EXHIBIT 4.14
SECURITY AGREEMENT
This SECURITY AGREEMENT (this “Agreement”), dated as of November 4, 2010, is entered into by and among AMERICA’S CAR MART, INC., an Arkansas corporation (“ACM”) and TEXAS CAR-MART, INC., a Texas corporation (“TCM”; together with ACM, sometimes individually referred to herein as “Grantor” and collectively as “Grantors”), on one hand, and BANK OF AMERICA, N.A., in its capacity as Collateral Agent for Lenders (as hereinafter defined) (in such capacity, “Collateral Agent”), on the other hand, in light of the following facts:
WHEREAS, pursuant to that certain Loan and Security Agreement dated as of even date herewith (including all annexes, exhibits and schedules thereto, as from time to time amended, restated, supplemented or otherwise modified, the “Loan Agreement”), by and among America’s Car-Mart, Inc., a Texas corporation (“Parent”), Grantors, Colonial Auto Finance, Inc., an Arkansas corporation (“Colonial”; together with Grantors sometimes individually referred herein as “Borrower” and c ollectively as “Borrowers”), the financial institutions from time to time party thereto as lenders (collectively, “Lenders”), Bank or Arkansas, N.A., as administrative agent for the Lenders (“Agent”), Collateral Agent and Bank of America, N.A. as documentation agent for the lenders (“Documentation Agent”), the Lenders have agreed to provide certain financial accommodations to Borrowers;
WHEREAS, in order to induce Agent, Collateral Agent, Documentation Agent and Lenders to enter into the Loan Agreement and the other Loan Documents (as defined in the Loan Agreement) and to provide certain financial accommodations to Borrowers as provided for in the Loan Agreement, each Grantor has agreed to guaranty the Colonial Obligations (as defined in the Loan Agreement) pursuant to a Continuing Guaranty dated as of even date herewith (as from time to time amended, restated, supplemented or otherwise modified, the “Guaranty”) and have also agreed to grant a continuing Lien (as hereinafter defined) on the Collateral (as hereinafter defined) to secure its obligations under the Guaranty;
NOW, THEREFORE, for valuable consideration hereby acknowledged, the parties agree as follows:
1. DEFINED TERMS. The following terms shall have the following respective meanings:
Agent Indemnitees: Agent and its officers, directors, employees, Affiliates, agents and attorneys.
Affiliate: with respect to any Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have correlative meanings.
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Applicable Law: all laws, rules, regulations and governmental guidelines applicable to the Person, conduct, transaction, agreement or matter in question, including all applicable statutory law, common law and equitable principles, and all provisions of constitutions, treaties, statutes, rules, regulations, orders and decrees of Governmental Authorities.
Certificate of Title: the certificate of title or other evidence of ownership of any Vehicle issued by the appropriate Division of Motor Vehicles or its counterpart in the jurisdiction in which the Contract Debtor resides.
Collateral: has the meaning set forth in Section 2.
Collateral Agent Indemnitees: Collateral Agent and its officers, directors, employees, Affiliates, agents and attorneys.
Contracts: all of each Grantor’s now owned and hereafter acquired loan agreements, accounts, installment sale contracts, Instruments, notes, documents, chattel paper, and all other forms of obligations owing to such Grantor, including Vehicle Contracts, and any collateral for any of the foregoing, including all rights under any and all Contract Security Documents and Vehicles or other merchandise returned to or repossessed by such Grantor.
Contract Debtor: each Person who is obligated to a Grantor to perform any duty under or to make any payment pursuant to the terms of a Vehicle Contract.
Contract Security Documents: all security agreements, chattel mortgages, deeds of trust, mortgages, or other security instruments, guaranties, sureties, and agreements of every type and nature (including Certificates of Title) securing the obligations of Contract Debtors under Contracts.
Documentation Agent Indemnitees: Documentation Agent and its officers, directors, employees, Affiliates, agents and attorneys.
Governmental Authority: any federal, state, municipal, foreign or other governmental department, agency, commission, board, bureau, court, tribunal, instrumentality, political subdivision, or other entity or officer exercising executive, legislative, judicial, regulatory or administrative functions for or pertaining to any government or court, in each case whether associated with the United States, a state, district or territory thereof, or a foreign entity or government.
Guaranty: has the meaning set forth in the Recitals hereto.
Indemnitees: Agent Indemnitees, Collateral Agent Indemnitees, Documentation Agent Indemnitees, Lender Indemnitees, and Issuing Bank Indemnitees.
Intellectual Property: all intellectual and similar Property of a Person, including inventions, designs, patents, copyrights, trademarks, service marks, trade names, trade secrets, confidential or proprietary information, customer lists, know-how, software and databases; all embodiments or fixations thereof and all related documentation, applications, registrations and
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franchises; all licenses or other rights to use any of the foregoing; and all books and records relating to the foregoing.
Issuing Bank Indemnitees: Issuing Bank (as defined in the Loan Agreement) and its officers, directors, employees, Affiliates, agents and attorneys.
Lender Indemnitees: Lenders and their officers, directors, employees, Affiliates, agents and attorneys.
Licensor: any Person from whom a Grantor obtains the right to use any Intellectual Property.
Lien: any Person’s interest in Property securing an obligation owed to, or a claim by, such Person, whether such interest is based on common law, statute or contract, including liens, security interests, pledges, hypothecations, statutory trusts, reservations, exceptions, encroachments, easements, rights-of-way, covenants, conditions, restrictions, leases, and other title exceptions and encumbrances affecting Property.
Lien Waiver: an agreement, in form and substance satisfactory to Collateral Agent, by which (a) for any material Collateral located on leased premises, the lessor waives or subordinates any Lien it may have on the Collateral, and agrees to permit Collateral Agent to enter upon the premises and remove the Collateral or to use the premises to store or dispose of the Collateral; (b) for any Collateral held by a warehouseman, processor, shipper, customs broker or freight forwarder, such Person waives or subordinates any Lien it may have on the Collateral, agrees to hold any Documents in its possession relating to the Collateral as agent for Collateral Agent, and agrees to deliver the Collateral to Collateral Agent upon request; (c) for any Collateral held by a repairman, mec hanic or bailee, such Person acknowledges Collateral Agent’s Lien, waives or subordinates any Lien it may have on the Collateral, and agrees to deliver the Collateral to Collateral Agent upon request; and (d) for any Collateral subject to a Licensor’s Intellectual Property rights, the Licensor grants to Collateral Agent the right, vis-à-vis such Licensor, to enforce Collateral Agent’s Liens with respect to the Collateral, including the right to dispose of it with the benefit of the Intellectual Property, whether or not a default exists under any applicable License.
Property: any interest in any kind of property or asset, whether real, personal or mixed, or tangible or intangible.
Secured Obligations: all indebtedness, liabilities and other obligations of each Grantor arising under the Guaranty, whether for principal, interest, reasonable fees, or reasonable out-of-pocket expenses or otherwise, and all obligations of any Grantor now or hereafter existing under this Agreement.
UCC: the Uniform Commercial Code as in effect in the State of California or, when the laws of any other jurisdiction govern the perfection or enforcement of any Lien, the Uniform Commercial Code of such jurisdiction.
Vehicle: any new or used, two-axeled, automobile or light-duty truck, together with all accessions, parts and equipment sold or financed in connection therewith.
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Vehicle Contract: all Instruments, notes, documents, chattel paper, accounts, installment sale contracts and other payment obligations which arise from or relate to an installment sale of a Vehicle.
All other capitalized terms used but not otherwise defined herein have the meanings given to them in the Loan Agreement. All other undefined terms contained in this Agreement, unless the context indicates otherwise, have the meanings provided for by the UCC to the extent the same are used or defined therein, including: “Account,” “Inventory,” “Chattel Paper,” “Commercial Tort Claim,” “Deposit Account,” “Document,” “Equipment,” “General Intangibles,” “Goods,” “Instrument,” “Investment Property,” “Letter-of-Credit Right” and “Supporting Obligation.”.
