Second Amendment to the Third Amended and Restated Credit Agreement, dated August 10, 2020, among Asbury Automotive Group, Inc., as a borrower, certain of its subsidiaries, as vehicle borrowers, the other guarantors party thereto, the other lenders party thereto and Bank of America, N.A., as administrative agent, revolving swing line lender, new vehicle floorplan swing line lender, used vehicle floorplan swing line lender and an l/c issuer

This SECOND AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT, dated as of August 10, 2020 (this “Amendment”) is by and among ASBURY AUTOMOTIVE GROUP, INC., a Delaware corporation (“Company”), certain Subsidiaries of the Company party hereto as New Vehicle Borrowers (each a “New Vehicle Borrower” and collectively with the Used Vehicle Borrowers (defined below), the “Vehicle Borrowers”), certain Subsidiaries of the Company party hereto as Used Vehicle Borrowers (each a “Used Vehicle Borrower”, and collectively with the Company, the “Used Vehicle Borrowers”), the Guarantors party hereto, the Lenders party hereto (collectively, the “Consenting Lenders”), and BANK OF AMERICA, N.A., as Administrative Agent, Revolving Swing Line Lender, New Vehicle Floorplan Swing Line Lender, Used Vehicle Floorplan Swing Line Lender and an L/C Issuer. The Vehicle Borrowers, including the Company in its capacity as Borrower under the Revolving Credit Facility, are referred to collectively as the “Borrowers” and individually as a “Borrower”.     

WHEREAS, the Administrative Agent, Revolving Swing Line Lender, New Vehicle Floorplan Swing Line Lender, Used Vehicle Floorplan Swing Line Lender, L/C Issuer, certain financial institutions from time to time party thereto as lenders and the Borrowers are parties to that certain Third Amended and Restated Credit Agreement, dated as of September 25, 2019 (as otherwise amended, supplemented or modified from time to time, the “Credit Agreement”; capitalized terms used but not defined herein shall have the meanings set forth in the Credit Agreement).

WHEREAS, the Company and the Borrowers have asked the Lenders to amend the definition of “Consolidated Adjusted Current Liabilities” in Section 1.02 of the Credit Agreement, as set forth herein.

WHEREAS, the Consenting Lenders are willing to consent to such amendment, subject to the terms and conditions of this Amendment.

NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, the parties hereto agree as follows:

1.1    The definition of “Consolidated Adjusted Current Liabilities” in Section 1.02 of the Credit Agreement is hereby amended by deleting the phrase “any Permitted Real Estate Debt or Subordinated Debt” and inserting in its place the phrase “any Permitted Real Estate Debt, Subordinated Debt or Indebtedness incurred pursuant to Section 7.01(s)”.

For the avoidance of doubt, nothing in this amendment shall affect, or cause the deletion of, the phrase “, other than (in each case under this clause (c)) any such balloon, bullet or similar payment due within one (1) fiscal quarter following the date of determination.”

2.1    This Amendment shall become effective upon the Administrative Agent’s receipt of executed counterparts of this Amendment from the Administrative Agent, the Borrowers, the Guarantors, and Lenders constituting Required Lenders.

3.1    Binding Effect. This Amendment shall be binding upon the parties hereto and their respective successors and assigns and shall inure to the benefit of the parties hereto and the successors and assigns of the Administrative Agent and each Lender.

3.2    Affirmation of Borrowers and Guarantors. Each Borrower and each Guarantor hereby (a) consents to the amendments and modifications to the Credit Agreement effected hereby, and (b) confirms and agrees that, notwithstanding the effectiveness of this Amendment, each Loan Document to which such Borrower or such Guarantor, as applicable, is a party is, and the obligations of such Borrower or such Guarantor, as applicable, contained in the Credit Agreement, as amended and modified hereby, or in any other Loan Documents to which it is a party are, and shall continue to be, in full force and effect and are hereby ratified and confirmed in all respects, in each case as amended and modified by this Amendment. Without limiting the generality of the foregoing, the execution of this Amendment shall not constitute a novation or discharge of, any obligation of any Loan Party under the Credit Agreement or any other Loan Document, and each Loan Party agrees that the Security Instruments and any other documents or instruments executed, filed or recorded in connection therewith, shall remain outstanding and in full force and effect, and all of the Collateral described therein and Liens granted in favor of the Administrative Agent created thereunder do and shall continue to secure the Obligations and the “Obligations”, “Guarantied Obligations” or “Secured Obligations” (as those terms are defined in the Company Guaranty and the Subsidiary Guaranty) and any other obligations to the extent provided in the Security Instruments and that all such Liens continue to be perfected as security for the Obligations and the “Obligations”, “Guarantied Obligations” or “Secured Obligations” (as those terms are defined in the Company Guaranty and the Subsidiary Guaranty) and any other obligations secured thereby.

(a)    This Amendment has been duly authorized, executed and delivered by each of the other Loan Parties party hereto and constitutes a legal, valid and binding obligation of each such party, except as may be limited by general principles of equity or by the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or similar law affecting creditors’ rights generally.

(b)    The representations and warranties made by each Loan Party in Article V of the Credit Agreement and in each of the other Loan Documents to which such Loan Party is a party are true and correct in all material respects (or if qualified by materiality or Material Adverse Effect, in all respects) on and as of the First Amendment Effective Date, except to the extent that such representations and warranties expressly relate to an earlier date in which case they are true and correct in all material respects (or if qualified by materiality or Material Adverse Effect, in all respects) as of such earlier date.

