<SEC-DOCUMENT>0001023128-17-000094.txt : 20170803
<SEC-HEADER>0001023128-17-000094.hdr.sgml : 20170803
<ACCEPTANCE-DATETIME>20170803141858
ACCESSION NUMBER:		0001023128-17-000094
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170801
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170803
DATE AS OF CHANGE:		20170803

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LITHIA MOTORS INC
		CENTRAL INDEX KEY:			0001023128
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-AUTO DEALERS & GASOLINE STATIONS [5500]
		IRS NUMBER:				930572810
		STATE OF INCORPORATION:			OR
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14733
		FILM NUMBER:		171004313

	BUSINESS ADDRESS:	
		STREET 1:		150 NORTH BARTLETT STREET
		CITY:			MEDFORD
		STATE:			OR
		ZIP:			97501
		BUSINESS PHONE:		541-776-6401

	MAIL ADDRESS:	
		STREET 1:		150 NORTH BARTLETT STREET
		CITY:			MEDFORD
		STATE:			OR
		ZIP:			97501
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>lad20170803_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<div><a name="s06c814190b4a4e8785c71fb2d8851874"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">UNITED STATES</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Washington, D.C. 20549</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">___________________________________________</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">FORM 8-K</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">CURRENT REPORT</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Pursuant to Section 13 or 15(d) of the</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Securities Exchange Act of 1934</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Date of Report: August 1, 2017 </font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Date of earliest event reported)</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Lithia Motors, Inc.</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Exact name of registrant as specified in its charter)</font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="5"></td></tr><tr><td style="width:18%;"></td><td style="width:20%;"></td><td style="width:22%;"></td><td style="width:20%;"></td><td style="width:20%;"></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">OR</font></div><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(State or other jurisdiction</font></div><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">of incorporation)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">001-14733</font></div><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Commission File Number)</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">93-0572810</font></div><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(IRS Employer</font></div><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Identification Number)</font></div></td></tr><tr><td colspan="5" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">150 N. Bartlett St, Medford, OR</font></div><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Address of principal executive offices)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">97501</font></div><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Zip Code)</font></div></td></tr><tr><td colspan="5" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">541-776-6401</font></div><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Registrant's telephone number, including area code)</font></div></td></tr><tr><td colspan="5" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="5" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Not Applicable</font></div><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Former Name or Former Address, if changed since last report)</font></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-indent:40px;font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;">o</font><font style="font-family:inherit;font-size:10pt;">&#32;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div><div style="line-height:120%;text-indent:40px;font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;">o</font><font style="font-family:inherit;font-size:10pt;">&#32;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div><div style="line-height:120%;text-indent:40px;font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;">o</font><font style="font-family:inherit;font-size:10pt;">&#32;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></div><div style="line-height:120%;text-indent:40px;font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;">o</font><font style="font-family:inherit;font-size:10pt;">&#32;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></div><div style="line-height:120%;text-indent:40px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Indicate by check box whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter). </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Emerging growth company </font><font style="font-family:Wingdings;font-size:10pt;">o</font></div><div style="line-height:120%;padding-left:42px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. </font><font style="font-family:Wingdings;font-size:10pt;">o</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><a name="s346d8f0a90af4d27b48ba9e859dc763d"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Item 1.01. Entry Into a Material Definitive Agreement</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#160;</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;On August 1, 2017, we amended our existing credit facility with U.S. Bank National Association as agent for the lenders, and U.S. Bank National Association; JPMorgan Chase Bank, N.A.; Toyota Motor Credit Corporation; American Honda Finance Corporation; Mercedes-Benz Financial Services USA LLC; TD Bank, N.A.; Bank of America, N.A.; Capital One, N.A.; BMW Financial Services NA, LLC; KeyBank National Association; Bank of the West; Ally Bank; BMO Harris Bank, N.A.; Branch Banking &amp; Trust Company; Santander Bank, N.A.; VW Credit, Inc.; Nissan Motor Acceptance Corporation; and Hyundai Capital America, as lenders, pursuant to a Seventh Amendment to Amended and Restated Loan Agreement. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Among other changes, the amendment:</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:72px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">increases the total financing commitment from $2.05 billion to $2.40 billion (which may be further expanded, subject to lender approval, up to a total of $2.75 billion); </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:72px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">extends the expiration date of the credit facility to August 1, 2022; </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:72px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">eliminates one of the prior restrictions on the incurrence of certain types of indebtedness, provided that compliance with financial covenants, including a leverage ratio test, is still required;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:72px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">permits certain subsidiaries to obtain debt financing directly from manufacturers and their financing affiliates provided that the principal amount of the debt financing does not exceed 15% of the aggregate commitment under our amended credit facility on the effective date of the amendment; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:72px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">eliminates the maximum amount we may pay for acquisitions without lender consent so long as our leverage ratio (as defined in the agreement, and after giving pro forma effect to the acquisition, as described in the agreement) is below 4.00 to 1.00 or, if our leverage ratio is 4.00 to 1.00 or greater, so long as the price is less than or equal to 10% of our tangible net worth as of the last day of the fiscal quarter most recently ended prior to the date of the completion of the acquisition.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Under the amended agreement, the initial allocation of the financing commitment is for (i) up to $250 million in used vehicle inventory floor plan financing, (ii) up to $250 million in revolving financing for general corporate purposes, including acquisitions and working capital, and (iii) up to $1.9 billion in new vehicle inventory floor plan financing (an increase from of the allocation immediately prior to the amendment, which was $1.55 billion). The amended agreement permits certain reallocations of the financing commitments provided that,  among other requirements, the aggregate used vehicle floorplan commitment may not be more than 16.5% of the amount of the aggregate commitment, and the aggregate revolving loan commitment may not be more than 18.75% of the amount of the aggregate commitment</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">A copy of the Seventh Amendment to Amended and Restated Loan Agreement is attached as Exhibit 10.1 and incorporated herein by reference.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><a name="s3b1bb8f888b24d4d96c8e2fd479c202f"></a></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Item 9.01. Financial Statements and Exhibits</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:44px;text-indent:-43px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">(d) Exhibits</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:22%;"></td><td style="width:78%;"></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Exhibit No.</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Description</font></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10.1</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Seventh Amendment to Amended and Restated Loan Agreement dated August 1, 2017</font></div></td></tr></table></div></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><a name="sf75d17469d1841c39a67bd37b1919174"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">SIGNATURE</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:42px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:99.609375%;border-collapse:collapse;text-align:left;"><tr><td colspan="4"></td></tr><tr><td style="width:7%;"></td><td style="width:44%;"></td><td style="width:4%;"></td><td style="width:45%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Dated:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">August 1, 2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">LITHIA MOTORS, INC.</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">By:</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">/s/ John F. North III</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">John F. North III</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Senior Vice President and Chief Financial Officer</font></div></td></tr></table></div></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><a name="sf54e42dd1d1c4a3b8b021514222e726c"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:22%;"></td><td style="width:78%;"></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Exhibit Index</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Exhibit No.</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Description</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10.1</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Seventh Amendment to Amended and Restated Loan Agreement dated August 1, 2017</font></div></td></tr></table></div></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div>	</body>
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<TYPE>EX-10.1
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<DESCRIPTION>EXHIBIT 10.1
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<div><a name="s86A0DF9CF5AE85BF355BA011BD7E8C44"></a></div><div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">SEVENTH AMENDMENT</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">TO</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">AMENDED AND RESTATED LOAN AGREEMENT</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">This Seventh Amendment to Amended and Restated Loan Agreement (this &#8220;Amendment&#8221;), dated as of August 1, 2017, is entered into among Lithia Motors, Inc., an Oregon corporation (the &#8220;Company&#8221;), each of the Subsidiaries of the Company listed on the signature pages of this Amendment (together with the Company, each a &#8220;Borrower&#8221; and any two or more &#8220;Borrowers&#8221;), the Lenders under the Loan Agreement described below that are signatories to this Amendment, and U.S. Bank National Association, as Agent for the Lenders (in such capacity, &#8220;Agent&#8221;).</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">R E C I T A L S</font><font style="font-family:inherit;font-size:12pt;">:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">A.&#160;&#160;&#160;&#160;The Company, certain of its Subsidiaries, the Lenders and Agent have entered into an Amended and Restated Loan Agreement dated as of October 1, 2014, as amended by a First Amendment to Amended and Restated Loan Agreement dated as of February 20, 2015, by a Second Amendment to Amended and Restated Loan Agreement dated as of December 18, 2015, by a Third Amendment to Amended and Restated Loan Agreement dated as of February 25, 2016, by a Fourth Amendment to Amended and Restated Loan Agreement dated as of July 27, 2016, by a Fifth Amendment and Limited Waiver dated as of May 1, 2017, and by a Sixth Amendment to Amended and Restated Loan Agreement dated as of July 12, 2017 (as so amended, the &#8220;Loan Agreement&#8221;).</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">B.&#160;&#160;&#160;&#160;Pursuant to Section 6.17 of the Loan Agreement, effective on September 22, 2016, the Company reallocated $100,000,000 from the Aggregate Used Vehicle Floorplan Commitment to the Aggregate New Vehicle Floorplan Commitment, such that after giving effect to such reallocations, the Aggregate Used Vehicle Floorplan Commitment is $250,000,000, and the Aggregate New Vehicle Floorplan Commitment is $1,550,000,000.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">C.