2. GRANT OF LIEN. As security for all Secured Obligations, each Grantor hereby grants to the Collateral Agent, for the benefit of the Collateral Agent and the Secured Parties (as defined in the Loan Agreement), a continuing security interest in, Lien on, assignment of and right of set-off against, such Grantor’s right, title, and interest in and to all of the following Property and assets of the Grantor, whether now owned or existing or hereafter acquired or arising, regardless of where located:
(a) all Accounts;
(b) all Contracts;
(c) all Chattel Paper, including electronic chattel paper;
(d) all Commercial Tort Claims;
(e) all Deposit Accounts;
(f) all Documents;
(g) all General Intangibles, including Intellectual Property;
(h) all Goods, including Inventory, Equipment and fixtures;
(i) all Instruments;
(j) all Investment Property;
(k) all Letter-of-Credit Rights;
(l) all Supporting Obligations;
(m) all monies, whether or not in the possession or under the control of Agent, Collateral Agent, a Lender, or a bailee or Affiliate of Agent, Collateral Agent or a Lender;
(n) all accessions to, substitutions for, and all replacements, products, and cash and non-cash proceeds of the foregoing, including proceeds of and unearned premiums with
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respect to insurance policies, and claims against any Person for loss, damage or destruction of any Collateral; and
(o) all books and records (including customer lists, files, correspondence, tapes, computer programs, print-outs and computer records) pertaining to the foregoing.
3. PERFECTION AND PROTECTION OF SECURITY INTEREST.
(a) Each Grantor shall, at its expense, perform all steps requested by the Collateral Agent at any time to perfect, maintain, protect, and enforce the Collateral Agent’s Liens, including: (i) executing, delivering and/or filing and recording of the any agreements and filing financing or continuation statements, and amendments thereof, in form and substance satisfactory to the Collateral Agent; and (ii) delivering to the Collateral Agent the originals of all Contracts, Instruments, Documents, and tangible Chattel Paper, and all other Collateral in such Grantor’s possession of which the Collateral Agent determines it should have physical possession in order to perfect or protect the Collateral AgentR 17;s Lien therein, duly pledged, endorsed, or assigned to the Collateral Agent without restriction.
(b) Each Grantor shall hold all Collateral consisting of negotiable Documents, certificated securities (accompanied by stock papers executed in blank), Chattel Paper, Contracts and Instruments as a custodian for the benefit of Collateral Agent.
(c) Upon request by Collateral Agent, each Grantor shall obtain or use its best efforts to obtain Lien Waivers with respect to the Collateral.
(d) Each Grantor shall obtain authenticated control agreements from each issuer of uncertificated securities, securities intermediary, or commodities intermediary issuing or holding any financial assets or commodities to or for such Grantor.
(e) Each Grantor shall take all steps necessary to grant the Collateral Agent control of all electronic chattel paper in accordance with the UCC and all “transferable records” as defined in the Uniform Electronic Transactions Act.
(f) Promptly upon request, Grantors shall deliver such instruments, assignments, title certificates, or other documents or agreements, and shall take such actions, as Collateral Agent deems appropriate under Applicable Law to evidence or perfect its Lien on any Collateral, or otherwise to give effect to the intent of this Agreement. Each Grantor authorizes Collateral Agent to file any financing statement that indicates the Collateral as “all assets” or “all personal property” of such Grantor, or words to similar effect, and ratifies any action taken by Collateral Agent be fore the Closing Date (as defined in the Loan Agreement) to effect or perfect its Lien on any Collateral.
(g) Grantors shall promptly notify Collateral Agent in writing if any Grantor has a Commercial Tort Claim (other than, as long as no Default or Event of Default exists, a Commercial Tort Claim for less than $100,000) and, upon Collateral Agent’s request, shall promptly take such actions as Collateral Agent deems appropriate to confer upon Collateral Agent (for the benefit of the Lenders) a duly perfected, first priority Lien upon such claim.
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(h) So long as the Guaranty is in effect and until all Secured Obligations have been fully satisfied, the Collateral Agent’s Liens shall continue in full force and effect in all Collateral.
(i) No Grantor shall merge, combine or consolidate with any Person, or liquidate, wind up its affairs or dissolve itself, in each case whether in a single transaction or in a series of related transactions, except for mergers or consolidations into a Borrower; change its name or conduct business under any fictitious name; change its tax, charter or other organizational identification number; or change its form or state of organization.
4. LOCATION OF COLLATERAL.
(a) Each Grantor represents and warrants to the Collateral Agent and the Lenders that Schedule 4 is a correct and complete list of the location of such Grantor’s chief executive office, the location of its books and records, the locations of the Collateral, and the locations of all of its other places of business; and
(b) Each Grantor covenants and agrees that it:
(i) shall at all times keep the Collateral at its business locations set forth in Schedule 4, except that Grantors may move Collateral to another location in the United States, upon 30 days prior written notice to Collateral Agent;
(ii) will not otherwise change or add to any of such locations; or
(iii) will not change the location of its chief executive office from the location identified in Schedule 4, unless it gives the Collateral Agent at least 30 days’ prior written notice thereof.
5. CORPORATE NAMES; JURISDICTION OF ORGANIZATION. Each Grantor represents and warrants to the Collateral Agent and the Lenders and agrees with the Collateral Agent and the Lenders that: (a) each Grantor is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization; (b) each Grantor is duly qualified, authorized to do business and in good standing as a foreign corporation in each jurisdiction where failure to be so qualified could reasonably be expected to have a Material Adverse Effect (as defined in the Loan Agreement); and (c) during the 5 years preceding the Closing Date, no Grantor has b een known as or used any corporate, fictitious or trade names, has been the surviving corporation of a merger or combination, or has acquired any substantial part of the assets of any Person.
6. TITLE TO, LIENS ON, AND SALE AND USE OF COLLATERAL. Each Grantor represents and warrants to the Collateral Agent and the Lenders and agrees with the Collateral Agent and the Lenders that: (a) each Grantor has good and marketable title to (or valid leasehold interests in) all of its Property, including all Property reflected in any financial statements delivered to Agent, Collateral Agent or Lenders, in each case free of Liens except Permitted Liens (as defined in the Loan Agreement) and minor defects in title to its real estate that do not interfere with its ability to conduct its business as currently conducted or to utilize such proper ties for their intended purpose. Each Grantor has paid and discharged all lawful
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claims that, if unpaid, could become a Lien on its Properties, other than Permitted Liens. All Liens of Collateral Agent in the Collateral are duly perfected, first priority Liens, subject only to Permitted Liens.
7. ACCESS AND EXAMINATION. Subject to the limitations set forth in the Loan Agreement, the Collateral Agent may at all reasonable times during regular business hours have access to, examine, make extracts from or copies of and inspect any or all of each Grantor’s records, files, and books of account and the Collateral, and discuss each Grantor’s affairs with such Grantor’s officers and management. Each Grantor will deliver to the Collateral Agent any instrument necessary for the Collateral Agent to obtain records from any service bureau maintaining records for such Grantor. The Collateral Ag ent may, without expense to the Collateral Agent, use such of the Grantors’ respective personnel, supplies, and real estate as may be reasonably necessary for maintaining or enforcing the Collateral Agent’s Liens. The Collateral Agent shall have the right, at any time, in the Collateral Agent’s name or in the name of a nominee of the Collateral Agent, to verify the validity, amount or any other matter relating to the Contracts, Accounts, Inventory, or other Collateral, by mail, telephone, or otherwise.
