreement are true and correct. LITHIA MASTER GP COMPANY, INC., in its capacity and as general partner of LITHIA MASTER LP
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EXECUTION COPY LEGAL_38580411.20 1.1(188) - 2 CREDIT AGREEMENT COMPANY, LP as Master Borrower By: Name: Title:
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A. USED VEHICLE FLOORING BORROWING BASE ($100,000,000) 1 Total Used Inventory 2310 USED VEHICLE INVENTORY Less: 26100-RENTAL VEHICLES (New vehicles and Motus) F26081 - DEPR - SRV LOANER 2 Less: Vehicle Lien Payoffs 30100 - VEHICLE LIEN PAYOFF 30101-OFFSET VEHICLE LIEN PAYOFF 3 Less: Used Vehicles > 180 days old 4 Borrowing Base (Lines 1-2-3) 85% B Used Vehicle Flooring Facility Limit C Outstanding Used Vehicle Floorplan Loans and Used Vehicle Swingline Line Loans D Remaining Availability (Lesser of A4 or B, minus C) REVOLVING BORROWING BASE ($100,000,000) A Canadian $25,000,000 non-formula unmargined amount 25,000,000 B Contracts-in-Transit (under 15 days) 1 Contracts in transit (CIT) 205 Contracts in Transit 2100 Vehicle Receivables 2 Less: Contracts in transit > 15 days old 3 Net Eligible Contracts in Transit 100% C Eligible Parts and Service Accounts Receivables 1 Receivables for Parts and Accessories 2103 Customer Receivables Less: 24600-SUBLET REPAIRS SRV Less: 24610-SUBLET REPAIRS B/S Less: 24700-WORK IN PROCESS SRV Less: 24710-WORK IN PROCESS DET Less: 24720 - WORK IN PROCESS B/S 2 Less: Receivables > 90 days and interco 3 Net Receivables for Parts and Accessories 80% D Eligible New Vehicles 100% E New Vehicle Inventory HST Total Eligible New Vehicle Inventory Used Vehicle Flooring Borrowing Base (Line 4 from USED VEHICLE FLOORING BORROWING BASE above) F Real Property 1 Value of Eligible Real Property - 75% G Eligible Parts and Accessories Inventory 1 2 3 Parts and Accessories Inventory Less: payables to the manufacturers and financiers Net Parts and Accessory Inventory 65% H Eligible Equipment 1 Office Equipment at Cost 2 Less: Office Equipment accumulated depreciation 3 Service and Parts Equipment at Cost 4 Less: Service and Parts Equipment accumulated depreciation 5 Net Equipment 40% I Deductions 1 Outstanding Wholesale Flooring Loans (including non-Motus S/L) and Wholesale Flooring Swing Line Loans Flooring Notes Payable Less: aggregate amount held in Bulk Prepayment 2 Outstanding Used Vehicle Flooring Loans and Used Vehicle Flooring Swing Line Loans 3 Total Deductions J Borrowing Base (margined value of lines A+B3+C3+D+E+F1+G3+H5 minus I3) K Revolving Limit L Outstanding Letters of Credit M Outstanding Balance on Revolver N Remaining Availability (Lesser of J or K, minus L+M) EXHIBIT A Lithia Master LP Company, LP Borrowing Base Calculation: Used Vehicle Flooring Facility and Revolving Facility As of __/__/__ 100,000,000 100% 100,000,000
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EXECUTION COPY LEGAL_38580411.20 1.1(215) - 1 CREDIT AGREEMENT Schedule 1.1(215) – Used Vehicle Flooring Borrowing Base Certificate Date: The Bank of Nova Scotia, as Administrative Agent <*> Attention: E-mail: Head, Agency Services <*> Dear Sirs/Mesdames: Re: Lithia Master LP Company, LP [Month] ended _________________. I, ________________________, in my capacity as ____________________________ of Lithia Master GP Company, Inc., the General Partner of Lithia Master LP Company, LP (“Master Borrower”), hereby certify on behalf of the Used Vehicle Flooring Borrower and without personal liability that:: 1. I am familiar with and have examined the provisions of the credit agreement made as of June 3, 2022 between, inter alios, Master Borrower. together with certain of its subsidiaries, as borrowers, The Bank of Nova Scotia, as Administrative Agent, and the Lenders party thereto from time to time, (as amended, restated, supplemented, replaced and otherwise modified from time to time, the “Credit Agreement”) and have made such reasonable investigations of corporate records and reasonable inquiries of other officers and senior personnel of the Obligors as are sufficient to enable me to make an informed statement herein. Capitalized terms used and not defined in this certificate shall have the meanings given to them in the Credit Agreement and all section references, unless stated otherwise, shall be references to sections of the Credit Agreement. 2. The Used Vehicle Flooring Borrowing Base is:$____________________. 3. The Master Borrower hereby represents and warrants that this Certificate presents fairly the Used Vehicle Flooring Borrowing Base and the amounts set forth herein are in compliance with the provisions of the Credit Agreement. 4. As of the date of hereof the Master Borrower confirms that: (i) no Default or Event of Default has occurred that is continuing and (ii) the representations and warranties set out in Article 9 of the Credit Agreement are true and correct. 5. Schedule “A” attached hereto sets forth financial data and computations evidencing the Obligor’s compliance with the covenants set out in paragraph 2 of this certificate, all of which data and computations are true, correct and complete.