(c)     No Default or Event of Default has occurred and is continuing as of the date hereof.

(a)    On and after the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement, and each reference in the Notes and each of the other Loan Documents to “the Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement, as amended and modified by this Amendment and as further amended, restated or modified from time to time in accordance with the terms thereof.

(b)    The Credit Agreement and each of the other Loan Documents, as specifically amended and modified by this Amendment, are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed.

(c)    The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver or novation of any right, power or remedy of any Lender, L/C Issuer, Revolving Swing Line Lender, New Vehicle Floorplan Swing Line Lender, Used Vehicle Floorplan Swing Line Lender or the Administrative Agent under any of the Loan Documents, nor constitute a waiver or novation of any provision of any of the Loan Documents.

(d)    The Administrative Agent, the Lenders and the Loan Parties agree that this Amendment shall be a Loan Document for all purposes of the Credit Agreement (as specifically amended by this Amendment) and the other Loan Documents.

3.6    No Waiver. The execution, delivery and performance of this Amendment shall not, except as expressly provided herein, constitute a waiver of any provision of, or operate as a waiver of any right, power or remedy of the Lender under the Credit Agreement. This Amendment is limited to the matters expressly referred to herein and shall not constitute an amendment or waiver of, or an indication of the Lender's willingness to amend or waive, any other provisions of the Credit Agreement or the same provisions for any other date or purpose.

3.7    Waiver, Modification, Etc. No provision or term of this Amendment may be modified, altered, waived, discharged or terminated orally, but only by an instrument in writing executed by the party against whom such modification, alteration, waiver, discharge or termination is sought to be enforced.

3.8    Headings. Section headings herein are included herein for convenience of reference only and shall not constitute a part hereof for any other purpose or be given any substantive effect.

3.9    GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

3.10    Counterparts. This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall he deemed an original, but all such counterparts together shall constitute but one and the same instrument. Signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that all signature pages are attached to the same document. Delivery of an executed signature page of this Amendment by facsimile transmission or electronic mail shall be as effective as delivery of a manually executed counterpart hereof.

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

By: /s/Matthew Pettoni                    

Typed Name:    Matthew Pettoni

Typed Title:    Vice President and Treasurer

By: /s/Matthew Pettoni                    

Typed Name:    Matthew Pettoni

Typed Title:    Treasurer

By: /s/Matthew Pettoni                    

Typed Name:    Matthew Pettoni

Typed Title:    Treasurer

By: /s/Matthew Pettoni                    

Typed Name:    Matthew Pettoni

Typed Title:    Treasurer

By: /s/David W. Hult                    

Typed Name:    David W. Hult

Typed Title:    President and Chief Executive Officer

By: /s/Matthew Pettoni                    

Typed Name:    Matthew Pettoni

Typed Title:    Vice President and Treasurer

By: /s/Matthew Pettoni                    

Typed Name:    Matthew Pettoni

Typed Title:    Treasurer

By: /s/Matthew Pettoni                    

Typed Name:    Matthew Pettoni

Typed Title:    Treasurer

By: /s/Matthew Pettoni                    

Typed Name:    Matthew Pettoni        

Typed Title:    Treasurer

By: /s/David W. Hult                    

Typed Name:    David W. Hult

Typed Title:    President and Chief Executive Officer

By: /s/Matthew Pettoni                    

Typed Name:    Matthew Pettoni

Typed Title:    Vice President and Treasurer

By: /s/Matthew Pettoni                    

Typed Name:    Matthew Pettoni

Typed Title:    Treasurer

By: /s/Matthew Pettoni                    

Typed Name:    Matthew Pettoni

Typed Title:    Treasurer

By: /s/Matthew Pettoni                    

Typed Name:    Matthew Pettoni

Typed Title:    Treasurer

By: /s/Matthew Pettoni                    

Typed Name:    Matthew Pettoni

Typed Title:    Treasurer

By: /s/Matthew Pettoni                    

Typed Name:    Matthew Pettoni    

Typed Title:    Treasurer

By: /s/David W. Hult                    

Typed Name:    David W. Hult

Typed Title:    President and Chief Executive Officer

BANK OF AMERICA, N.A.,

as Administrative Agent

By:/s/Linda Lov                    

Typed Name: Linda Lov                

By:/s/David T. Smith                    

Typed Name: /s/David T. Smith                

Typed Title: Senior Vice President            

By:/s/ Adam Sigman                    

Typed Name: Adam Sigman                

Typed Title: Executive Director                

By: /s/Chad McNeill                    

Typed Name: Chad McNeill                

By: /s/Wade Osborne                    

Typed Name: Wade Osborne                

Typed Title: National Account Manager            

By:                            

Typed Name:                        

Typed Title:                        

By: /s/Michele Nowak                    

Typed Name: Michele Nowak                

Typed Title: Credit Director, National Accounts        

By: /s/Jonathan Hart                    

Typed Name: Jonathan Hart                

Typed Title: Vice President                

By: /s/Katherine Taylor                    

Typed Name: Katherine Taylor                

Typed Title: Vice President                

By: /s/Alexander Calcasola                

Typed Name: Alexander Calcasola            

Typed Title: Credit Manager                

By: /s/Aaron Grener                    

Typed Name: Aaron Grener: Deputy for Tom Rumfola    

Typed Title: Credit Manager                

By: /s/Don Buttler                    

Typed Name: /s/Don Buttler                

Typed Title: SVP                    

By:                            

Typed Name:                        

Typed Title:                        

By:                            

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