8. ACCOUNTS. Each Grantor hereby represents and warrants to the Collateral Agent and the Lenders, with respect to such Grantor’s Contracts and Accounts, that each existing Contract and Account represents, and each future Contract and Account will represent, a bona fide sale or lease and delivery of goods by such Grantor, or rendition of services by such Grantor, in the ordinary course of such Grantor’s business.
9. COLLECTION OF ACCOUNTS; PAYMENTS.
(a) The Grantors shall make collection of all Contracts, Accounts and other Collateral for the Collateral Agent, shall receive all payments as the Collateral Agent’s trustee, and shall immediately deliver all payments in their original form duly endorsed in blank into a Dominion Account. The Collateral Agent or the Collateral Agent’s designee may, at any time after the occurrence of an Event of Default, notify Contract Debtors that the Contracts have been assigned to the Collateral Agent and of the Collateral Agent’s Lien therein, and may collect them directly and charge the collection costs and expenses to the Loan Account as a Revolving Loan.
(b) If sales of any Grantor’s Inventory are made or services are rendered for cash, the Grantors shall immediately deposit into a Dominion Account the cash which such Grantor receives.
(c) All payments including immediately available funds received by the Collateral Agent at a bank account designated by it, will be the Collateral Agent’s sole property for its benefit and the benefit of the Lenders.
10. INVENTORY. Each Grantor represents and warrants to the Collateral Agent and the Lenders and agrees with the Collateral Agent and the Lenders that all of the Inventory owned by such Grantor is and will be held for sale or lease, or to be furnished in connection with the rendition of services, in the ordinary course of such Grantor’s business, and is and will be fit for such purposes. Each Grantor will keep its Inventory in good and marketable condition, except for damaged or defective goods arising in the ordinary course of such Grantor’s business.
11. EQUIPMENT. Each Grantor represents and warrants to the Collateral Agent and the Lenders and agrees with the Collateral Agent and the Lenders that all of the Equipment owned by such Grantor is and will be used or held for use in such Grantor’s business, and is and will be fit for such purposes. Each Grantor shall keep and maintain its Equipment in good operating condition and repair (ordinary wear and tear excepted) and shall make all necessary replacements thereof. No Grantor will, without the Collateral Agent’s prior written consent, alter or remove any identifying symbol or number on any of such Grant or’s Equipment constituting Collateral.
12. DOCUMENTS, INSTRUMENTS, AND CHATTEL PAPER. Each Grantor represents and warrants to the Collateral Agent and the Lenders that (a) all Documents, Instruments, Contracts and Chattel Paper describing, evidencing, or constituting Collateral, and all signatures and endorsements thereon, are and will be complete, valid, and genuine, and (b) all goods evidenced by such Documents, Instruments, Contracts Letter of Credit Rights and Chattel Paper are and will be owned by such Grantor, free and clear of all Liens other than Permitted Liens. If any Grantor retains possession of any Chattel Paper or Instruments with Col lateral Agent’s consent, such Chattel Paper and Instruments shall be marked with the following legend: “This instrument is subject to a first lien security interest in favor of Bank of America, N.A., as Collateral Agent, and may not be further assigned”.
13. RIGHT TO CURE. The Collateral Agent may, in its discretion, pay any amount or do any act required of any Grantor hereunder in order to preserve, protect, maintain or enforce the Secured Obligations, the Collateral or the Collateral Agent’s Liens therein, and which such Grantor fails to pay or do, including payment of any judgment against such Grantor, any insurance premium, any warehouse charge, any finishing or processing charge, any landlord’s or bailee’s claim, and any other Lien upon or with respect to the Collateral. Any payment made or other action taken by the Collateral Agent under this Sec tion shall be without prejudice to any right to assert an Event of Default hereunder and to proceed thereafter as herein provided.
14. POWER OF ATTORNEY. Each Grantor hereby irrevocably constitutes and appoints Collateral Agent (and all Persons designated by Collateral Agent) as such Grantor’s true and lawful attorney (and agent-in-fact) for the purposes provided in this Section. Collateral Agent, or Collateral Agent’s designee, may, without notice and in either its or a Grantor’s name, but at the cost and expense of Grantor:
(a) Endorse a Grantor’s name on any payment item or other proceeds of Collateral (including proceeds of insurance) that come into Collateral Agent’s possession or control; and
(b) During an Event of Default, (i) notify any account debtors of the assignment of their Contracts or Accounts, demand and enforce payments on Contracts or Accounts, by legal proceedings or otherwise, and generally exercise any rights and remedies with respect to Contracts and Accounts; (ii) settle, adjust, modify, compromise, discharge or release any claims with respect to amounts due on Contracts, Accounts or other Collateral, or any legal proceedings brought to collect on Contracts, Accounts or other Collateral; (iii) sell or assign any Contracts, Account and other Collateral upon such terms, for such amounts and at
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such times as Collateral Agent deems advisable; (iv) take control, in any manner, of any proceeds of Collateral; (v) prepare, file and sign a Grantor’s name to a proof of claim or other document in a bankruptcy of a account debtor, or to any notice, assignment or satisfaction of Lien or similar document; (vi) receive, open and dispose of mail addressed to a Grantor, and notify postal authorities to change the address for delivery thereof to such address as Collateral Agent may designate; (vii) endorse any Chattel Paper, Contrast, Document, Instrument, invoice, freight bill, bill of lading, or similar document or agreement relating to any Contract, Account, Inventory or other Collateral; (viii) use a Grantor’s stationery and sign its name to verifications of Contracts, Accounts and notices to account debtors; (ix) use the information recorded on or contained in any data processing equipment and computer hardware and software relating to any Collateral; (x) make and adjust claim s under policies of insurance; (xi) take any action as may be necessary or appropriate to obtain payment under any letter of credit or banker’s acceptance for which a Grantor is a beneficiary; and (xii) take all other actions as Collateral Agent deems appropriate to fulfill any Grantor’s obligations hereunder or under the Guaranty.
15. THE COLLATERAL AGENT’S AND LENDERS’ RIGHTS, DUTIES AND LIABILITIES.
(a) Each Grantor assumes all responsibility and liability arising from or relating to the use, sale, license or other disposition of the Collateral. The Secured Obligations shall not be affected by any failure of the Collateral Agent or any Lender to take any steps to perfect the Collateral Agent’s Liens or to collect or realize upon the Collateral, nor shall loss of or damage to the Collateral release any Grantor from any of the Secured Obligations. Following the occurrence and during the continuation of an Event of Default, the Collateral Agent may (but shall not be required to), without notice to or consent from any Grantor, sue upon or otherwise collect, extend the time for payment of, modif y or amend the terms of, compromise or settle for cash, credit, or otherwise upon any terms, grant other indulgences, extensions, renewals, compositions, or releases, and take or omit to take any other action with respect to the Collateral, any security therefor, any agreement relating thereto, any insurance applicable thereto, or any Person liable directly or indirectly in connection with any of the foregoing, without discharging or otherwise affecting the liability of any Grantor for the Secured Obligations or under the Guaranty or any other agreement now or hereafter existing between the Agent, Collateral Agent and/or any Lender and any Grantor.
(b) It is expressly agreed by each Grantor that, anything herein to the contrary notwithstanding, such Grantor shall remain liable under each of its contracts and each of its licenses to observe and perform all the conditions and obligations to be observed and performed by it thereunder. Neither Collateral Agent nor any Lender shall have any obligation or liability under any contract or license by reason of or arising out of this Agreement or the granting herein of a Lien thereon or the receipt by Collateral Agent or any Lender of any payment relating to any contract or license pursuant hereto. Neither Collateral Agent nor any Lender shall be required or obligated in any manner to perform or fulfill a ny of the obligations of any Grantor under or pursuant to any contract or license, or to make any payment, or to make any inquiry as to the nature or the sufficiency of any payment received by it or the sufficiency of any performance by any party under any contract or license, or to present or file any claims, or to take any action to collect or enforce any performance or the payment of any amounts which may have been assigned to it or to which it may be entitled at any time or times.