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EXECUTION COPY LEGAL_38580411.20 1.1(215) - 2 CREDIT AGREEMENT LITHIA MASTER GP COMPANY, INC., in its capacity and as general partner of LITHIA MASTER LP COMPANY, LP as Master Borrower By: Name: Title:
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A. USED VEHICLE FLOORING BORROWING BASE ($100,000,000) 1 Total Used Inventory 2310 USED VEHICLE INVENTORY Less: 26100-RENTAL VEHICLES (New vehicles and Motus) F26081 - DEPR - SRV LOANER 2 Less: Vehicle Lien Payoffs 30100 - VEHICLE LIEN PAYOFF 30101-OFFSET VEHICLE LIEN PAYOFF 3 Less: Used Vehicles > 180 days old 4 Borrowing Base (Lines 1-2-3) 85% B Used Vehicle Flooring Facility Limit C Outstanding Used Vehicle Floorplan Loans and Used Vehicle Swingline Line Loans D Remaining Availability (Lesser of A4 or B, minus C) REVOLVING BORROWING BASE ($100,000,000) A Canadian $25,000,000 non-formula unmargined amount 25,000,000 B Contracts-in-Transit (under 15 days) 1 Contracts in transit (CIT) 205 Contracts in Transit 2100 Vehicle Receivables 2 Less: Contracts in transit > 15 days old 3 Net Eligible Contracts in Transit 100% C Eligible Parts and Service Accounts Receivables 1 Receivables for Parts and Accessories 2103 Customer Receivables Less: 24600-SUBLET REPAIRS SRV Less: 24610-SUBLET REPAIRS B/S Less: 24700-WORK IN PROCESS SRV Less: 24710-WORK IN PROCESS DET Less: 24720 - WORK IN PROCESS B/S 2 Less: Receivables > 90 days and interco 3 Net Receivables for Parts and Accessories 80% D Eligible New Vehicles 100% E New Vehicle Inventory HST Total Eligible New Vehicle Inventory Used Vehicle Flooring Borrowing Base (Line 4 from USED VEHICLE FLOORING BORROWING BASE above) F Real Property 1 Value of Eligible Real Property - 75% G Eligible Parts and Accessories Inventory 1 2 3 Parts and Accessories Inventory Less: payables to the manufacturers and financiers Net Parts and Accessory Inventory 65% H Eligible Equipment 1 Office Equipment at Cost 2 Less: Office Equipment accumulated depreciation 3 Service and Parts Equipment at Cost 4 Less: Service and Parts Equipment accumulated depreciation 5 Net Equipment 40% I Deductions 1 Outstanding Wholesale Flooring Loans (including non-Motus S/L) and Wholesale Flooring Swing Line Loans Flooring Notes Payable Less: aggregate amount held in Bulk Prepayment 2 Outstanding Used Vehicle Flooring Loans and Used Vehicle Flooring Swing Line Loans 3 Total Deductions J Borrowing Base (margined value of lines A+B3+C3+D+E+F1+G3+H5 minus I3) K Revolving Limit L Outstanding Letters of Credit M Outstanding Balance on Revolver N Remaining Availability (Lesser of J or K, minus L+M) EXHIBIT A Lithia Master LP Company, LP Borrowing Base Calculation: Used Vehicle Flooring Facility and Revolving Facility As of __/__/__ 100,000,000 100% 100,000,000
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EXECUTION COPY LEGAL_38580411.20 1.1(222) - 1 CREDIT AGREEMENT Schedule 1.1(222) – Wholesale Flooring Borrowers Guelph-S, XX Xxxxxxx-B, XX Xxxxxxx-P, LP Mississauga-B, LP Newmarket-A, LP Newmarket-V, XX Xxxxxxxxx-H, LP Vancouver-MP, XX Xxxxxxx-A, XX Xxxxxxx-P, LP Woodbridge-MC, LP Woodbridge-PA, LP
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EXECUTION COPY LEGAL_38580411.20 1.1(232) - 2 CREDIT AGREEMENT LITHIA MASTER GP COMPANY, INC., in its capacity and as general partner of LITHIA MASTER LP COMPANY, LP as Master Borrower By: Name: Title
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EXECUTION COPY LEGAL_38580411.20 3.1(1)(a) - 1 CREDIT AGREEMENT Schedule 3.1(1)(a) – Notice of Requested Borrowing Date: The Bank of Nova Scotia, as Administrative Agent <*> Attn: Senior Manager Email: <*> Dear Sirs/Mesdames: We refer to Section 3.1(1)(a) of the credit agreement made as of June 3, 2022 between, inter alios, Lithia Master LP Company, LP together with certain of its subsidiaries, as borrowers, The Bank of Nova Scotia, as Administrative Agent, and the Lenders party thereto from time to time, (as amended, restated, supplemented, replaced and otherwise modified from time to time, the “Credit Agreement”). Capitalized terms used and not defined herein