&#160;&#160;&#160;&#160;The Company has (a) arranged for an increase in the Aggregate New Vehicle Floorplan Commitment in an aggregate amount of $350,000,000 (the &#8220;August 2017 Increase&#8221;) pursuant to the provisions of Section 6.12 of the Loan Agreement (prior to giving effect to the amendments set forth in this Amendment), (b) requested that the Agent and the Lenders agree to (1) increase the &#8220;Aggregate Commitment&#8221; specified in the Loan Agreement from $2,050,000,000 to $2,400,000,000, (2) increase the maximum allowable amount of the &#8220;Aggregate Revolving Loan Commitment&#8221; specified in the Loan Agreement to 18.75% of the amount of the Aggregate Commitment from time to time, (3) increase the maximum allowable amount of the &#8220;Aggregate Used Vehicle Floor Plan Commitment&#8221; specified in the Existing Loan Agreement to 16.5% of the amount of the Aggregate Commitment from time to time, and (4) extend the Termination Date set forth in the Loan Agreement to August 1, 2022, and (c) requested that the Agent and the Lenders agree to the other amendments to the Loan Agreement set forth herein.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">1</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">D.&#160;&#160;&#160;&#160;The Lenders that are signatories to this Amendment, constituting all of the Lenders under the Loan Agreement and all of the Increasing Lenders and Additional Lenders with respect to the August 2017 Increase, have agreed to amend the Loan Agreement as set forth herein.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">For valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;text-indent:96px;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:12pt;font-weight:bold;padding-right:48px;">1.</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Exercise of Increase Option</font><font style="font-family:inherit;font-size:12pt;">.  Pursuant to and in accordance with the provisions of Section 6.12 of the Loan Agreement (prior to giving effect to the amendments set forth in this Amendment), the Company has arranged for the increase in the Aggregate New Vehicle Floorplan Commitment in an aggregate amount of $350,000,000 to be provided by one or more Lenders (each Lender so agreeing to an increase in its Commitment, an &#8220;Increasing Lender&#8221;), and by one or more new banks, financial institutions or other entities (each such new bank, financial institution or other entity, an &#8220;Additional Lender&#8221;), which Lender or Lenders shall increase their existing Commitments.  In furtherance thereof, (i) in the case of an Increasing Lender, the Agent, Borrowers and each such Increasing Lender shall execute an Increasing Lender Agreement substantially in the form of Exhibit N</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">&#32;</font><font style="font-family:inherit;font-size:12pt;">to the Loan Agreement, (ii) in the case of an Additional Lender, the Agent, Borrowers and each such Additional Lender shall execute an Additional Lender Agreement substantially in the form of Exhibit M</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">&#32;</font><font style="font-family:inherit;font-size:12pt;">to the Loan Agreement, and (iii) the Borrowers, the other Loan Parties, each Increasing Lender, and each Additional Lender shall deliver to Agent such other documents or amendments to the existing Loan Documents as Agent reasonably deems necessary.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">2.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Amendments to Certain Existing Definitions</font><font style="font-family:inherit;font-size:12pt;">.  The definitions of the following defined terms in Section 1.1 of the Loan Agreement are deleted and replaced with the following defined terms:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">&#8220;Acquisition Subsidiary&#8221; </font><font style="font-family:inherit;font-size:12pt;">has the meaning set forth in Section 13.13(d).</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#32;&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Aggregate Commitment</font><font style="font-family:inherit;font-size:12pt;">&#8221; means, at any time, the sum of the Aggregate New Vehicle Floorplan Commitment, plus the Aggregate Used Vehicle Floorplan Commitment, plus the Aggregate Revolving Loan Commitment, as adjusted from time to time pursuant to the terms hereof, </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">provided that</font><font style="font-family:inherit;font-size:12pt;">, except as provided in Section 6.12, the Aggregate Commitment shall not be more than $2,400,000,000.00.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Aggregate Revolving Loan Commitment</font><font style="font-family:inherit;font-size:12pt;">&#8221; means, at any time, the aggregate of the Revolving Loan Commitments of all Lenders at such time; provided that the Aggregate Revolving Loan Commitment shall not at any time be more than 18.75% of the amount of the Aggregate Commitment at such time.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Aggregate Used Vehicle Floorplan Commitment</font><font style="font-family:inherit;font-size:12pt;">&#8221; means, at any time, the aggregate of the Used Vehicle Floorplan Commitments of all Lenders at such time; provided that the Aggregate Used Vehicle Floorplan Commitment shall not at any time be more than 16.5% of the amount of the Aggregate Commitment at such time.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Change in Control</font><font style="font-family:inherit;font-size:12pt;">&#8221; means: (i) the acquisition by any Person, or two or more Persons acting in concert, in either case other than Lithia Holding Company, L.L.C. and the </font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Principal, of beneficial ownership (within the meaning of Rule 13d-3 of the U.S. Securities and Exchange Commission under the Securities Exchange Act of 1934) of 35% or more of the outstanding shares of voting stock of the Company on a fully diluted basis; (ii) within any twelve-month period, occupation of a majority of the seats (other than vacant seats) on the board of directors of the Company by Persons who were neither (x) nominated by the board of directors of the Company nor (y) appointed or approved by directors so nominated; (iii) the Company consolidates with or merges into another Person or conveys, transfers or leases all or substantially all of its property to any Person, or any Person consolidates with or merges into the Company, in either event pursuant to a transaction in which the outstanding capital stock of the Company is reclassified or changed into or exchanged for (A) cash or Cash Equivalent Investments or (B) securities, and the holders of the capital stock in the Company immediately prior to such transaction do not, as a result of such transaction, own, directly or indirectly, more than 51% of the combined voting power of the Company&#8217;s capital stock or the capital stock of its successor entity in such transaction; or (iv) a "change of control" or "change of ownership" (or any term substantially equivalent to any of the foregoing phrases in this clause (iv)) occurs, in each case, as such term or phrase is defined in any indenture or other agreement evidencing or relating to any Indebtedness having an outstanding principal amount in excess of $20,000,000.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Minority Dealer</font><font style="font-family:inherit;font-size:12pt;">&#8221; means a Minority Dealer Affiliate or a Minority Dealer Subsidiary; provided, that the Company shall not designate more than a total of three Minority Dealers at any one time, in addition to the designation of DCH CA, LLC (dba DCH Acura of Temecula) as a Minority Dealer and the designation of the DTLA Subsidiaries as Minority Dealers.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">&#8220;Minority Dealer Subsidiary&#8221;</font><font style="font-family:inherit;font-size:12pt;">&#32;means a Subsidiary of the Company, designated in writing by the Company to Agent from time to time, in which one or more Minority Dealer Partners owns, directly or indirectly, equity ownership interests of such Subsidiary or has the right to acquire, directly or indirectly, equity ownership interests of such Subsidiary; provided that in the event that the Company designates the DTLA Subsidiaries as Minority Dealer Subsidiaries, then the Company shall not own, directly or indirectly, equity ownership interests of the DTLA Subsidiaries that represent less than 90% of the equity ownership interests of the DTLA Subsidiaries individually and in the aggregate.</font></div><div style="line-height:120%;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Revolving Loan Borrowing Base</font><font style="font-family:inherit;font-size:12pt;">&#8221; means, as of any date of determination:</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:144px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(a)&#160;&#160;&#160;&#160;an amount equal to the sum, without duplication, on such date of:</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:96px;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(i)&#160;&#160;&#160;&#160;100% of the amounts (excluding commissions included in clause (b) of the definition of Eligible Receivables) owing to the Dealerships in which Agent has a perfected first priority security interest, which are owed to the Dealerships by financial institutions or finance companies which are not Affiliates of any Loan Party for the purchase by such institutions of retail installment contracts and leases arising from the sale or lease of New Vehicles and Used Vehicles (contracts in transit), which have not remained unpaid for more than 15 days.</font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">3</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:192px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(ii)&#160;&#160;&#160;&#160;80% of the amount of Eligible Receivables.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:96px;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(iii)&#160;&#160;&#160;&#160;100% of the sum of the manufacturer&#8217;s or distributor&#8217;s invoices (including freight, advertising and holdbacks) for Eligible New Vehicles.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:192px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(iv)&#160;&#160;&#160;&#160;100% of the amount of the Used Vehicle Borrowing Base.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:96px;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(v)&#160;&#160;&#160;&#160;75% of the Value of Eligible Real Property; </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">provided, that </font><font style="font-family:inherit;font-size:12pt;">this component of the Revolving Loan Borrowing Base shall not at any time exceed 25% of the lesser of (x) the Revolving Loan Borrowing Base and (y) the Aggregate Revolving Loan Commitment.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:96px;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(vi)&#160;&#160;&#160;&#160;65% of (A) the net book value of the inventory of the Company and its Subsidiaries consisting of new parts and accessories in which Agent has a perfected first priority security interest; minus (B) the unpaid acquisition cost owed to sellers or financers of such inventory.</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:justify;padding-left:96px;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(vii)&#160;&#160;&#160;&#160;40% of (A) the net book value of equipment (excluding fixtures, aircraft, and Service Loaner Vehicles) of the Company and its Subsidiaries in which Agent has a perfected first priority security interest, minus (B) the principal amount of indebtedness or obligations to any Person (other than the Obligations) which is secured by any equipment.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:96px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(b)&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Minus,</font><font style="font-family:inherit;font-size:12pt;">&#32;the sum of the then outstanding aggregate principal balance of New Vehicle Floorplan Loans, New Vehicle Swing Line Loans, Used Vehicle Floorplan Loans, Used Vehicle Swing Line Loans and Pari Passu Funded Debt.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Notwithstanding anything to the contrary in this Agreement, the amounts set forth in clauses (a)(i) through (vii) above shall exclude all receivables, Vehicles, real property, inventory, equipment and other property and assets of any Silo Subsidiary.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Termination Date</font><font style="font-family:inherit;font-size:12pt;">&#8221; means August 1, 2022, or any earlier date on which the Aggregate Commitment is reduced to zero or otherwise terminated pursuant to the terms hereof.</font></div><div style="line-height:120%;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">3.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">New Definitions</font><font style="font-family:inherit;font-size:12pt;">.  Section 1.1 of the Loan Agreement is amended by adding the following new definitions, in alphabetical order:</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">DTLA Subsidiaries</font><font style="font-family:inherit;font-size:12pt;">&#8221; means LA Motors Holding, LLC, a California limited liability company, and each of its Subsidiaries, which as of the Seventh Amendment Effective Date consist of LAD Carson-N, LLC, a California limited liability company, LAD-AU, LLC, a California limited liability company. LAD-MB, LLC, a California limited liability company, LAD-N, LLC, a California limited liability company, LAD-P, LLC, a California limited liability company, LAD-T, LLC, a California limited liability company, LAD-V, LLC, a California limited liability company.</font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">4</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Original Equipment Manufacturer&#8221; </font><font style="font-family:inherit;font-size:12pt;">means the original manufacturer of a Vehicle that is marketed and sold under a Permitted Brand.