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(c) Collateral Agent may at any time after a Default or an Event of Default has occurred and be continuing (or if any rights of set-off (other than set-offs against an Account arising under the contract giving rise to the same Account) or contra accounts may be asserted with respect to the following), without prior notice to Grantors, notify account debtors, and other Persons obligated on the Collateral that Collateral Agent has a Lien therein, and that payments shall be made directly to Collateral Agent, for itself and the benefit of Lenders. Upon the request of Collateral Agent, Grantor shall so notify account debtors and other Persons obligated on Collateral. Once any such notice has been given to any account debtor or other Person obligated on the Collateral, no Grantor shall give any contrary instructions to such account debtor or other Person without Collateral Agent’s prior written consent.
(d) Collateral Agent may at any time in Collateral Agent’s own name or in the name of any Grantor communicate with such Grantor’s account debtors, parties to such Grantor’s contracts and obligors in respect of such Grantor’s Instruments to verify with such Persons, to Collateral Agent’s satisfaction, the existence, amount and terms of such Grantor’s Contracts, Accounts, payment intangibles, Instruments or Chattel Paper. If a Default or Event of Default shall have occurred and be continuing, each Grantor, at its own expense, shall cause the independent certified public accountants then engaged by such Grantor to prepare and deliver to Collateral Agent and each Lender at any time and from time to time promptly upon Collateral Agent’s request the following reports with respect to such Grantor: (i) a reconciliation of all Accounts and Contracts ; (ii) an aging of all Accounts and Contracts; (iii) trial balances; and (iv) a test verification of such Accounts and Contracts as Collateral Agent may request. Each Grantor, at its own expense, shall deliver to Collateral Agent the results of each physical verification, if any, which such Grantor may in its discretion have made, or caused any other Person to have made on its behalf, of all or any portion of its Inventory.
16. PATENT, TRADEMARK AND COPYRIGHT COLLATERAL. Each Grantor own or has the lawful right to use all Intellectual Property necessary for the conduct of its business, without conflict with any rights of others except for any such conflict of infringement that, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. There is no pending or, to Grantor’s knowledge, threatened claim against the Intellectual Property with respect to any Grantor or any of their Property (including any Intellectual Property). No Grantor pays or owes any royalty or other compensation to any Per son with respect to any Intellectual Property. All Intellectual Property owned, used or licensed by, or otherwise subject to any interests of, Parent or its Subsidiaries is shown on Schedule 16.
17. INDEMNIFICATION. EACH GRANTOR SHALL INDEMNIFY AND HOLD HARMLESS THE INDEMNITEES AGAINST ANY CLAIMS THAT MAY BE INCURRED BY OR ASSERTED AGAINST ANY INDEMNITEE, INCLUDING CLAIMS ARISING FROM THE NEGLIGENCE OF AN INDEMNITEE. In no event shall any party hereto have any obligation hereunder to indemnify or hold harmless an Indemnitee with respect to a claim that is determined in a final, non-appealable judgment by a court of competent jurisdiction to result from the gross negligence or willful misconduct of such Indemnitee.
18. LIMITATION ON LIENS ON COLLATERAL. No Grantor will create, permit or suffer to exist, and will defend the Collateral against, and take such other action as is
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necessary to remove, any Lien on the Collateral except Permitted Liens, and will defend the right, title and interest of Collateral Agent and Lenders in and to any of such Grantor’s rights under the Collateral against the claims and demands of all Persons whomsoever.
19. NOTICE REGARDING COLLATERAL. Each Grantor will advise Collateral Agent promptly, in reasonable detail, (i) of any Lien (other than Permitted Liens) or claim made or asserted against any of the Collateral, and (ii) of the occurrence of any other event which would have a Material Adverse Effect.
20. REMEDIES; RIGHTS UPON DEFAULT.
(a) If any Event of Default shall have occurred and be continuing, Collateral Agent may exercise any other rights or remedies afforded under any agreement, by law, at equity or otherwise, including the rights and remedies of a secured party under the UCC. Such rights and remedies include the rights to (i) take possession of any Collateral; (ii) require Grantors to assemble Collateral, at Grantors’ expense, and make it available to Collateral Agent at a place designated by Collateral Agent; (iii) enter any premises where Collateral is located and store Collateral on such premises until sold (and if the premises are owned or leased by a Grantor, Grantors agree not to charge for such storage); and (iv) sell or otherwise dispose of any Collateral in its then condition, or after any further manufacturing or processing thereof, at public or private sale, with such notice as may be required by Applicable Law, in lots or in bulk, at such locations, all as Collateral Agent, in its sole discretion, deems advisable. Each Grantor agrees that 10 days notice of any proposed sale or other disposition of Collateral by Collateral Agent shall be reasonable. Collateral Agent shall have the right to conduct such sales on any Grantor’s premises, without charge, and such sales may be adjourned from time to time in accordance with Applicable Law. Collateral Agent shall have the right to sell, lease or otherwise dispose of any Collateral for cash, credit or any combination thereof, and Collateral Agent may purchase any Collateral at public or, if permitted by law, private sale and, in lieu of actual payment of the purchase price, may set off the amount of such price against the Secured Obligations.
(b) Except as otherwise specifically provided herein, each Grantor hereby waives presentment, demand, protest or any notice (to the maximum extent permitted by applicable law) of any kind in connection with this Agreement or any Collateral.
(c) All covenants, conditions, provisions, warranties, guaranties, indemnities and other undertakings of Grantors contained in this Agreement or any other the Loan Documents are cumulative and not in derogation or substitution of each other. In particular, the rights and remedies of Agent, Collateral Agent and Lenders are cumulative, may be exercised at any time and from time to time, concurrently or in any order, and shall not be exclusive of any other rights or remedies that Agent, Collateral Agent and Lenders may have, whether under any agreement, by law, at equity or otherwise.
(d) The failure or delay of Agent, Collateral Agent or any Lender to require strict performance by Grantors with any terms of this Agreement or the Loan Documents, or to exercise any rights or remedies with respect to Collateral or otherwise, shall not operate as a waiver thereof nor as establishment of a course of dealing. All rights and remedies shall continue in full force and effect until Full Payment of all Secured Obligations.
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21. GRANT OF LICENSE TO USE INTELLECTUAL PROPERTY. Except as is prohibited by an existing and enforceable anti-assignment provision (other than to the extent that any such term would be rendered ineffective pursuant to the UCC or any other applicable law or principles of equity), Collateral Agent is hereby granted an irrevocable, non-exclusive license or other right to use, license or sub-license (without payment of royalty or other compensation to any Person) during the existence of an Event of Default, any or all Intellectual Property of Grantors, computer hardware and software, trade secrets, brochures, customer lists, promotional and ad vertising materials, labels, packaging materials and other Property, in advertising for sale, marketing, selling, collecting, completing manufacture of, or otherwise exercising any rights or remedies with respect to, any Collateral. Each Grantor’s rights and interests under Intellectual Property shall inure to Collateral Agent’s benefit.
22. LIMITATION ON AGENT’S, COLLATERAL AGENT’S AND LENDERS’ DUTY IN RESPECT OF COLLATERAL. Agent, Collateral Agent and each Lender shall use reasonable care with respect to the Collateral in its possession or under its control. None of Agent, Collateral Agent or any Lender shall have any other duty as to any Collateral in its possession or control or in the possession or control of any agent or nominee of Agent, Collateral Agent or such Lender, or any income thereon or as to the preservation of rights against prior parties or any other rights pertaining thereto.