have the meanings given to them in the Credit Agreement. We hereby confirm our request for a Borrowing under [Revolving /Wholesale Flooring/Used Vehicle Flooring/Wholesale Leasing/Daily Rental] Facility as follows: (a) Prime Loan for drawdown on ____________ in the amount of Cdn$______________. (b) CDOR Loan for drawdown on ____________ in the amount of Cdn$____________ for a Contract Period of 30 days. [We hereby confirm our request for an issue of Letters of Credit. See attached applications] [Insert payment instructions if payment to be made other than to applicable Borrowers’ Account] The Borrowers hereby represent and warrant that the conditions contained in Section 8.2 of the Credit Agreement have been satisfied and will be satisfied as of the date hereof and before and after giving effect to the Borrowing requested herein on the applicable Drawdown Date. Yours truly, [BORROWER(S)] By: _______________________________ Name: Title:
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EXECUTION COPY LEGAL_38580411.20 3.3(3)(b) - 1 CREDIT AGREEMENT Schedule 3.3(3)(b) – Letter of Credit Extension Request Date: The Bank of Nova Scotia, as Administrative Agent <*> Attn: Senior Manager Email: <*> Dear Sirs/Mesdames: We refer to Section 3.3(3)(b) of the credit agreement made as of June 3, 2022 between, inter alios, Lithia Master LP Company, LP together with certain of its subsidiaries, as borrowers, The Bank of Nova Scotia, as Administrative Agent, and the Lenders party thereto from time to time, (as amended, restated, supplemented, replaced and otherwise modified from time to time, the “Credit Agreement”). Capitalized terms used and not defined herein have the meanings given to them in the Credit Agreement. We hereby confirm that: (a) [we wish extension(s) of the maturity date(s) of the following Letter(s) of Credit (i) Letter of Credit No. _____________. (ii) Beneficiary ____________________________________. (iii) Amount Cdn$____________________. (iv) Expiry Date __________________________] [Repeat for each instrument to be replaced.] (b) each such Letter of Credit will continue to be subject to the terms and conditions of any agreements applicable to that Letter of Credit.] [or] [(a) we wish to amend Letter(s) of Credit No. _________ as follows: [NTD: insert description of requested amendment(s)]] The Borrowers hereby represent and warrant that the conditions contained in Section 8.2 of the Credit Agreement have been satisfied and will be satisfied as of the date hereof and before and after giving effect to such Letter of Credit Extension Request. Yours truly, [BORROWER (S)]
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EXECUTION COPY LEGAL_38580411.20 3.3(3)(b) - 2 CREDIT AGREEMENT By: _______________________________ Name: Title:
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EXECUTION COPY LEGAL_38580411.20 3.3(11) - 1 CREDIT AGREEMENT Schedule 3.3(11) – Existing L/Cs Borrower Current Limit Beneficiary Vancouver-MP, LP <*> Registrar of Motor Vehicle Sales Authority of BC Lithia Canada Leasing, LP <*> Registrar of Motor Vehicle Sales Authority of BC Lithia Master LP Company, LP <*> City of Markham Lithia Master LP Company, LP <*> Regional Municipality of York Lithia Master LP Company, LP <*> Town of Newmarket Lithia Master LP Company, LP <*> Town of Newmarket Lithia Master LP Company, LP <*> McLaren Automotive
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EXECUTION COPY LEGAL_38580411.20 3.4 - 1 CREDIT AGREEMENT Schedule 3.4 – Conversion Option Notice Date: The Bank of Nova Scotia, as Administrative Agent <*> Attn: Senior Manager Email: <*> Dear Sirs/Mesdames: We refer to Section 3.4 of the credit agreement made as of June 3, 2022 between, inter alios, Lithia Master LP Company, LP together with certain of its subsidiaries, as borrowers, The Bank of Nova Scotia, as Administrative Agent, and the Lenders party thereto from time to time, (as amended, restated, supplemented, replaced and otherwise modified from time to time, the “Credit Agreement”). Capitalized terms used and not defined herein have the meanings given to them in the Credit