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Pari Passu Funded Debt&#8221; </font><font style="font-family:inherit;font-size:12pt;">means Funded Debt incurred by the Company and the other Loan Parties provided that each of the following conditions are satisfied: (a) such Funded Debt is permitted under subsection (l) of Section 13.10; (b) the Company has delivered to the Agent a Revolving Loan Borrowing Base Certificate certifying that, on the date of incurrence of such Funded Debt and after giving effect to such incurrence as Pari Passu Funded Debt, the Revolving Loan Availability is not less than $1.00; (c) the proceeds of such Funded Debt are used by the Company to repay Revolving Loans (to the extent outstanding); (d) the stated final maturity and any required principal amortization of such Funded Debt is not earlier than 91 days following the Termination Date as in effect on the date of incurrence of such Funded Debt; (e) such Funded Debt is incurred or guaranteed by the Company and all other Loan Parties and no Subsidiaries of the Company that are not Loan Parties shall have any obligations in respect of such Funded Debt; (f) such Funded Debt is secured by the Collateral, and no property or assets of the Company or any of its Subsidiaries, other than the Collateral, secures such Funded Debt; (g) the terms and conditions (other than pricing, rate floors, discounts and fees) governing such Funded Debt are not materially less favorable to the Company or any other Loan Party than the terms and conditions of the Loan Documents; and (h) the Persons to whom such Funded Debt is owed, or their agent, collateral agent or other representative, have entered into an intercreditor agreement with Agent that (A) shall provide that the Agent is the collateral agent (on behalf of the Persons to whom the Pari Passu Funded Debt is owed) for all liens on Collateral securing any Pari Passu Funded Debt, all actions with respect to any Collateral must be taken through the Agent, and any proceeds of Collateral resulting from enforcement of rights and remedies must be applied as follows: </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">first</font><font style="font-family:inherit;font-size:12pt;">, to reasonable costs and expenses of the Agent in connection with enforcement of rights and remedies, including foreclosure, sale and collection of the Collateral, and </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">second</font><font style="font-family:inherit;font-size:12pt;">, ratably, to the Pari Passu Funded Debt and the Obligations (and certain designated Indebtedness that refinances the Obligations or the Aggregate Commitments), and (B) shall otherwise be</font><font style="font-family:inherit;font-size:9pt;">&#32;</font><font style="font-family:inherit;font-size:12pt;">in form and content satisfactory to Agent and the Required Lenders.</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#32;&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Seventh Amendment</font><font style="font-family:inherit;font-size:12pt;">&#8221; means the Seventh Amendment to Amended and Restated Loan Agreement, dated as of August 1, 2017, among the Borrowers, the Lenders, and the Agent.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Seventh Amendment Effective Date</font><font style="font-family:inherit;font-size:12pt;">&#8221; means August 1, 2017, the effective date of the Seventh Amendment.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Silo Subsidiary&#8221; </font><font style="font-family:inherit;font-size:12pt;">means a Subsidiary designated as a &#8220;Silo Subsidiary&#8221; in writing by the Company to the Agent for the purpose of incurring Funded Debt permitted under subsection (o) of Section 13.10, </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">provided that</font><font style="font-family:inherit;font-size:12pt;">&#32;if, at the time of such designation, such Subsidiary is a Loan Party:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:96px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(i) &#160;&#160;&#160;&#160;such Subsidiary shall have executed and delivered to the Agent a Termination Agreement,</font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">5</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:96px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(ii)&#160;&#160;&#160;&#160;the Company shall have provided to the Agent a Revolving Loan Borrowing Base Certificate as of the date of and after giving effect to such designation of such Subsidiary as a Silo Subsidiary and certifying that after giving effect to such designation the Revolving Loan Availability is not less than $1.00, </font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:96px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(iii) the Company shall have provided to the Agent a Used Vehicle Loan Borrowing Base Certificate as of the date of and after giving effect to such designation of such Subsidiary as a Silo Subsidiary and deduction of all Used Vehicles of such Silo Subsidiary from the Used Vehicle Borrowing Base,</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:96px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(iv) the Company or such Subsidiary shall have repaid in full the Related Principal Portion, together with accrued and unpaid interest thereon, with respect to each New Vehicle of such Subsidiary financed with a New Vehicle Loan Advance, and </font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:96px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(v) the Company shall have repaid Used Vehicle Floorplan Loans and Used Vehicle Swing Line Loans to the extent necessary such that, after giving effect to such repayment and the designation of such Subsidiary as a Silo Subsidiary and deduction of all Used Vehicles of such Silo Subsidiary from the Used Vehicle Borrowing Base, (1) the outstanding principal balance of all Used Vehicle Floorplan Loans does not exceed, in the aggregate, as to all Lenders, the Maximum Used Vehicle Floorplan Amount, and (2) the outstanding principal balance of all Used Vehicle Floorplan Loans, plus the outstanding principal balance of all Used Vehicle Swing Line Loans, does not exceed, in the aggregate, as to all Lenders, the Maximum Used Vehicle Floorplan Amount.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Effective upon any such designation and satisfaction of the conditions set forth in clauses (i), (ii), (iii), (iv) and (v) above, any Subsidiary so designated shall cease to be a Loan Party, a New Vehicle Floorplan Borrower and a Guarantor under this Agreement and the other Loan Documents, and the Dealership Loan Limit (if any) for such Subsidiary shall be deleted.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">&#8220;Tangible Net Worth&#8221; </font><font style="font-family:inherit;font-size:12pt;">means, as of any date, an amount equal to (x) the amount of shareholders&#8217; equity, </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">minus</font><font style="font-family:inherit;font-size:12pt;">&#32;(y) the amount of goodwill and other intangible assets, of Company and its Subsidiaries, in each case determined as of such date on a consolidated basis in accordance with GAAP consistently applied.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">4.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Increase Option. </font><font style="font-family:inherit;font-size:12pt;">&#32;Section 6.12.1 of the Loan Agreement is deleted and replaced with the following:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.12.1&#160;&#160;&#160;&#160;The Company may from time to time request an increase in the Aggregate New Vehicle Floorplan Commitment, in minimum increments of $50,000,000.00 or such lower amount as is agreed to between the Company and Agent, so long as, after giving effect thereto, (a) the aggregate amount of all such increases requested after the Seventh Amendment Effective Date does not exceed $350,000,000.00, and (b) the Aggregate Commitment does not exceed $2,750,000,000.00.</font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">5.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Reallocation of Commitments. </font><font style="font-family:inherit;font-size:12pt;">&#32;Section 6.17.3 of the Loan Agreement is deleted and replaced with the following:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.17.3  Following any Reallocation, (a) the Aggregate Commitment shall not change; (b) the Aggregate New Vehicle Floorplan Commitment shall not be less than the then outstanding principal balance of the New Vehicle Floorplan Loans and the New Vehicle Swing Line Loans (which, for purposes of this determination, shall not be deemed to be reduced  by amounts in the PR Accounts); (c) the Aggregate Used Vehicle Floorplan Commitment (i) shall not be more than 16.5% of the amount of the Aggregate Commitment at the time of such Reallocation and (ii) shall not be less than the then outstanding principal balance of the Used Vehicle Floorplan Loans and the Used Vehicle Swing Line Loans; and (d) the Aggregate Revolving Loan Commitment (i) shall not be more than 18.75% of the amount of the Aggregate Commitment at the time of such Reallocation and (ii) shall not be less than the then outstanding principal balance of the Revolving Loans and Revolving Swing Line Loans plus the LC Obligations and any Reserve Amount.</font></div><div style="line-height:120%;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">6.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Yield Protection.  </font><font style="font-family:inherit;font-size:12pt;">Section 7.1 of the Loan Agreement is amended by adding the following sentence at the end of subsection (c) thereof:</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:justify;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Failure or delay on the part of any Lender or L/C Issuer to demand compensation pursuant to this Section shall not constitute a waiver of such Lender&#8217;s or L/C Issuer&#8217;s right to demand such compensation; </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">provided</font><font style="font-family:inherit;font-size:12pt;">&#32;</font><font style="font-family:inherit;font-size:12pt;">that the Borrowers shall not be required to pay any amount to compensate any Lender or L/C Issuer pursuant to the foregoing provisions of this Section 7.1 for any such increased costs incurred or reductions suffered more than nine months prior to the date that such Lender or such L/C Issuer, as the case may be, notifies the Company of the Change in Law giving rise to such increased costs or reductions and of such Lender's or such L/C Issuer's intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive effect). </font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">7.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Changes in Capital Adequacy Regulations</font><font style="font-family:inherit;font-size:12pt;">. Section 7.2 of the Loan Agreement is amended by adding the following sentence at the end of Section 7.2:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Failure or delay on the part of any Lender or L/C Issuer to demand compensation pursuant to this Section shall not constitute a waiver of such Lender&#8217;s or L/C Issuer&#8217;s right to demand such compensation; </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">provided</font><font style="font-family:inherit;font-size:12pt;">&#32;</font><font style="font-family:inherit;font-size:12pt;">that the Borrowers shall not be required to pay any amount to compensate any Lender or L/C Issuer pursuant to the foregoing provisions of this Section 7.2 for any shortfall in the rate of return suffered more than nine months prior to the date that such Lender or such L/C Issuer, as the case may be, notifies the Company of the Change in Law giving rise to such shortfall and of such Lender's or such L/C Issuer's intention to claim compensation therefor (except that, if the Change in Law giving rise to such shortfall is retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive effect).</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">8.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Agreements with Sellers</font><font style="font-family:inherit;font-size:12pt;">. Section 12.10 of the Loan Agreement is deleted and replaced with the following:</font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">7</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">12.10&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Agreements with Sellers</font><font style="font-family:inherit;font-size:12pt;">.  Each Borrower shall, and the Company shall cause each Subsidiary to, comply with Franchise Agreements, other Seller Agreements, and all other agreements between such Person and any manufacturer or distributor of New Vehicles in all respects and shall maintain all such agreements in full force and effect, except (a) in accordance with the disposition of a Dealership or Subsidiary in accordance with Section 13.1.2 or 13.1.3, (b) as a result of termination or cessation of business not restricted by Section 13.8, or (c) to the extent the failure to comply with this Section 12.10 could not reasonably be expected to have a Material Adverse Effect.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">9.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Repurchase Agreements</font><font style="font-family:inherit;font-size:12pt;">. Section 12.11 of the Loan Agreement is deleted and replaced with the following:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">12.11&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Repurchase Agreements</font><font style="font-family:inherit;font-size:12pt;">.  Each New Vehicle Floorplan Borrower shall comply with all terms and conditions of any applicable Repurchase Agreement except to the extent the failure to so comply could not reasonably be expected to have a Material Adverse Effect.  Each New Vehicle Floorplan Borrower shall take any actions reasonably required by Agent with respect to any Repurchase Agreement.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">10.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Joinder of New Subsidiaries</font><font style="font-family:inherit;font-size:12pt;">. Section 12.17 of the Loan Agreement is deleted and replaced with the following</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">12.17&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Joinder of New Subsidiaries</font><font style="font-family:inherit;font-size:12pt;">.  Each Person that is a Permitted New Dealership or an Other New Subsidiary or otherwise becomes a Subsidiary of the Company (in each case, other than an Acquisition Subsidiary or a Silo Subsidiary), shall execute a Guarantor Joinder Agreement (or if it is to become a New Vehicle Floorplan Borrower, a Borrower Joinder Agreement) and shall execute such other documents and satisfy such requirements as Agent reasonably requires so that such Person becomes a Guarantor and a Loan Party and, if applicable, a New Vehicle Floorplan Borrower, and grants a security interest to Agent for the benefit of the Lenders in the Collateral owned by such Person.  