23. MISCELLANEOUS.
(a) Reinstatement. This Agreement shall remain in full force and effect and continue to be effective should any petition be filed by or against any Grantor for liquidation or reorganization, should any Grantor become insolvent or make an assignment for the benefit of any creditor or creditors or should a receiver or trustee be appointed for all or any significant part of such Grantor’s assets, and shall continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Secured Obligations, or any part thereof, is, pursuant to Applicable Law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee of the Secured Obligations, whether as a “voidable preference,” “fraudulent conveyance,” or otherwise, all as though such payment or performance had not been made. In the event that any payment, or any part thereof, is rescinded, reduced, restored or returned, the Secured Obligations shall be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned.
(b) Notices. Except as otherwise provided herein, whenever it is provided herein that any notice, demand, request, consent, approval, declaration or other communication shall or may be given to or served upon any of the parties by any other party, or whenever any of the parties desires to give and serve upon any other party any communication with respect to this Agreement, each such notice, demand, request, consent, approval, declaration or other communication shall be in writing and shall be given in the manner, and deemed received, as provided for in the Guaranty.
(c) Severability. Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be valid under Applicable Law. If any provision is found to be invalid under Applicable Law, it shall be ineffective only to the extent of such invalidity and the remaining provisions of this Agreement shall remain in full force and effect.
11
(d) Termination of this Agreement. This Agreement shall terminate only upon the payment in full of all Secured Obligations.
(e) Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of Grantors, Agent, Collateral Agent Lenders, and their respective successors and assigns, except that (a) no Grantor shall have the right to assign its rights or delegate its obligations under this Agreement; and (b) any assignment by a Lender must be made in compliance with Section 13.3 of the Loan Agreement.
(f) Counterparts. This Agreement may be executed in counterparts, each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement shall become effective when Collateral Agent has received counterparts bearing the signatures of all parties hereto. Delivery of a signature page of this Agreement by telecopy shall be effective as delivery of a manually executed counterpart of such agreement.
(g) Governing Law.
(i) GOVERNING LAW. THIS AGREEMENT, UNLESS OTHERWISE SPECIFIED, SHALL BE GOVERNED BY THE LAWS OF THE STATE OF CALIFORNIA, WITHOUT GIVING EFFECT TO ANY CONFLICT OF LAW PRINCIPLES (BUT GIVING EFFECT TO FEDERAL LAWS RELATING TO NATIONAL BANKS).
(h) Consent to Forum; Arbitration.
(i) Forum. EACH GRANTOR HEREBY CONSENTS TO THE NON-EXCLUSIVE JURISDICTION OF ANY FEDERAL OR STATE COURT SITTING IN OR WITH JURISDICTION OVER LOS ANGELES COUNTY, CALIFORNIA, IN ANY PROCEEDING OR DISPUTE RELATING IN ANY WAY TO ANY LOAN DOCUMENTS, AND AGREES THAT ANY SUCH PROCEEDING SHALL BE BROUGHT BY IT SOLELY IN ANY SUCH COURT. EACH GRANTOR IRREVOCABLY WAIVES ALL CLAIMS, OBJECTIONS AND DEFENSES THAT IT MAY HAVE REGARDING SUCH COURT’S PERSONAL OR SUBJECT MATTER JURISDICTION, VENUE OR INCONVENIENT FORUM. Nothing herein shall limit the right of Agent, Collateral Agent or any Lender to bring proceedings against any Grantor in any other court, nor limit the right of any party to serve process in any other manner permitted by Applicable Law. Nothing in this Agreement shall be deemed to preclude enforcement by Collateral Agent of any judgment or order obtained in any forum or jurisdiction.
(ii) Arbitration. Notwithstanding any other provision of this Agreement to the contrary, any controversy or claim among the parties relating in any way to any Secured Obligations or this Agreement, including any alleged tort, shall at the request of any party hereto be determined by binding arbitration conducted in accordance with the United States Arbitration Act (Title 9 U.S. Code). Arbitration proceedings will be determined in accordance with the Act, the then-current rules and procedures for the arbitration of financial services disputes of the American Arbitration Association (“A AA”), and the terms of this Section. In the event of any inconsistency, the terms of this Section shall control. If AAA is unwilling or unable
12
to serve as the provider of arbitration or to enforce any provision of this Section, Collateral Agent may designate another arbitration organization with similar procedures to serve as the provider of arbitration. The arbitration proceedings shall be conducted in Los Angeles or Pasadena, California. The arbitration hearing shall commence within 90 days of the arbitration demand and close within 90 days thereafter. The arbitration award must be issued within 30 days after close of the hearing (subject to extension by the arbitrator for up to 60 days upon a showing of good cause), and shall include a concise written statement of reasons for the award. The arbitrator shall give effect to applicable statutes of limitation in determining any controversy or claim, and for these purposes, service on AAA under applicable AAA rules of a notice of claim is the equivalent of the filing of a lawsuit. Any dispute concerning this Section or whether a controversy or claim is arbitrable shall be determined by the arbitrator. The arbitrator shall have the power to award legal fees to the extent provided by this Agreement. Judgment upon an arbitration award may be entered in any court having jurisdiction. The arbitrator shall not have the power to commit errors of law or legal reasoning, and any award may be reviewed and vacated or corrected on appeal to a court of competent jurisdiction for any such error. The institution and maintenance of an action for judicial relief or pursuant to a provisional or ancillary remedy shall not constitute a waiver of the right of any party, including the plaintiff, to submit the controversy or claim to arbitration if any other party contests such action for judicial relief. No controversy or claim shall be submitted to arbitration without the consent of all parties if, at the time of the proposed submission, such controversy or claim relates to an obligation secured by real estate, but if all parties do not consent to submission of such a controversy or claim to arbitration, it shall be determined as provided in the next sentence. At the request of any party, a controversy or claim that is not submitted to arbitration as provided above shall be determined by judicial reference; and if such an election is made, the parties shall designate to the court a referee or referees selected under the auspices of the AAA in the same manner as arbitrators are selected in AAA sponsored proceedings and the presiding referee of the panel (or the referee if there is a single referee) shall be an active attorney or retired judge; and judgment upon the award rendered by such referee or referees shall be entered in the court in which proceeding was commenced. None of the foregoing provisions of this Section shall limit the right of Agent, Collateral Agent or Lenders to exercise self-help remedies, such as setoff, foreclosure or sale of any Collateral or to obtain pro visional or ancillary remedies from a court of competent jurisdiction before, after or during any arbitration proceeding. The exercise of a remedy does not waive the right of any party to resort to arbitration or reference. At Collateral Agent’s option, foreclosure of any interest in real estate may be accomplished either by exercise of power of sale thereunder or by judicial foreclosure.
(i) SERVICE OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 23(b).
(j) Section Titles. Section titles appear as a matter of convenience only and shall not affect the interpretation of this Agreement.
[Remainder of Page Intentionally Blank]
[Signature Page to Follow]
13
IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed and delivered by its duly authorized officer as of the date first set forth above.