Agreement. We hereby give notice of our irrevocable request for a conversion of Borrowings under [Revolving /Wholesale Flooring/Used Vehicle Flooring/Wholesale Leasing/Daily Rental] Facility in the amount of Cdn$ outstanding by way of [Prime Loans/CDOR Loans] into corresponding Borrowings by way of [Prime Loans/CDOR Loans] on the day of ____ , 20 . [The last day of the relevant Contract Period for the CDOR Loans is the day of , 20 .] We wish to convert the following Borrowings on: ___/_____/_____. Day Month Year Type of Borrowing Outstanding Amount to be Converted Type of Borrowing Requested by Conversion Prime Loans Cdn$ CDOR Loans CDOR Loans Cdn$ Prime Loans The new Contract Period if converting to CDOR Loans shall be 30 days. The Borrowers hereby represent and warrant that the conditions contained in Section 8.2 of the Credit Agreement have been satisfied and will be satisfied as of the date hereof and before and after giving effect to such Conversion on the applicable Conversion Date.
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EXECUTION COPY LEGAL_38580411.20 3.4 - 2 CREDIT AGREEMENT Yours truly, [BORROWER(S)] By: Name: Title:
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EXECUTION COPY LEGAL_38580411.20 5.6 - 1 CREDIT AGREEMENT Schedule 5.6 – Notice of Repayment Date: The Bank of Nova Scotia, as Administrative Agent <*> Attn: Senior Manager Email: <*> Dear Sirs/Mesdames: We refer to Section 5.6 of the credit agreement made as of June 3, 2022 between, inter alios, Lithia Master LP Company, LP together with certain of its subsidiaries, as borrowers, The Bank of Nova Scotia, as Administrative Agent, and the Lenders party thereto from time to time, (as amended, restated, supplemented, replaced and otherwise modified from time to time, the “Credit Agreement”). Capitalized terms used and not defined herein have the meanings given to them in the Credit Agreement. We hereby give you irrevocable notice that we shall repay certain of the Borrowings under [Revolving /Wholesale Flooring/Used Vehicle Flooring/Wholesale Leasing/Daily Rental] Facility as follows (repeat for each Borrowing to be repaid): 1. Date of repayment ________/________/________ (not less than three (3) Business Day Month Year Days from the date of this notice. 2. Aggregate amount of repayment of $____________________ in accordance with the following: Prime Loans of Cdn$ ______________________________ CDOR Loans of Cdn$ ______________________________ Yours truly, [BORROWER(S)] By: _______________________________ Name: Title:
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EXECUTION COPY LEGAL_38580411.20 5.8 - 1 CREDIT AGREEMENT Schedule 5.8 – Notice of Cancellation of Credit Facility Date: The Bank of Nova Scotia, as Administrative Agent <*> Attn: Senior Manager Email: <*> Dear Sirs/Mesdames: We refer to Section 5.8 of the credit agreement made as of June 3, 2022 between, inter alios, Lithia Master LP Company, LP together with certain of its subsidiaries, as borrowers, The Bank of Nova Scotia, as Administrative Agent, and the Lenders party thereto from time to time, (as amended, restated, supplemented, replaced and otherwise modified from time to time, the “Credit Agreement”). Capitalized terms used and not defined herein have the meanings given to them in the Credit Agreement. We hereby give you notice of cancellation and reduction in the amount of Cdn $____________ of the [Revolving /Wholesale Flooring/Used Vehicle Flooring/Wholesale Leasing/Daily Rental] Facility [Limit/Commitment] effective as at ___________________________ [insert date, which shall be no earlier than 5 Business Days after the date on which this Notice of Cancellation is received by the Administrative Agent]. Following such cancellation, the [Revolving /Wholesale Flooring/Used Vehicle Flooring/Wholesale Leasing/Daily Rental] Facility [Limit/Commitment] shall be Cdn $____________. Yours truly, [BORROWER(S)] By:___________________________ Name: Title:
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EXECUTION COPY LEGAL_38580411.20 9.1(8) - 1 CREDIT AGREEMENT Schedule 9.1(8) – Owned Property Nil.