Each such Person that becomes a Subsidiary of the Company (other than a Silo Subsidiary) shall satisfy all requirements applicable to an Acquisition Subsidiary which are set forth in Section 13.13 (d), (g), (i), (j), (k) (if such Subsidiary is a Dealership), (l) and (p).</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">11.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Liens</font><font style="font-family:inherit;font-size:12pt;">. Section 13.3 of the Loan Agreement is amended by replacing subsection (p) with the following subsection (p) and by adding the following subsections (s), (t)  and (u):</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(p)&#160;&#160;&#160;&#160;Liens on Vehicles and other assets of a Silo Subsidiary securing Funded Debt permitted by Section 13.10(o), provided that such Vehicles and other assets do not constitute Collateral.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(s)&#160;&#160;&#160;&#160;Liens securing Pari Passu Funded Debt.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(t)&#160;&#160;&#160;&#160;Liens (including, without limitation, certain rights of set-off and title retention agreements) in favor of an Original Equipment Manufacturer attaching to Inventory sold to a Loan Party by such Original Equipment Manufacturer and securing amounts owing </font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">8</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">in connection with the purchase of such Inventory by such Loan Party  from such Original Equipment Manufacturer, so long as such Liens do not secure Indebtedness and such Liens arise in the ordinary course of business consistent with the Company's existing business practices, and Liens consisting of purchase options and rights of first refusal arising under any Franchise Agreement or Repurchase Agreement.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(u) &#160;&#160;&#160;&#160;Liens not otherwise permitted under this Section 13.3 provided that (i) at the time of the creation or incurrence of any such Lien, no Default or Event of Default shall exist or would result from such Lien, (ii) no such Lien attaches to any Collateral, and (iii) the aggregate amount of Indebtedness secured by all such Liens and the aggregate value of the assets subject to all such Liens shall not exceed $5,000,000 at any time.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">12.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Investments</font><font style="font-family:inherit;font-size:12pt;">. Section 13.6 of the Loan Agreement is amended by replacing subsections (f) and (h) with the following subsections (f) and (h):</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(f)&#160;&#160;&#160;&#160;Investments in securities of account debtors received pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of such account debtors or otherwise in settlement of claims arising in the ordinary course of business;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(h)&#160;&#160;&#160;&#160;Investments not otherwise permitted under this Section 13.6 provided that the aggregate amount of such Investments do not to exceed 0.625% of the Aggregate Commitments.</font></div><div style="line-height:120%;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">13.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Indebtedness.</font><font style="font-family:inherit;font-size:12pt;">&#32;Subsections (b), (j), (l) and (o) of Section 13.10 of the Loan Agreement are deleted and replaced with the following subsections (b), (j), (l) and (o):</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:144px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(b)&#160;&#160;&#160;&#160;Short-term unsecured trade obligations incurred in the ordinary course of business which are outstanding not more than 90 days after the original date on which such trade obligations were created.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:144px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(j)&#160;&#160;&#160;&#160;Funded Debt consisting of purchase money indebtedness incurred to acquire equipment which is secured only by the equipment acquired and such equipment secures only the obligation to pay the purchase price, provided that, on the date of incurrence of such Funded Debt, the aggregate outstanding principal amount of such Funded Debt and all other Funded Debt previously incurred under this subsection (j), shall not exceed 10% of Tangible Net Worth as of the last day of the most recently ended fiscal quarter of the Company and its Subsidiaries. </font></div><div style="line-height:120%;text-align:justify;padding-left:48px;text-indent:144px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:48px;text-indent:144px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(l)&#160;&#160;&#160;&#160;Additional Funded Debt, including, without limitation, Pari Passu Funded Debt, </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">provided that</font><font style="font-family:inherit;font-size:12pt;">,</font><font style="font-family:inherit;font-size:12pt;font-style:italic;">&#32;</font><font style="font-family:inherit;font-size:12pt;">after giving </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">pro forma </font><font style="font-family:inherit;font-size:12pt;">effect to the incurrence of such additional Funded Debt as if incurred and outstanding on the last day of the fiscal quarter most recently ended prior to such incurrence, the Company would have been in compliance with Section 11.1.3 as of such day.</font></div><div style="line-height:120%;text-align:justify;padding-left:48px;text-indent:144px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;text-indent:144px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(o) &#160;&#160;&#160;&#160;Funded Debt owing by a Silo Subsidiary to an Original Equipment Manufacturer or its finance affiliate under floor plan, working capital and other </font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">9</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">financing arrangements, in an aggregate outstanding principal amount at any time not to exceed 15% of the amount of the Aggregate Commitments as in effect from time to time; </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">provided that </font><font style="font-family:inherit;font-size:12pt;">neither the Company nor any other Loan Party has any obligation (contingent or otherwise) with respect to such Funded Debt.</font></div><div style="line-height:120%;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">13.&#160;&#160;&#160;&#160;Restrictive Agreements.</font><font style="font-family:inherit;font-size:12pt;">&#32;Section 13.12 of the Loan Agreement is deleted and replaced with the following:</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">13.12&#160;&#160;&#160;&#160;Restrictive Agreements.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;Except for Permitted Restrictions and the provisions of this Agreement and the other Loan Documents, each Borrower shall not, and the Company shall not permit any Subsidiary to, (a) enter into or permit to exist any arrangement, contract, or agreement which directly or indirectly prohibits any Loan Party from or imposes any restrictions on creating, assuming or incurring any Lien upon all or any portion of its properties, revenues or assets or those of any of its Subsidiaries whether now owned or hereafter acquired, to secure the Obligations or to secure any renewals, refundings, replacements, refinancings or restructurings of the Obligations in an aggregate outstanding principal amount or aggregate committed amount that is less than or equal to the Aggregate Commitments as of the date of such arrangement, contract, or agreement, or (b) enter into or permit to exist any agreement, contract or arrangement restricting the ability of any Subsidiary to pay or make dividends or distributions in cash or kind to the Company or any other Loan Party, to make loans, advances or other payments of whatsoever nature to the Company or any other Loan Party, to make transfers or distributions of all or any part of its assets to the Company or any other Loan Party, or to borrow money from the Company or any other Loan Party, (c) enter into or permit to exist any agreement, contract or arrangement which directly or indirectly prohibits any Subsidiary from guarantying, or imposes restrictions on the ability of any Subsidiary to guaranty, the Obligations, or (d) enter into or permit to exist any agreement or arrangement which would be violated by the extensions of credit contemplated hereunder or the performance by any Loan Party of its obligations under the Loan Documents.</font></div><div style="line-height:120%;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">14.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Permitted Acquisitions</font><font style="font-family:inherit;font-size:12pt;">.  Subsection (o) of Section 13.13 of the Loan Agreement is deleted and replaced with the following subsection (o):</font></div><div style="line-height:120%;text-align:justify;padding-left:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(o) For any single Acquisition or group of related Acquisitions, either (x) on the date of consummation of such Acquisition or Acquisitions and after giving pro forma effect thereto, the Leverage Ratio is below 4.00 to 1.0; or (y) the aggregate consideration paid for the assets acquired (other than real property and Vehicles), or the Equity Interests acquired, is less than or equal to 10% of Tangible Net Worth as of the last day of the fiscal quarter of the Company and its Subsidiaries most recently ended prior to the date of consummation of such Acquisition or Acquisitions.  For purposes of this subsection (o) of Section 13.13, &#8220;pro forma effect&#8221; shall mean that the Leverage Ratio shall be calculated as if (i) such Acquisition or Acquisitions had occurred on the first day of the Measurement Period most recently ended prior to consummation of such Acquisition or Acquisitions, taking into account the </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">pro forma</font><font style="font-family:inherit;font-size:12pt;">&#32;EBITDAR attributable to the business or businesses acquired, less interest expense attributable to the business or businesses acquired with respect </font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">10</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">to vehicle floor plan financing, and (ii) any Indebtedness incurred or acquired in connection with such Acquisition or Acquisitions (including without limitation any Indebtedness incurred to enable the Company or any Subsidiary to effect such Acquisition or Acquisitions) had been incurred or acquired on the last day of such Measurement Period. </font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">15.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Events of Default</font><font style="font-family:inherit;font-size:12pt;">.  Sections 14.1.3, 14.1.13, 14.1.14 and 14.1.16 are deleted and replaced with the following Sections 14.1.3, 14.1.13, 14.1.14 and 14.1.16:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">14.1.3&#160;&#160;&#160;&#160;Any default occurs in the payment or performance of any material provisions of any agreement or condition relating to any Indebtedness (except as described in Section 14.1.16) in an aggregate amount outstanding for such Indebtedness for all Loan Parties that, together with amounts described in Section 14.1.16, is in excess of $20,000,000 (other than Indebtedness owing under the Loan Documents), and the period of grace, if any, to cure such default shall have passed, and the default constitutes (a) nonpayment, or (b) any event or condition, the effect of which is to cause or permit the holder of such Indebtedness to cause such Indebtedness to become due prior to its maturity date.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">14.1.13&#160;&#160;&#160;&#160;(a) The Company or any New Vehicle Floorplan Dealership fails to pay, perform or comply with any term, condition or obligation in any Seller Agreement, or any such agreement ceases to be, or is asserted by any Person not to be, in full force and effect, or the other party to such agreement gives notice of default to the Company or any New Vehicle Floorplan Dealership, or (b) any event specified in clause (a) occurs with respect to any Loan Party other than a New Vehicle Floorplan Borrower, except in each case described in clauses (a) and (b) above to the extent such failure, cessation, assertion or notice of default (either individually or in the aggregate with all other such failures, cessations, assertions and notices of default) could not reasonably be expected to have a Material Adverse Effect.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">14.1.14&#160;&#160;&#160;&#160;Any Repurchase Agreement ceases to be, or is asserted by any manufacturer or distributor of Vehicles not to be, in full force and effect, except in each case to the extent such cessation or assertion (either individually or in the aggregate with all other such cessations and assertions) could not reasonably be expected to have a Material Adverse Effect.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">14.1.16&#160;&#160;&#160;&#160;(a) Any default occurs under or any Loan Party fails to pay, perform or comply with the terms of any Swap Contract or (b) there occurs under any Swap Contract an Early Termination Date (as defined in such Swap Contract) resulting from (i) any event of default under such Swap Contract as to which the Company or any Subsidiary is the Defaulting Party (as defined in such Swap Contract) or (ii) any Termination Event (as so defined) under such Swap Contract as to which the Company or any Subsidiary is an Affected Party (as so defined) and, in either event, the Swap Termination Value owing by the Applicable Loan Parties under all such Swap Contracts as a result thereof, together with all defaulted Indebtedness of the Loan Parties described in Section 14.1.3, is greater than $20,000,000.</font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">11</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">16.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Pricing Schedule.  </font><font style="font-family:inherit;font-size:12pt;">The</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">&#32;</font><font style="font-family:inherit;font-size:12pt;">Pricing Schedule to the Loan Agreement is deleted and replaced with the Pricing Schedule attached hereto.</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">17.</font><font 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Schedule 1 to the Loan Agreement is deleted and replaced with the Schedule 1 attached hereto.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">18.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Conditions Precedent</font><font style="font-family:inherit;font-size:12pt;">.  The effectiveness of this Amendment is subject to satisfaction of each of the following conditions:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:144px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">18.1</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">Agent shall have received executed originals of this Amendment signed by Agent and each Borrower, Guarantor, and Lender, an Increasing Lender Agreement from each Increasing Lender, an Additional Lender Agreement from each Additional Lender, such promissory notes as any Lender requires, and such other Loan Documents as Agent requires and each Borrower and Guarantor shall have provided such information and satisfied such conditions as are required by Agent.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:144px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">18.2</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">Agent shall have received documentation satisfactory to the Agent to establish the due organization, valid existence and (if applicable) good standing of each Loan Party; its qualification to engage in business in each jurisdiction in which it is engaged in business or required to be so qualified; its authority to execute and deliver this Amendment and perform any Loan Documents, as amended by this Amendment, to which it is a party and the identity, authority and capacity of each Person authorized to act on its behalf, which shall, without limitation, include certified copies of articles or certificates of incorporation and amendments thereto, bylaws and amendments thereto, certificates of good standing, existence and/or qualification to engage in business, corporate resolutions, incumbency certificates, and the like.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:144px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">18.3</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">A favorable opinion of acceptable independent counsel for each Loan Party covering such matters as Agent or any Lender may reasonably request, including without limitation the matters specified in Sections 10.1, 10.2, and 10.3 of the Loan Agreement.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:144px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">18.4</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">All conditions set forth in Section 6.12.3 of the Loan Agreement have been satisfied, including without limitation delivery to Lender of the certificate required by Section 6.12.3(a)(iv) of the Loan Agreement.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:144px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">18.5</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">No Default shall have occurred and be continuing under the Loan Agreement, or will exist after giving effect to the transactions contemplated hereby and the amendments made by this Amendment.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:144px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">18.6</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">All representations and warranties in the Loan Agreement and in this Amendment shall be true and correct in all material respects as of the date of this Amendment (except that such representations and warranties in the Loan Agreement that speak as of a specified date or period of time shall be true and correct in all material respects only as of such date or period of time).</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">19.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Defined Terms</font><font style="font-family:inherit;font-size:12pt;">.  Capitalized terms not otherwise defined herein shall have the meanings given to such terms in the Loan Agreement.</font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">12</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">20.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Reaffirmation; Release</font><font style="font-family:inherit;font-size:12pt;">.  By signing this Amendment or the attached Acknowledgment:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:144px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">20.1</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">Each Loan Party affirms that the representations and warranties in each of the existing Loan Documents are true and correct in all material respects as of the date hereof (except that such representations and warranties that speak as of a specified date or period of time shall be true and correct in all material respects only as of such date or period of time), and agree that (i) except as amended previously or in connection herewith, each Loan Document is valid and enforceable in accordance with its terms (except as may be limited by bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer or similar laws relating to or limiting creditors&#8217; rights generally or by equitable principles) and (ii) such Loan Party has no claims, defenses, setoffs, counterclaims or claims for recoupment against Agent, the Lenders, the other Indemnified Persons or the indebtedness and obligations represented by the Notes, Guaranties, Collateral Documents and other Loan Documents.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:144px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">20.2</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">Each Loan Party hereby releases, acquits, and forever discharges Agent, each Lender, their respective parent corporations, affiliates, subsidiaries, successors, assigns, officers, directors, employees, agents, attorneys and advisors (collectively, &#8220;Indemnified Persons&#8221;), and each of them, of and from any and all liability, claims, demands, damages, actions, causes of action, defenses, counterclaims, setoffs, or claims for recoupment of whatsoever nature, whether known or unknown, from the beginning of time to the date of this Amendment, whether in contract or tort or otherwise, arising directly or indirectly from, or in any way related to the Loan Agreement, this Amendment, the Notes, Collateral Documents and the other Loan Documents, any other indebtedness or obligations of any Loan Party to Agent or any one or more of the Lenders or to the relationship between any Loan Party and Agent, any Lender, or the Indemnified Persons.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">21.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">References</font><font style="font-family:inherit;font-size:12pt;">.  On and after the effective date of this Amendment, all references in the Loan Agreement and the other Loan Documents to the Loan Agreement shall be deemed to refer to the Loan Agreement as amended hereby.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">22.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Representations and Warranties</font><font style="font-family:inherit;font-size:12pt;">.  By signing this Amendment or the attached Acknowledgment, each Loan Party represents and warrants to Agent and the Lenders as follows:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:144px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">22.1</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Authorization</font><font style="font-family:inherit;font-size:12pt;">.  (a) It has all requisite power and authority to enter into this Amendment and to carry out the transactions contemplated by, and perform its obligations under, the Loan Agreement as amended by this Amendment (the &#8220;Amended Agreement&#8221;), (b) its execution, delivery and performance of this Amendment and the other Loan Documents to be executed, delivered or performed by it have been duly authorized by all necessary entity action, do not require the approval of any governmental agency or other Person, do not contravene any law, regulation, rule, order, or restriction of any Governmental Body binding on it or its articles of incorporation or other organizational documents, and do not contravene the provisions of or constitute a default under any agreement or instrument to which it is a party or by which it may be bound or affected, and (c) this Amendment has been duly executed and delivered by each Loan Party and this Amendment and the Amended Agreement are the legally valid and binding obligations of each Loan Party, enforceable against such Loan Party in accordance with their respective terms, </font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">13</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">except as may be limited by bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer or similar laws relating to or limiting creditors&#8217; rights generally or by equitable principles.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:144px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">22.2</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Absence of Default</font><font style="font-family:inherit;font-size:12pt;">.  No Default or Event of Default has occurred and is continuing or will exist after giving effect to the transactions contemplated by this Amendment.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">23.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Expenses</font><font style="font-family:inherit;font-size:12pt;">.  Borrowers shall pay all reasonable costs, fees and expenses (including without limitation, reasonable attorney fees of Agent&#8217;s counsel) incurred by Agent in connection with the preparation, negotiation, execution, and delivery of this Amendment and any other document required to be furnished herewith.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">24.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Recitals</font><font style="font-family:inherit;font-size:12pt;">.  The Recitals are hereby incorporated herein.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">25.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Counterparts</font><font style="font-family:inherit;font-size:12pt;">.  This Amendment may be executed in any number of counterparts, each of which shall be deemed to be an original, and all of said counterparts taken together shall be deemed to constitute but one document.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">26.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Disclosure</font><font style="font-family:inherit;font-size:12pt;">.  Under Oregon law, most agreements promises and commitments made by lender concerning loans and other credit extensions which are not for personal, family or household purposes or secured solely by the borrower's residence  must be in writing, express consideration and be signed by the lender to be enforceable. </font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-style:italic;">[Signature pages follow]</font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">14</font></div></div><hr style="page-break-after:always"><div><a name="s1171526C96B4D31C88E0A011BDC5D217"></a></div><div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font 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style="font-family:inherit;font-size:12pt;text-decoration:underline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Name:</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Title:</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font 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style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">FREEHOLD NISSAN LLC</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">HUTCHINS EUGENE NISSAN, INC.</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">HUTCHINS IMPORTED MOTORS, INC.</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LAD-AU, LLC</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LAD CARSON-N, LLC</font></div><div><br></div><div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LAD-MB, LLC</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LAD-N, LLC</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LAD-P, LLC</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LAD-T, LLC</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LAD-V, LLC</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LBMP, LLC</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LDLC, LLC</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LFKF, LLC</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LGPAC, INC.</font></div><div style="line-height:120%;font-size:12pt;"><font 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style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA CM, INC.</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA CO, INC.</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA CSA, INC.</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA DE, INC.</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA DM, INC.</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA DMID, INC.</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA DODGE OF TRI-CITIES, INC.</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA FBCS, LLC</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA FLCC, LLC </font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA FMF, INC.</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA FORD OF BOISE, INC.</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA FRESNO, INC.</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA HDM, INC.</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA HGF, INC.</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA HMID, INC.</font></div><div style="line-height:120%;font-size:12pt;"><font 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style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA ND ACQUISITION CORP. #4</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA NDM, INC.</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA NF, INC.</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA NSA, INC.