AMERICA’S CAR MART, INC.,
an Arkansas corporation,
as a Grantor
By: \s\ Jeffrey A. Williams
Name: Jeffrey A. Williams
Title: Secretary
TEXAS CAR-MART, INC.,
a Texas corporation,
as a Grantor
By: \s\ Jeffrey A. Williams
Name: Jeffrey A. Williams
Title: Secretary
Security Agreement (ACM-TCM)
BANK OF AMERICA, N.A.,
as Collateral Agent
By: \s\ Chip Oboza
Name: Chip Oboza
Title: Senior Vice President
Security Agreement (ACM-TCM)
SCHEDULE 4
To
SECURITY AGREEMENT
LOCATION OF COLLATERAL
A. Location of Chief Executive Office
802 S.E. Plaza Ave., Ste. 200
Bentonville, AR 72712
B. Location of Books and Records
802 S.E. Plaza Ave., Ste. 200
Bentonville, AR 72712
(See also list under D. below)
C. Location of Collateral
802 S.E. Plaza Ave., Ste. 200
Bentonville, AR 72712
(See also list under D. below)
D. Location of all other places of business
See attached list (Schedule 4-A)
E. Location of leased facilities and name of lessor/Sublessor
See attached list (Schedule 4-B)
Schedule 4
SCHEDULE 4-A
ACM/TCM | Address | St | Zip |
Athens | 904 Hwy 72 E | AL | 35611 |
Cullman | 1634 Brantley Ave NW | AL | 35055 |
Decatur | 3511 A Hwy 31 South | AL | 35603 |
Muscle Shoals | 3101 Woodward Ave. | AL | 35661 |
Opelika | 501 Columbus Parkway | AL | 36801 |
Tuscaloosa | 6210 University E, Cottondale | AL | 35453 |
Arkadelphia | 1102 North 10th | AR | 71923 |
Batesville | 2820 Harrison St. | AR | 72501 |
Benton | 1301 Military | AR | 72015 |
Berryville | 1202 W. Trimble | AR | 72616 |
Camden | 635 California | AR | 71701 |
Clarksville AR | 905 Rogers | AR | 72830 |
Conway | 1220 East Oak | AR | 72032 |
DA N. Little Rock | 1802 E. Broadway | AR | 72114 |
DA Russellville | 3502 S. Arkansas | AR | 72801 |
El Dorado | 1610 W. Hillsboro | AR | 71730 |
Fayetteville | 2724 W. Martin Luther King Blvd. | AR | 72704 |
Forrest City | 1826 W. Broadway | AR | 72335 |
Fort Smith | 4006 Towson Ave | AR | 72901 |
Harrison | 424 Hwy 62 & 65 North | AR | 72601 |
Hope | 1616 N. Hervey | AR | 71801 |
Hot Springs | 1608 Albert Pike | AR | 71913 |
Jacksonville | 211 S. James | AR | 72076 |
Jonesboro | 1315 Stadium Blvd. | AR | 72401 |
Little Rock | 5900 South University | AR | 72209 |
Magnolia | 203 US Highway 79 North | AR | 71753 |
Malvern | 2174 Oliver Lancaster Blvd | AR | 72104 |
Morrilton | 510 E.Harding St. | AR | 72110 |
Mountain Home | 2077 Hwy 62 East | AR | 72653 |
Schedule 4
North Little Rock | 6601 Warden Rd, Sherwood | AR | 72120 |
Paragould | 2213 E. Kingshighway | AR | 72450 |
Pine Bluff | 520 S. Blake St | AR | 71603 |
Pine Bluff-East | 2600 E. Harding Ave | AR | 71601 |
Rogers | 2007 S. 8th St | AR | 72758 |
Rogers North | 2620 W. Hudson Rd | AR | 72756 |
Russellville | PO Box 510/2300 E. Main | AR | 72811 |
Searcy | 801 East Beebe Capps Exp. | AR | 72143 |
Siloam Springs | 351 Hwy 412 East | AR | 72761 |
Springdale | 3733 W. Sunset | AR | 72762 |
Springdale East | 1866 East Robinson | AR | 72764 |
Trumann | 1709 Hwy 69 / P.O. Box 385 | AR | 72472 |
Van Buren | 2400 Fayetteville Rd. | AR | 72956 |
West Memphis | 1600 East Broadway | AR | 72301 |
Evansville | 1223 East Riverside | IN | 47714 |
Bowling Green | 1930 Russellville Rd | KY | 42101 |
Elizabethtown | 5730 N. Dixie | KY | 42701 |
Henderson | 2749 Highway 41 North | KY | 42420 |
Hopkinsville | 2010 Walnut St | KY | 42240 |
Lexington | 399 E. New Circle Rd. | KY | 40505 |
Madisonville | 342 South Main Street | KY | 42431 |
Owensboro | 512 Triplett | KY | 42303 |
Paducah | 3921 Clarks River Rd | KY | 42003 |
Cape Girardeau | 1455 N Kingshighway | MO | 63703 |
Carthage | 918 W. Central | MO | 64836 |
Columbia | 200 Business Loop 70 W | MO | 65203 |
Farmington | 222 West Karsch Blvd | MO | 63640 |
Jefferson City | 1330 Missouri Blvd | MO | 65109 |
Joplin | 3404 E. 7th | MO | 64801 |
Lebanon | 1600 West Elm | MO | 65536 |
Neosho | 311 South Neosho Blvd. | MO | 64850 |
Poplar Bluff | 804 S. Westwood | MO | 63901 |
Schedule 4
Sedalia | 3303 S. Limit St. | MO | 65301 |
Springfield | 2120 N. Glenstone | MO | 65803 |
Springfield South | 3245 W. Sunshine | MO | 65807 |
West Plains | 1702 Porter Wagoner Blvd. | MO | 65775 |
Ardmore | 2205 N. Commerce | OK | 73401 |
Broken Arrow | 406 E. Kenosha | OK | 74012 |
Claremore | 821 N. Lynn Riggs Blvd. | OK | 74017 |
Cushing | 2325 E. Main | OK | 74023 |
Duncan | 610 Hwy 81 N. | OK | 73533 |
Enid | 4802 W. Owen Garriot | OK | 73703 |
Lawton | 202 SW Sheridan Rd | OK | 73505 |
McAlester | 920 S. Main | OK | 74501 |
Muskogee | 1501 W. Shawnee | OK | 74401 |
Okmulgee | 1509 S. Wood Dr. | OK | 74447 |
Owasso | 8051 N Owasso Expressway | OK | 74055 |
Ponca City | 3314 North 14th | OK | 74601 |
Poteau | 2607 N. Broadway | OK | 74953 |
Sapulpa | 20 E. Taft | OK | 74066 |
Shawnee | 4020 N. Harrison | OK | 74801 |
Stilwell | Route 6 Box 600 | OK | 74960 |
Tahlequah | 2900 Muskogee Ave. | OK | 74464 |
Tulsa North | 6519 E. 11th St | OK | 74112 |
Tulsa South | 4810 S. Peoria Ave. | OK | 74105 |
Stillwater | 823 E 6th St | OK | 74074 |
Clarksville TN | 1630 Wilma Rudolph Blvd | TN | 37040 |
Jackson | 1089 South Highland | TN | 38301 |
Atlanta | 510 Loop 59 | TX | 75551 |
Corsicana | 711 South 7th Street | TX | 75110 |
Greenville | 5107 East I-30 | TX | 75402 |
Longview | 4207 W. Marshall | TX | 75604 |
Lufkin | 905 Timberland Dr. | TX | 75901 |
Mount Pleasant | 2300 W. Ferguson Road | TX | 75455 |
Schedule 4
Nacogdoches | 2819 South St. | TX | 75964 |
Palestine | 5000 N. Loop 256 | TX | 75801 |
Paris | 1140 N. Main | TX | 75460 |
Sherman | 4308 Texoma Parkway | TX | 75090 |
Sulphur Springs | 1237 South Broadway | TX | 75482 |
Texarkana | 3015 Summerhill | TX | 75503 |
Tyler | 128 N. Northwest Loop 323 | TX | 75702 |
Wichita Falls | 2710 Jacksboro Hwy | TX | 76302 |
Schedule 4
SCHEDULE 4-B