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EXECUTION COPY LEGAL_38580411.20 9.1(9) - 1 CREDIT AGREEMENT Schedule 9.1(9) – Real Property Leases Municipal Address Lessee Lessor 1. 00 Xxxx Xxxx Xxxxxx, Xxxxxxxxxx, Xxxxxxx Woodbridge-MC, LP Lithia Canada Real Estate, Inc. 2. 0000 Xxxxx Xxxx, Xxxxxxxxxxx, Xxxxxxx Mississauga-B, LP Lithia Canada Real Estate, Inc. 3. 000 Xxxx Xxxx Xxx, Xxxxxxxxxx, XX Woodbridge-PA, LP Autoworks Woodbridge, LP Lithia Canada Leasing, LP Woodbridge-MC, LP Lithia Canada Real Estate, Inc. 4. 00 Xxxxxxx Xxxxxx, Xxxxxx, Xxxxxxx Guelph-S, LP Lithia Canada Real Estate, Inc. 5. 000 Xxxx Xxxx Xxxxxx, Xxxxxxxxxx XX Vaughan-A, LP Lithia Canada Real Estate, Inc. 6. 00000 Xxxxxx Xx, Xxxxxxxxx, XX Newmarket-A, LP Lithia Canada Real Estate, Inc. 7. 00000 Xxxxxx Xx, Xxxxxxxxx, XX Newmarket-V, LP Lithia Canada Real Estate, Inc. 8. 00000/00000 Xxxxxx Xx, Xxxxxxxxx, XX Newmarket-A, LP Newmarket-V, LP Lithia Canada Real Estate 2 Inc. 9. 0000 Xxxx 0xx Xxxxxx, Xxxxxxxxx, XX Lithia Canada Real Estate, Inc. Sublease or other agreement with Vancouver-MP, LP and Woodbridge-PA, LP to use space Xxxxx Xxxxxx 10. 0000 Xxxx 0xx Xxxxxx, Xxxxxxxxx, XX Lithia Canada Real Estate, Inc. Sub-lease or other agreement with Vancouver-MP, LP and Woodbridge-PA, LP to use space Xxxxx Xxxxxx 11. 000 Xxxxxxxxx Xxxxxx, Xxxxxxx, Xxxxxxx Xxxxxx Xxxxxx Real Estate, Inc. Sub-lease or other agreement with Autoworks Woodbridge, LP to use space N.H.D. Developments Limited
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EXECUTION COPY LEGAL_38580411.20 9.1(9) - 2 CREDIT AGREEMENT 12. 105 & 000 Xxxx Xxxxxx Xx., Xxxxxxx, XX Lithia Canada Real Estate, Inc. Sub-lease or other agreement with Vaughan-P, LP to use space Playacor Holdings Ltd. 13. 0000 Xxxx Xx, Xxxxxxx, XX Xxxxxx Xxxxxx Real Estate, Inc. Sub-lease or other agreement with Vaughan-A, LP and Vaughan-S, LP to use space Automotive Properties Limited Partnership 14. 0000-0 Xx XX, Xxxxxxx, XX Xxxxxx Xxxxxx Real Estate, Inc. Sub-lease or other agreement with Vancouver-MP, LP and Lithia Canada Leasing, LP to use space X.X. Xxxxxx (International) Inc. 15. 0000 Xxxxxxx Xxxx, Xxxxxxx, Xxxxxxx Xxxxxx Xxxxxx Real Estate, Inc. Sub-lease or other agreement with Markham-B, LP to use space 8111 Kennedy Markham Inc. 16. Xxxx 0, 00 Xxxxxxx Xxxx, Xxxxxxxxxx, XX Xxxxxx Xxxxxx Real Estate, Inc. Sub-lease or other agreement with Woodbridge-MC, LP to use space DASS Investments Holdings Inc. 17. 0000 Xxxx Xxxxxx, Xxxxxxx, XX Lithia Canada Real Estate, Inc. Sub-lease or other agreement with Vaughan-A, LP to use space Lorwood Holdings Inc. 18. 0000 XxXxxxx Xx., Xxxxxxxxxx, XX Lithia Canada Real Estate, Inc. Sub-lease or other agreement with Markham-P, LP to use space The Cadillac Fairview Corporation Ltd.