</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF ABILENE, INC.</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF ANCHORAGE, INC.</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF BEND #1, LLC</font></div><div style="line-height:120%;font-size:12pt;"><font 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style="font-family:inherit;font-size:12pt;">LITHIA OF CASPER, LLC</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF CLEAR LAKE, LLC</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF CONCORD I, INC.</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF CONCORD II, INC.</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF CORPUS CHRISTI, INC.</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF DES MOINES, INC.</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF EUGENE, LLC</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF EUREKA, 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style="font-family:inherit;font-size:12pt;text-decoration:underline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Name:  </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;padding-bottom:32px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Title: </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div><br></div><hr style="page-break-after:always"><div><a name="s0433A800C5ED9B9E22FCA011BE44D15E"></a></div><div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">TOYOTA MOTOR CREDIT</font></div><div style="line-height:120%;padding-bottom:32px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">CORPORATION, as Lender</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">By: </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Name:  </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;padding-bottom:32px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Title: </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div><br></div><hr style="page-break-after:always"><div><a name="s7C5F8354A43EBA82A834A011BE66724D"></a></div><div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">BMW FINANCIAL SERVICES NA, LLC, as </font></div><div style="line-height:120%;padding-bottom:32px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Lender</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">By: </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Name:  </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;padding-bottom:32px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Title: </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">By: </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Name:  </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;padding-bottom:32px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Title: </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div><br></div><hr style="page-break-after:always"><div><a name="sACC5CF815AAB13559C81A011BE886685"></a></div><div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:32px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">BANK OF AMERICA, N.A., as Lender</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">By: </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Name:  </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;padding-bottom:32px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Title: </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div><br></div><hr style="page-break-after:always"><div><a name="sBCC52D56C3A10E01D9CFA011BEB0250F"></a></div><div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">BANK OF THE WEST, as Lender</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">By: </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Name:  </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Title: </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div><br></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">KEYBANK NATIONAL </font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">ASSOCIATION, as Lender</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">By: </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Name:  </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Title: </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div><br></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">NISSAN MOTOR ACCEPTANCE </font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">CORPORATION, as Lender</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">By: </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Name:  </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Title: </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div><br></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">AMERICAN HONDA FINANCE </font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">CORPORATION, as Lender</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">By: </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Name:  </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Title: </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8195;</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div><br></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">TD BANK, N.A., as Lender</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">By: </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Name:  </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Title: </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;</font></div><div><br></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">ALLY BANK, as Lender</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">By: </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Name:  </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Title: </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;</font></div><div><br></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">SANTANDER BANK, N.A., as Lender</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">By: </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Name:  </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Title: </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;</font></div><div><br></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">VW CREDIT, INC., as Lender</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">By: </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Name:  </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Title: </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;</font></div><div><br></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">HYUNDAI CAPITAL AMERICA, as Lender</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">By: </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Name:  </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Title: </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;</font></div><div><br></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">CAPITAL ONE, N.A., as Lender</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div 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style="font-family:inherit;font-size:12pt;text-decoration:underline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;padding-bottom:32px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div><br></div><hr style="page-break-after:always"><div><a name="s019DC476F91EB4BA2A2CA011BECD918D"></a></div><div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">BRANCH BANKING &amp; TRUST COMPANY, as Lender</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;font-size:12pt;"><font 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style="line-height:120%;padding-bottom:32px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div><br></div><hr style="page-break-after:always"><div><a name="s7727C74E5BF21D2BA6C5A011BF205139"></a></div><div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ACKNOWLEDGMENT AND CONSENT OF GUARANTORS</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font 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style="font-family:inherit;font-size:12pt;">LITHIA CSA, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA DE, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA DM, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA DMID, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA DODGE OF TRI-CITIES, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA FINANCIAL CORPORATION</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA FLCC, LLC </font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA FMF, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA FORD OF BOISE, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA FRESNO, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA HDM, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA HGF, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA HMID, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA HPI, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA IMPORTS OF ANCHORAGE, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA JEF, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA KLAMATH, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA LBGGF, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA LHGF, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA LSGF, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA MBDM, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA MEDFORD HON, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA MMF, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA MOTORS SUPPORT SERVICES, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA MTLM, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA NA, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA NC, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA ND ACQUISITION CORP. #1</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA ND ACQUISITION CORP. #3</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA ND ACQUISITION CORP. #4</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA NDM, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA NF, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA NSA, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF ABILENE, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF ANCHORAGE, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF BELLINGHAM, LLC</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF BEND #1, LLC</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF BEND #2, LLC</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF BENNINGTON &#8211; 1, LLC</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF BENNINGTON &#8211; 2, LLC</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF BENNINGTON &#8211; 3, LLC</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF BENNINGTON &#8211; 4, LLC</font></div><div><br></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF BILLINGS II, LLC</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF BILLINGS, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF CASPER, LLC</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF CLEAR LAKE, LLC</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF CONCORD 1, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF CONCORD II, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF CORPUS CHRISTI, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF DES MOINES, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF EUGENE, LLC</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF EUREKA, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF FAIRBANKS, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF GREAT FALLS, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF HELENA, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF HONOLULU-A, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF HONOLULU-BGMCC, LLC</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF HONOLULU&#8211;F, LLC</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF HONOLULU-V, LLC</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF KILLEEN, LLC</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF LODI, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF MAUI-H, LLC</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF MISSOULA II, LLC</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF MISSOULA III, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF MISSOULA, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF POCATELLO, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF PORTLAND I, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF PORTLAND, LLC</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF ROSEBURG, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF SANTA ROSA, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF SEATTLE, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF SOUTH CENTRAL AK, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF SPOKANE II, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF SPOKANE, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF STOCKTON, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF STOCKTON-V, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF TF, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF TROY, LLC</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF UTICA &#8211; 1, LLC</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF UTICA &#8211; 2, LLC</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF UTICA &#8211; 3, LLC</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF WALNUT CREEK, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF WASILLA, LLC</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF YORKVILLE - 1, LLC</font></div><div><br></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF YORKVILLE &#8211; 2, LLC</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF YORKVILLE &#8211; 3, LLC</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF YORKVILLE &#8211; 4, LLC</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OF YORKVILLE &#8211; 5, LLC</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OREGON INVESTMENTS &#8211; 1, LLC</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA OREGON INVESTMENTS &#8211; 2, LLC</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA REAL ESTATE, INC. </font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA RENO SUB-HYUN, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA ROSE-FT, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA SALMIR, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA SEA P, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA SEASIDE, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA SOC, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA TA, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA TO, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA TR, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA VAUDM, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LITHIA VF, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LLL SALES CO LLC</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LMBB, LLC</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LMBP, LLC</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LMOP, LLC</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LSTAR, LLC</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">MEDFORD INSURANCE, LLC</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">MILFORD DCH, INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">NORTHLAND FORD INC.