Lot | State | Street Address | City, State, Zip | Lessor |
Athens | AL | 904 Highway 72 East | Athens, AL 35611 | The Spencer Companies Inc. W. Gary Tucker, Jr., 120 Woodson St., Huntsville, AL 35801/POBox 18128, Huntsville, AL 35804 |
Cullman | AL | 1634 & 1636 Brantley Ave., NW | Cullman, AL 35055 | Galin Enterprises, Jerry D. Galin, 294 County Road 591, Hanceville, AL 35077 |
Decatur | AL | 3511A Hwy. 31 South | Decatur, AL 35603 | Marche, LLC, Chet Humphries, P.O.Box 5100, Decatur, AL 35601 |
Muscle Shoals | AL | 3101 Woodward Ave | Muscle Shoals, AL 35661 | Kenneth Crump, 1540 Lakewood Dr. East, Muscle Shoals, AL 35661 |
Opelika | AL | 501 Columbus Parkway | Opelika, AL 36801 | Country and Commercial Properties as Agent for Betty M. Fuller, Hugh Dean Fuller, Jr., and Freita Keluche. P.O. Box 1034, 201 South 9th Street, Opelika, AL 36803. |
Tuscaloosa | AL | 6210 University Blvd. East | Cottondale, AL 35453 | Richard and Peggy Larimore, P.O. Box 639, Cottondale, AL 35453 |
Arkadelphia | AR | 1102 N. 10th | Arkadelphia, AR 71923 | Dynamic Enterprises, Inc., Terri Simon, 803 SE Plaza Ave., Ste. 1, Bentonville, AR 72712 |
Batesville-Storage | AR | 2850 E. Harrison St. | Batesville, AR 72501 | Charlie Wade, 2850 E. Harrison, Batesville, AR 72501 |
Benton | AR | 1301 Military Road | Benton, AR 72015 | John Todd Fleeman /Children's Trust #1, c/o Jeannie Fleeman, Dynamic Enterprises, Inc., 803 SE Plaza Ave., Ste. 1, Bentonville, AR 72712 |
Bentonville Corp(2nd Fl) | AR | 802 SE Plaza Ave. | Bentonville, AR 72712 | Dynamic Development, Terri Simon, Dynamic Enterprises, Inc., 803 SE Plaza Ave., Ste. 1, Bentonville, AR 72712 |
Bentonville Corp (1st Fl) | AR | 802 SE Plaza Ave. | Bentonville, AR 72712 | Dynamic Development, Terri Simon, Dynamic Enterprises, Inc., 803 SE Plaza Ave., Ste. 1, Bentonville, AR 72712 |
Camden | AR | 635 California | Camden, AR 71701 | Sharon Elizabeth Fleeman Greehey /Children's Trust #1, c/o Jeannie Fleeman, Dynamic Enterprises, Inc., 803 SE Plaza Ave., Ste. 1, Bentonville, AR 72712 |
Conway | AR | 1220 E. Oak | Conway, AR 72032 | Bart Wayne Fleeman /Children's Trust #1, c/o Jeannie Fleeman, Dynamic Enterprises, Inc., 803 SE Plaza Ave., Ste. 1, Bentonville, AR 72712 |
Schedule 4
DA No Little Rock | AR | 1802 East Broadway | North Little Rock, AR 72114 | Sharon Elizabeth Fleeman Greehey /Children's Trust #1, c/o Jeannie Fleeman, Dynamic Enterprises, Inc., 803 SE Plaza Ave., Ste. 1, Bentonville, AR 72712 |
El Dorado | AR | 1610 West Hillsboro | El Dorado, AR 71730 | The Fleeman Family Limited Part II, c/o Jeannie Fleeman, Dynamic Enterprises, Inc., 803 SE Plaza Ave., Ste. 1, Bentonville, AR 72712 |
Fayetteville | AR | 2724 West Martin Luther King Blvd. | Fayetteville, AR 72701 | John Todd Fleeman /Children's Trust #1, c/o Jeannie Fleeman, Dynamic Enterprises, Inc., 803 SE Plaza Ave., Ste. 1, Bentonville, AR 72712 |
Fort Smith | AR | 4006 Towson Avenue | Fort Smith, AR 72901 | Billie Jean Fleeman Reeves /Children's Trust #1, c/o Jeannie Fleeman, Dynamic Enterprises, Inc., 803 SE Plaza Ave., Ste. 1, Bentonville, AR 72712 |
Harrison | AR | 424 Hwy 62 & 65 Bypass | Harrison, AR 72601 | Jeannie Fleeman Rev Trust, c/o Jeannie Fleeman, Dynamic Enterprises, Inc., 803 SE Plaza Ave., Ste. 1, Bentonville, AR 72712 |
Hope | AR | 1616 N Hervey Rd | Hope, AR 71801 | Wallet Company, Inc., Mr. Charles M. Walker, Wilson, Walker & Short, The National Bldg., 2nd Fl, Second and Main Streets,PO Drawer 1159, Hope, AR 71802-1159 |
Hot Springs | AR | 1608 Albert Pike | Hot Springs, AR 71913 | Fleeman Family Limited Partnership I, c/o Jeannie Fleeman, Dynamic Enterprises, Inc., 803 SE Plaza Ave., Ste. 1, Bentonville, AR 72712 |
Jacksonville | AR | 211 South James | Jacksonville, AR 72076 | Bob Williams, 9014 Jansen Drive, Sherwood, AR 72120 |
Jonesboro | AR | 1315 Stadium Blvd. | Jonesboro, AR 72401 | Fleeman Family Linited Partnership I, c/o Jeannie Fleeman, Dynamic Enterprises, Inc., 803 SE Plaza Ave., Ste. 1, Bentonville, AR 72712 |
Jonesboro | AR | 1315 Stadium Blvd. | Jonesboro, AR 72401 | Stallins Storage, 1020 Neil Dr., Jonesboro, AR 72401 |
Little Rock | AR | 5900 South University | Little Rock, AR 72209 | Dynamic Enterprises, Inc., c/o Terri Simon, 803 SE Plaza Ave., Ste. 1, Bentonville, AR 72712, 479-254-1151 |
Magnolia | AR | 203 Hwy 79 By-Pass N | Magnolia, AR 71753 | W. Derrell Rogers, P.O. Box 146, Magnolia, AR 71754-0146 |
Malvern | AR | 2174 Oliver Lancaster | Malvern, AR (Actually in Rockport City, AR) 72104 | Clinton Jones, 1763 Industrial Road, Malvern, AR 72104 |
Schedule 4
Malvern | AR | 2174 Oliver Lancaster | Malvern, AR (Actually in Rockport City, AR) 72104 | Clinton Jones, 1763 Industrial Road, Malvern, AR 72104 |
Morrilton | AR | 510 E. Harding | Morrilton, AR 72110 | Gusta Lynch and Charlean Howell, 179 Kike Acres Rd., Searcy AR 72143 |
Mountain Home | AR | 2077 Hwy 62 East | Mt. Home, AR 72653 | Ruddell Pannell and Anna Joyce Pannell, 200 C.R. 708, Gassville, AR 72635 |
North Little Rock-Sherwood | AR | 6535 Warden Road (aka 6601 Warden Road) | North Little Rock, AR 72120 | Ronald Morris and Sarah Morris, Morris Beck Construction, 8100 Colonel Glenn Rd, Little Rock, AR 72204 |
Paragould | AR | 2213 Hwy 412 East (known as 2213 E. Kingshighway) | Paragould, AR 72451 | Doye Bayird, P.O. Box 488, Paragould, AR 72450 (870-215-3679) |
Paragould | AR | 2213 Hwy 412 East (known as 2213 E. Kingshighway) | Paragould, AR 72451 | Troy Eugene Moore, 2305 East Lake, Paragould, AR 72450. Phone: (870)275-8541. Fax: (870)335-0045. |
Pine Bluff | AR | 520 S. Blake | Pine Bluff, AR 71603 | Bart Wayne Fleeman /Children's Trust #1, c/o Jeannie Fleeman, Dynamic Enterprises, Inc., 803 SE Plaza Ave., Ste. 1, Bentonville, AR 72712 |