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EXECUTION COPY LEGAL_38580411.20 9.1(9) - 3 CREDIT AGREEMENT 19. 0000 Xxxxxxx Xx, Xxxxxxxxxx, XX Xxxxxx Xxxxxx Real Estate, Inc. Sub-lease or other agreement with Markham-B, LP to use space Sub-Landlord: 2122192 Ontario Inc. Property Owner: 1788289 Ontario Inc. 20. 000 Xxxxxx Xx, Xxxxxxx, XX Lithia Canada Real Estate, Inc. Sub-lease or other agreement with Markham-B, LP to use space Zoom Parking Markham 21. 00 Xxxx Xxxxxx Xx., Xxxxxxx, XX Lithia Canada Real Estate, Inc. Sub-lease or other agreement with Vaughan-P, LP to use space Xxxxxxx Canada Partnerships Inc. 22. 000 Xxxxxxx Xx, Xxxxxxx, XX Xxxxxx Xxxxxx Real Estate, Inc. Sub-lease or other agreement with Autoworks Xxxxxxx, XX to use space PS Canada Company Two ULC 23. 0000 Xxxxxxxx Xxx, Xxxxxxx, XX Xxxxxx Xxxxxx Real Estate, Inc. Sub-lease or other agreement with Markham-B, LP to use space Xxxxxxx Truck Centre 24. 000 Xxxxxx Xx, Xxxxxxxxx, XX Lithia Canada Real Estate, Inc. Sub-lease or other agreement with Vancouver-MP, LP to use space Easy Park 25. 0-00 Xxxxxx Xxxxxxxx, Xxxxxxx, XX Lithia Canada Real Estate, Inc. Sub-lease or other agreement with Markham-P, LP, Vaughan-P, LP, and Vaughan-A, LP to use space Condor Properties Ltd.
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EXECUTION COPY LEGAL_38580411.20 9.1(9) - 4 CREDIT AGREEMENT 26. 0000 Xxxx Xxxxxx, Xxxxxxx, XX X0X 0X0 Xxxxxx Xxxxxx Real Estate, Inc. Sub-lease or other agreement with Richmond Hill-H, LP Xxxx-Xxxxx Properties Inc. 27. 00 Xxxxxxx Xxxxxx Xxxx, Xxxxxxxxx, XX X0X 0X0 Lithia Canada Real Estate, Inc. Sub-lease or other agreement with Xxxxxxxxx-H, LP 1306497 Ontario Inc.
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EXECUTION COPY LEGAL_38580411.20 9.1(11) - 1 CREDIT AGREEMENT Schedule 9.1(11) – Location of Assets, Places of Business Chief Executive Office for all Obligors: 0000 Xxxx Xx Xxxx 0 Xxxxxxx, Xxxxxxx X0X 0X0 Registered Office for all Obligors, except Xxxxxxxxx-H, LP and Xxxxxxxxx-H GP, Inc.: Xxxxx 0000, 000 – 0xx Xxx XX, Xxxxxxx, Xxxxxxx X0X 0X0 Registered Office of Xxxxxxxxx-H, LP and Xxxxxxxxx-H GP, Inc.: 0000 Xxxx Xx Xxxx 0 Xxxxxxx, Xxxxxxx X0X 0X0 Jurisdiction of formation of all Obligors, except Xxxxxxxxx-H, LP and Xxxxxxxxx-H GP, Inc. Alberta Jurisdiction of formation of Xxxxxxxxx-H, LP and Xxxxxxxxx-H GP, Inc. Ontario Name of Obligor(s) Principle places of business and other places of business or Asset locations Autoworks Xxxxxxx, XX 000 Xxxxxxx Xx, Xxxxxxx, XX Autoworks Xxxxxxx XX, Inc. 0000 Xxxx Xx Xxxx 0 Xxxxxxx, Xxxxxxx X0X 0X0 Autoworks Woodbridge, LP 000 Xxxx Xxxx Xxx, Xxxxxxxxxx, XX 000 Xxxxxxxxx Xxxxxx, Xxxxxxx, Xxxxxxx Autoworks Woodbridge GP, Inc. 0000 Xxxx Xx Xxxx 0 Xxxxxxx, Xxxxxxx X0X 0X0 Xxxxxx-XX, LP 0000 Xxxx Xx Xxxx 0 Xxxxxxx, Xxxxxxx X0X 0X0 Xxxxxx-XX GP, Inc. 0000 Xxxx Xx Xxxx 0 Xxxxxxx, Xxxxxxx X0X 0X0 Guelph-S, LP 00 Xxxxxxx Xxxxxx, Xxxxxx, Xxxxxxx Guelph-S GP, Inc. 0000 Xxxx Xx Xxxx 0 Xxxxxxx, Xxxxxxx X0X 0X0 Xxxxxx Xxxxxx Leasing, LP 000 Xxxx Xxxx Xxx, Xxxxxxxxxx, XX 0000-0 Xx XX, Xxxxxxx, XX