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">PARAMUS WORLD MOTORS LLC</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">RFA HOLDINGS, LLC</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">SALEM-B, LLC</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">SALEM-H, LLC</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">SALEM-V, LLC</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">SHARLENE REALTY LLC</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font 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style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div><br></div><hr style="page-break-after:always"><div><a name="s2D8E697233AC6A4E46FFA011BF549160"></a></div><div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">SCHEDULE 1</font></div><div style="line-height:120%;padding-bottom:24px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(Effective as of August 1, 2017 after giving effect to August 2017 Increase)</font></div><div style="line-height:120%;padding-left:1px;font-size:11.5pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:99.57264957264957%;border-collapse:collapse;text-align:left;"><tr><td colspan="12"></td></tr><tr><td style="width:32%;"></td><td style="width:16%;"></td><td style="width:1%;"></td><td style="width:1%;"></td><td style="width:15%;"></td><td style="width:1%;"></td><td style="width:1%;"></td><td style="width:15%;"></td><td style="width:1%;"></td><td style="width:1%;"></td><td style="width:15%;"></td><td style="width:1%;"></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:11.5pt;"><font style="font-family:inherit;font-size:11.5pt;font-weight:bold;">Name of Financial <br>Institution</font></div></td><td colspan="2" style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:11.5pt;"><font style="font-family:inherit;font-size:11.5pt;font-weight:bold;">Pro Rata Share <br>of Aggregate <br>Lender <br>Commitment</font></div></td><td colspan="3" style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:11.5pt;"><font style="font-family:inherit;font-size:11.5pt;font-weight:bold;">New Vehicle <br>Floorplan <br>Commitment</font></div></td><td colspan="3" style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:11.5pt;"><font style="font-family:inherit;font-size:11.5pt;font-weight:bold;">Used Vehicle <br>Floorplan <br>Commitment</font></div></td><td colspan="3" style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:11.5pt;"><font style="font-family:inherit;font-size:11.5pt;font-weight:bold;">Revolving <br>Loan</font></div><div style="text-align:center;font-size:11.5pt;"><font style="font-family:inherit;font-size:11.5pt;font-weight:bold;">Commitment</font></div></td></tr><tr><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">U.S. Bank National Association</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">[__]%</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:right;padding-left:6px;text-indent:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$[__]</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:right;padding-left:5px;text-indent:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$[__]</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:right;padding-left:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$[__]</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:1px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">J.P. Morgan Chase Bank, N.A.</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">[__]%</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:1px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:right;padding-left:6px;text-indent:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$[__]</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:1px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:right;padding-left:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$[__]</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:1px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:right;padding-left:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$[__]</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:1px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Toyota Motor Credit Corporation</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">[__]%</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:1px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:right;padding-left:6px;text-indent:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$[__]</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:1px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:right;padding-left:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$[__]</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:1px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:right;padding-left:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$[__]</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:1px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">American Honda Finance Corporation</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">[__]%</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:1px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:right;padding-left:8px;text-indent:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$[__]</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:1px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:right;padding-left:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$[__]</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:1px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:right;padding-left:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$[__]</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:1px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Mercedes-Benz Financial Services USA LLC</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">[__]%</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:1px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:right;padding-left:8px;text-indent:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$[__]</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:1px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:right;padding-left:6px;text-indent:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$[__]</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:1px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:right;padding-left:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$[__]</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:1px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">TD Bank, N.A.</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">[__]%</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:1px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:right;padding-left:8px;text-indent:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$[__]</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:1px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:right;padding-left:6px;text-indent:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$[__]</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:1px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:right;padding-left:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$[__]</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:1px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Bank of America, N.A.</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">[__]%</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-top:1px;text-align:right;padding-left:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$[__]   </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:1px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:right;padding-left:6px;text-indent:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$[__]</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:1px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:right;padding-left:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$[__]</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:1px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Capital One, N.A.</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">[__]%</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-top:1px;text-align:right;padding-left:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$[__]   </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:1px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:right;padding-left:6px;text-indent:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$[__]</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:1px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:right;padding-left:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$[__]</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:1px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">BMW Financial Services NA, LLC</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">[__]%</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-top:1px;text-align:right;padding-left:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$[__]   </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:1px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:right;padding-left:6px;text-indent:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$[__]</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:1px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:right;padding-left:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$ [__]</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:1px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">KeyBank National Association</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">[__]%</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-top:1px;text-align:right;padding-left:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$[__]   </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:1px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:right;padding-left:6px;text-indent:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$[__]</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:1px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:right;padding-left:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$[__]</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:1px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Bank of the West</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">[__]%</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-top:1px;text-align:right;padding-left:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$[__]   </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:1px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:right;padding-left:6px;text-indent:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$[__]</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:1px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:right;padding-left:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$[__]</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:1px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Ally Bank</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">[__]%</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-top:1px;text-align:right;padding-left:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$[__]   </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:1px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:right;padding-left:6px;text-indent:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$[__]</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:1px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:right;padding-left:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$[__]</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:1px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">BMO Harris Bank N.A.</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">[__]%</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-top:1px;text-align:right;padding-left:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$[__]   </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:1px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:right;padding-left:6px;text-indent:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$[__]</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:1px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:right;padding-left:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$[__]</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:1px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Branch Banking &amp; Trust Company</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">[__]%</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-top:1px;text-align:right;padding-left:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$[__]   </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:1px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:right;padding-left:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$[__]</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:1px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:right;padding-left:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$[__]</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:1px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Santander Bank, N.A.</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">[__]%</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-top:1px;text-align:right;padding-left:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$[__]   </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:1px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:right;padding-left:6px;text-indent:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$[__]</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:1px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:right;padding-left:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$[__]</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:1px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">VW Credit, Inc.</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">[__]%</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-top:1px;text-align:right;padding-left:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$[__]   </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:1px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:right;padding-left:6px;text-indent:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$[__]</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:1px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:right;padding-left:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$[__]</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:1px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Nissan Motor Acceptance Corporation</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">[__]%</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-top:1px;text-align:right;padding-left:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$[__]   </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:1px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:right;padding-left:6px;text-indent:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$[__]</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:1px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:right;padding-left:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$[__]</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:1px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Hyundai Capital America</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">[__]%</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-top:1px;text-align:right;padding-left:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$[__]   </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:1px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:right;padding-left:5px;text-indent:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$[__]</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:1px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:right;padding-left:5px;text-indent:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$[__]</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:right;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">TOTAL</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:right;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">100</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,900,000,000.00</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;padding-left:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$250,000,000.00</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;padding-left:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">250,000,000.00</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr></table></div></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">PRICING SCHEDULE </font><font style="font-family:inherit;font-size:10pt;">&#32;<br> <br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">In addition to the terms defined elsewhere in this Agreement, for purposes of determining the applicable interest rates and fees, the following terms shall have the meanings set forth in this Pricing Schedule:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">&#8220;Alternate Base Rate Margin (New Vehicle)&#8221; </font><font style="font-family:inherit;font-size:12pt;">means a percentage rate per annum equal to .50%.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">&#8220;Alternate Base Rate Margin (Revolving)&#8221; </font><font style="font-family:inherit;font-size:12pt;">means, as of any date of determination, a percentage rate per annum equal to 1.0% less than the Revolving Loan Margin which is in effect at such time.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">&#8220;Alternate Base Rate Margin (Used Vehicle)&#8221; </font><font style="font-family:inherit;font-size:12pt;">means a percentage rate per annum equal to .75%.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">&#8220;LC Fee Percentage&#8221; </font><font style="font-family:inherit;font-size:12pt;">means a percentage rate per annum equal to 1.50%.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">&#8220;New</font><font style="font-family:inherit;font-size:12pt;">&#32;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Vehicle Floorplan Commitment Fee Rate</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:8pt">&#8221;</sup></font><font style="font-family:inherit;font-size:12pt;">&#32;means a percentage rate per annum equal to .15%.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">&#8220;New Vehicle Floorplan Margin&#8221; </font><font style="font-family:inherit;font-size:12pt;">means a percentage rate per annum equal to 1.25%.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">&#8220;Revolving Loan Margin&#8221; </font><font style="font-family:inherit;font-size:12pt;">and </font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">&#8220;Revolving Loan Commitment Fee Rate&#8221; </font><font style="font-family:inherit;font-size:12pt;">mean the applicable percentage rates per annum set forth below opposite the applicable Leverage Ratio, as adjusted from time to time.</font></div><div style="line-height:120%;padding-left:50px;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:91.88034188034187%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:44%;"></td><td style="width:28%;"></td><td style="width:28%;"></td></tr><tr><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:1px;padding-bottom:16px;padding-right:1px;"><div style="padding-bottom:16px;text-align:center;padding-left:1px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Leverage Ratio</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="padding-bottom:16px;text-align:center;padding-left:1px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Revolving Loan Margin</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="padding-bottom:16px;text-align:center;padding-left:1px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Revolving Loan Commitment Fee Rate</font></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:1px;padding-bottom:9px;padding-right:1px;border-top:1px solid #000000;"><div style="padding-bottom:9px;text-align:center;padding-left:1px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Greater than 4.50 to 1.00</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:1px;padding-bottom:9px;padding-right:1px;border-top:1px solid #000000;"><div style="padding-bottom:9px;text-align:center;padding-left:1px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2.25%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:1px;padding-bottom:9px;padding-right:1px;border-top:1px solid #000000;"><div style="padding-bottom:9px;text-align:center;padding-left:1px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">0.40%</font></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:1px;padding-bottom:9px;padding-right:1px;"><div style="padding-bottom:9px;text-align:center;padding-left:1px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Greater than 4.00 to 1.00 but less than or equal to 4.50 to 1.00</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:1px;padding-bottom:9px;padding-right:1px;"><div style="padding-bottom:9px;text-align:center;padding-left:1px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2.00%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:1px;padding-bottom:9px;padding-right:1px;"><div style="padding-bottom:9px;text-align:center;padding-left:1px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">0.30%</font></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:1px;padding-bottom:9px;padding-right:1px;"><div style="padding-bottom:9px;text-align:center;padding-left:1px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Greater than 3.50 to 1.00 but less than or equal to 4.00 to 1.00</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:1px;padding-bottom:9px;padding-right:1px;"><div style="padding-bottom:9px;text-align:center;padding-left:1px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">1.75%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:1px;padding-bottom:9px;padding-right:1px;"><div style="padding-bottom:9px;text-align:center;padding-left:1px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">0.25%</font></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:1px;padding-bottom:9px;padding-right:1px;"><div style="padding-bottom:9px;text-align:center;padding-left:1px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Greater than 2.50 to 1.00 but less than or equal to 3.50 to 1.00</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:1px;padding-bottom:9px;padding-right:1px;"><div style="padding-bottom:9px;text-align:center;padding-left:1px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">1.50%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:1px;padding-bottom:9px;padding-right:1px;"><div style="padding-bottom:9px;text-align:center;padding-left:1px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">0.20%</font></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:1px;padding-bottom:9px;padding-right:1px;"><div style="padding-bottom:9px;text-align:center;padding-left:1px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Less than or equal to 2.50 to 1.00</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:1px;padding-bottom:9px;padding-right:1px;"><div style="padding-bottom:9px;text-align:center;padding-left:1px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">1.25%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:1px;padding-bottom:9px;padding-right:1px;"><div style="padding-bottom:9px;text-align:center;padding-left:1px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">0.15%</font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The Revolving Loan Margin </font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">(&#8220;Applicable Margin&#8221;) </font><font style="font-family:inherit;font-size:12pt;">and Revolving Loan Commitment Fee Rate </font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">(&#8220;Applicable Fee Rate&#8221;) </font><font style="font-family:inherit;font-size:12pt;">shall be determined by Agent from time to time based upon the information set forth in Borrower&#8217;s financial statements and Compliance Certificate furnished to </font></div><div><br></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Agent pursuant to this Agreement as of the end of each fiscal quarter and shall be based upon the Leverage Ratio as of such date.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Any change in the Applicable Margin or Applicable Fee Rate shall take effect on the first Business Day of the month following the date of delivery to Agent of the applicable financial statements and Compliance Certificate, and the Applicable Margin and Applicable Fee Rate, as so determined, shall remain in effect until the earlier of:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">a.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">the first Business Day of the month following the delivery to Agent of a subsequent financial statement and Compliance Certificate indicating a Leverage Ratio requiring a change in the Applicable Margin or Applicable Fee Rate, or</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">b.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">the day upon which the Company fails to deliver to Agent the applicable financial statements and Compliance Certificate within the time provided under this Agreement.  Upon any failure of the Company to deliver to Agent the applicable financial statements and Compliance Certificate within the time required by this Agreement, the Applicable Margin and Applicable Fee Rate shall be the highest Applicable Margin and Applicable Fee Rate set forth in the foregoing table, which shall remain in effect until five Business Days following the date of delivery to Agent of financial statements and Compliance Certificate reflecting a Leverage Ratio for which a lower Applicable Margin and Applicable Fee Rate would be applicable.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Notwithstanding the foregoing, the Revolving Loan Margin shall be 1.25% and the Revolving Loan Commitment Fee Rate shall be 0.15% from the Seventh Amendment Effective Date until the earlier of (a) the first Business Day of the month following the delivery to Agent of a financial statement and Compliance Certificate indicating a Leverage Ratio requiring a change in the Applicable Margin or Applicable Fee Rate, or (b) the day upon which the Company fails to deliver to Agent the applicable financial statements and Compliance Certificate within the time provided under this Agreement.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">If, as a result of any restatement of or other adjustment to the financial statements of the Company and its Subsidiaries or for any other reason, the Agent determines that the calculation of the Leverage Ratio by the Company as of the last day of any fiscal quarter was inaccurate and a correct calculation of the Leverage Ratio would have resulted in a higher Applicable Margin and Applicable Fee Rate, the Applicable Margin and Applicable Fee Rate shall be retroactively adjusted to the rate that would have been applicable if the Leverage Ratio had been correctly calculated.  Promptly upon demand by the Agent, the Revolving Loan Borrower shall pay to the Agent for the account of the Lenders the additional interest and fees that would have been payable based upon the correct calculation of the Leverage Ratio.  Nothing set forth herein shall limit the Required Lenders&#8217; right to increase the interest rate upon the occurrence of an Event of Default.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">&#8220;Used Vehicle Floorplan Commitment Fee Rate&#8221;</font><font style="font-family:inherit;font-size:12pt;">&#32;means a percentage rate per annum equal to .15%.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">&#8220;Used Vehicle Floorplan Margin&#8221; </font><font style="font-family:inherit;font-size:12pt;">means a percentage rate per annum equal to 1.50%.</font></div><div><br></div>	</body>
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