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EXECUTION COPY LEGAL_38580411.20 9.1(11) - 2 CREDIT AGREEMENT Lithia Canada Leasing GP, Inc. 0000 Xxxx Xx Xxxx 0 Xxxxxxx, Xxxxxxx X0X 0X0 Lithia Master LP Company, LP 0000 Xxxx Xx Xxxx 0 Xxxxxxx, Xxxxxxx X0X 0X0 Lithia Master GP Company, Inc. 0000 Xxxx Xx Xxxx 0 Xxxxxxx, Xxxxxxx X0X 0X0 Markham-B, LP 0000 Xxxxxxx Xxxx, Xxxxxxx, Xxxxxxx 0000 Xxxxxxx Xx, Xxxxxxxxxx, XX 000 Xxxxxx Xx, Xxxxxxx, XX 0000 Xxxxxxxx Xxx, Xxxxxxx, XX Markham-B GP, Inc. 0000 Xxxx Xx Xxxx 0 Xxxxxxx, Xxxxxxx X0X 0X0 Markham-P, LP 0000 XxXxxxx Xx., Xxxxxxxxxx, XX 0-00 Xxxxxx Xxxxxxxx, Xxxxxxx, XX Markham-P GP, Inc. 0000 Xxxx Xx Xxxx 0 Xxxxxxx, Xxxxxxx X0X 0X0 Mississauga-B, LP 0000 Xxxxx Xxxx, Xxxxxxxxxxx, Xxxxxxx Xxxxxxxxxxx-X XX, Inc. 0000 Xxxx Xx Xxxx 0 Xxxxxxx, Xxxxxxx X0X 0X0 Motus Car Rental, LP 0000 Xxxx Xx Xxxx 0 Xxxxxxx, Xxxxxxx X0X 0X0 Motus Car Rental GP, Inc. 0000 Xxxx Xx Xxxx 0 Xxxxxxx, Xxxxxxx X0X 0X0 Newmarket-A, LP 00000 Xxxxxx Xx, Xxxxxxxxx, XX 00000 Xxxxxx Xx, Xxxxxxxxx, XX 00000/00000 Xxxxxx Xx, Xxxxxxxxx, XX Newmarket-A GP, Inc. 0000 Xxxx Xx Xxxx 0 Xxxxxxx, Xxxxxxx X0X 0X0 Newmarket-V, LP 00000 Xxxxxx Xx, Xxxxxxxxx, XX 00000/00000 Xxxxxx Xx, Xxxxxxxxx, XX
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EXECUTION COPY LEGAL_38580411.20 9.1(11) - 3 CREDIT AGREEMENT Newmarket-V GP, Inc. 0000 Xxxx Xx Xxxx 0 Xxxxxxx, Xxxxxxx X0X 0X0 Richmond Hill-H, LP Xxxx 0, 0000 Xxxx Xxxxxx, Xxxxxxx, Xxxxxxx X0X 0X0 Richmond Hill-H GP, Inc. 0000 Xxxx Xx Xxxx 0 Xxxxxxx, Xxxxxxx X0X 0X0 Xxxxxxxxx-H, LP 00 Xxxxxxx Xxxxxx Xxxx, Xxxxxxxxx, Xxxxxxx X0X 0X0 Xxxxxxxxx-H GP, Inc. 0000 Xxxx Xx Xxxx 0 Xxxxxxx, Xxxxxxx X0X 0X0 Vancouver-MP, LP 0000 Xxxx 0xx Xxxxxx, Xxxxxxxxx, XX 0000 Xxxx 0xx Xxxxxx, Xxxxxxxxx, XX 0000-0 Xx XX, Xxxxxxx, XX 000 Xxxxxx Xx, Xxxxxxxxx, XX Vancouver-MP GP, Inc. 0000 Xxxx Xx Xxxx 0 Xxxxxxx, Xxxxxxx X0X 0X0 Vaughan-A, LP 000 Xxxx Xxxx Xxxxxx, Xxxxxxxxxx XX 0000 Xxxx Xx, Xxxxxxx, XX 0000 Xxxx Xxxxxx, Xxxxxxx, XX 0-00 Xxxxxx Xxxxxxxx, Xxxxxxx, XX Vaughan-A GP, Inc. 0000 Xxxx Xx Xxxx 0 Xxxxxxx, Xxxxxxx X0X 0X0 Vaughan-P, LP 105 & 000 Xxxx Xxxxxx Xx., Xxxxxxx, XX 00 Xxxx Xxxxxx Xx., Xxxxxxx, XX 0-00 Xxxxxx Xxxxxxxx, Xxxxxxx, XX Vaughan-P GP, Inc. 0000 Xxxx Xx Xxxx 0 Xxxxxxx, Xxxxxxx X0X 0X0 Vaughan-S, LP 0000 Xxxx Xx, Xxxxxxx, XX Vaughan-S GP, Inc. 0000 Xxxx Xx Xxxx 0 Xxxxxxx, Xxxxxxx X0X 0X0
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EXECUTION COPY LEGAL_38580411.20 9.1(11) - 4 CREDIT AGREEMENT Woodbridge-MC, LP 00 Xxxx Xxxx Xxxxxx, Xxxxxxxxxx, Xxxxxxx 000 Xxxx Xxxx Xxx, Xxxxxxxxxx, XX Xxxx 0, 00 Xxxxxxx Xxxx, Xxxxxxxxxx, XX Woodbridge-MC GP, Inc. 0000 Xxxx Xx Xxxx 0 Xxxxxxx, Xxxxxxx X0X 0X0 Woodbridge-PA, LP 000 Xxxx Xxxx Xxx, Xxxxxxxxxx, XX 0000 Xxxx 0xx Xxxxxx, Xxxxxxxxx, XX 0000 Xxxx 0xx Xxxxxx, Xxxxxxxxx, XX Woodbridge-PA GP, Inc. 0000 Xxxx Xx Xxxx 0 Xxxxxxx, Xxxxxxx X0X 0X0
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EXECUTION COPY LEGAL_38580411.20 9.1(17) - 1 CREDIT AGREEMENT Schedule 9.1(17) – Canadian Benefit and Pension Plans Nil.
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EXECUTION COPY LEGAL_38580411.20 9.1(18) - 1 CREDIT AGREEMENT Schedule 9.1(18) – Labour Matters Nil.
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EXECUTION COPY LEGAL_38580411.20 9.1(20) - 1 CREDIT AGREEMENT Schedule 9.1(20) – Corporate Organization See Attached.
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Lithia Motors, Inc. Canadian Entities – Xxxxx Acquisition May, 2022 LITHIA MOTORS, INC. Lithia Canada Holding Company, Inc.* Lithia Canada Real Estate, Inc.* Lithia Master GP Company, Inc.* 100% 89.9% 0.01% Lithia Master LP Company, LP* *Entities formed under the laws of the Province of Alberta 89.89%100% #44645423.3 Xxxxx Motors Inc. 10.1% 10.1% Lithia Canada Real Estate 2, Inc.* 100% **Entities formed under the laws of the Province of Ontario Mississauga- B GP, Inc.* 100% 0.01% 99.99% Mississauga -B, LP* Markham-P GP, Inc.* 99.99%0.01% Markham- P, LP* 100% Markham-B GP, Inc.* 100% 0.01% 99.99% Markham- B, LP Motus Car Rental GP, Inc.* Motus Car Rental, LP* 100% 0.01% 99.99% Vaughan- P, LP* 0.01% 99.99%Vaughan-P GP, Inc.* 100% Autoworks Woodbridge GP, Inc.* Autoworks Woodbridge , LP* 100% 0.01% 99.99% Lithia Canada Leasing GP, Inc.* 100% 0.01% 99.99% Lithia Canada Leasing, LP* Guelph-S GP, Inc.* Guelph- S, LP* 100% 0.01% 99.99% Canada-MC GP, Inc.* Canada- MC, LP* 100% 0.01% 99.99% Woodbridge- PA GP, Inc.* Woodbridge- PA, LP* 100% 0.01% 99.99% Vancouver- MP GP, Inc.* Vancouver -MP, LP* 100% 99.99%0.01% Woodbridge- MC GP, Inc.* 100% 0.01% 99.99% Woodbridge -MC, L P* Vaughan-S GP, Inc.* 100% 0.01% 99.99% Vaughan- S, LP* Richmond Hill-H GP, Inc.* Richmond Hill-H, LP 100% 0.01% 99.99% Vaughan-A GP, Inc.* Vaughan- A, LP* 100% 0.01% 99.99% Newmarket- V GP, Inc.* Newmarket -V, LP* 100% 0.01% 99.99% Newmarket- A GP, Inc.* Newmarket -A, LP* 100% 0.01% 99.99% Autoworks Xxxxxxx XX, Inc.* 100% 0.01% 99.99% Autoworks Xxxxxxx, XX*