Pine Bluff | AR | 2600 East Harding | Pine Bluff, AR 71603 | Dynamic Enterprises, Inc., Terri Simon, 803 SE Plaza Ave., Ste. 1, Bentonville, AR 72712, 479-254-1151 |
Rogers | AR | 2007 S. 8th St. | Rogers, AR 72758 | Dynamic Enterprises, Inc., Terri Simon, 803 SE Plaza Ave., Ste. 1, Bentonville, AR 72712, 479-254-1151 |
Rogers Service Center | AR | 2007 S. 8th St. | Rogers, AR 72758 | Dynamic Enterprises, Inc., Terri Simon, 803 SE Plaza Ave., Ste. 1, Bentonville, AR 72712, 479-254-1151 |
Rogers North | AR | 2608 West Hudson Rd | Rogers, AR 72758 | Fleeman Family Limited Partnership II, c/o Jeannie Fleeman, Dynamic Enterprises, Inc., 803 SE Plaza Ave., Ste. 1, Bentonville, AR 72712 |
Rogers | AR | 2537 Honeysuckle Lane | Rogers, AR 72758 | Ron Blackwell, Inc. P.O. Box 139, Bentonville, AR 72712 |
Rogers | AR | 2537 Honeysuckle Lane | Rogers, AR 72758 | Mike S. Jeffcoat, 2537 South Honeysuckle Lane, Rogers, AR 72758 |
Russellville | AR | 2300 East Main St. | Russellville, AR 72801 | Jeannie Fleeman Rev Trust c/o Jeannie Fleeman, Dynamic Enterprises, Inc., 803 SE Plaza Ave., Ste. 1, Bentonville, AR 72712 |
Schedule 4
Siloam Springs | AR | 351 Hwy 412 E | Siloam Springs, AR 72761 | Dynamic Enterprises, Inc., c/o Jeannie Fleeman, 803 SE Plaza Ave., Ste. 1, Bentonville, AR 72712 |
Springdale | AR | 3733 West Sunset | Springdale, AR 72762 | Jeannie Fleeman Rev Trust c/o Jeannie Fleeman, Dynamic Enterprises, Inc., 803 SE Plaza Ave., Ste. 1, Bentonville, AR 72712 |
Van Buren | AR | 2400 Fayetteville Rd. | Van Buren, AR 72956 | Dale and Carolyn Johnson, 2417 Zora Chapel Dr., Rudy, AR 72952. |
West Memphis | AR | 1600 E Broadway | West Memphis, AR 72301 | Fleeman Family Ltd. Prtsp., c/o Jeannie Fleeman, Dynamic Enterprises, Inc., 803 SE Plaza Ave., Ste. 1, Bentonville, AR 72712 |
Bowling Green | KY | 1930 Russellville Rd. | Bowling Green, KY 42101 | Blue Level Properties, LLC-Fred W Tabor and Russell Heard 1591 Murphy Rd, Bowling Green, KY 42101 |
Elizabethtown | KY | 5730 N. Dixie | Elizabethtown, KY 42701 | Huey Douglas Skaggs, 192 Rineyville Big Springs Road, Radcliff, KY 40160 |
Lexington | KY | 399 East New Circle Road | Lexington KY 40505 | Merryman Investment Company IV, LLC, Daniel Merryman, 4814 Hartland, Lexington, KY 40515 |
Madisonville | KY | 342 S Main St/Parcel IVA | Madisonville, KY 42431 | Joseph G and Susan E Hawkins, 67 Iron Hill Circle, Kuttawa, KY 42055 - Lease B |
Madisonville | KY | 342 S Main St/Parcel V and VI | Madisonville, KY 42431 | Joseph G and Susan E Hawkins, 67 Iron Hill Circle, Kuttawa, KY 42055 - Lease A |
Owensboro | KY | 711 East Eighth Street | Owensboro, KY | Ken Boarman, 533 Triplett Street, Owensboro, KY 42303 |
Cape Girardeau | MO | 1455 N Kinghighway | Cape Girardeau, MO 63703 | P&J Marketing, P.O. Box 1807, Cape Girardeau, MO 63702-1807 |
Carthage | MO | 918 W. Central | Carthage, MO 64836 | James & Shirley Deitz, 1224 Wendy Lane, Carthage, MO 64836 |
Carthage | MO | 912 W. Central | Carthage, MO 64836 | Bruce Hale, 600 West Central, Carthage, MO 64836-417-359-9300 |
Columbia | MO | 200 Business Loop 70 West | Columbia, MO 65203 | Last Enterprises, LLC., Paul Land, Manager, 2005 Robin Terrace, Columbia, MO 65203 |
Farmington | MO | 222 W. Kirsch | Farmington, MO 63640 | Dennis Pogue and Mary Dunn, P.O. Box 914, Farmington, MO 63640 |
Jefferson City | MO | 1330 Missouri Blvd. | Jefferson City, MO 65109 | John and Betty Carmichael, 3620 W. Gordon Dr., Jefferson City, MO 65109 |
Joplin | MO | 3404 East 7th Street | Joplin, MO 64801 | The Spicer L.P., 1010 Carrington Terrace, Joplin, MO 64804 |
Lebanon | MO | 1600 W. Elm St. | Lebanon, MO 65536 | Lowe Investments, LC, 103 Lowe Ave., Wayensville, MO 65583 |
Schedule 4
Neosho | MO | 311 S Neosho Blvd. | Neosho, MO 64850 | Steve P. and Sheila Hart, P.O. Box 458, Neosho, MO 64850. Have another address in file: 2801 South High, Neosho, MO 64850. |
Springfield South | MO | 3245 W. Sunshine | Springfield, MO 65807 | Russell L. Black and Minnie Eva Black Trust UAD 6-16-95, 3250 W. Sunshine, Springfield, MO 65807 UAD 6-16-95 |
West Plains | MO | 1702 Porter Wagoner Blvd. | West Plains, MO 65775 | John Negri, P.O. Box 813, West Plains, MO 65775. |
Broken Arrow | OK | 406 E. Kenosha | Broken Arrow, OK 74012 | Nelson Properties, LLC, P.O. Box 393, Broken Arrow, OK 74013-0393. Contact: James Nelson. |
Claremore | OK | 821 North Lynn Riggs Blvd | Claremore, OK 74017 | Frank C Robson and Ludmila Robson, 310 S Missouri, POBox 986, Claremore, OK 74018-0986 |
McAlester | OK | 920 S. Main | McAlester, OK 74501 | Templar Leasing & Construction, P.O. Box 728, McAlester, OK 74502 |
Muskogee | OK | 1501 W Shawnee | Muskogee, OK 74401 | Fleeman Family Limited Partnership II c/o Terri Simon, 803 SE Plaza Ave., Ste. 1, Bentonville, AR 72712, 479-254-1151 |
Okmulgee | OK | 1509 S. Wood Drive | Okmulgee, OK 74447 | Charles B. Davis, Southwood Plaza, Inc. P.O. Box 846, Okmulgee, OK 74447-0846 |
Owasso | OK | 8051 North Owasso Expressway | Owasso, OK 74063 | M & M Management, LLC, POBox 340, Sand Springs, OK 74063 |
Ponca City | OK | 3314 North 14th | Ponca City, OK 74601 | PC Concrete CO., Inc., P.O. Box 30, Ponca City, OK 74602 |
Poteau | OK | 2607 North Broadway | Poteau, OK 74953 | Michael F. LaFevers, Tote-A-Poke, 2017 N Broadway, Poteau, OK 74953 918-647-9946 |
Sapulpa | OK | 20 East Taft | Sapulpa, OK 74066 | Rainbow Real Estate, LLC, 803 SE Plaza Avenue, Ste 1, Bentonville, AR 72712. Terri Simon, |
Stillwater | OK | 823 E. 6th Street | Stillwater, OK 74074 | The Estate of Frank Dewey Payton, Leonard G. Herron, III, Executor /Amended 3/06-Leonard G. Herron, III, 3418 Mayberry, Enid, OK 73703 |
Stillwell | OK | Rt. 2 Box 10 | Stillwell, OK 74960 | Jeannie Fleeman Rev Trust c/o Jeannie Fleeman, Dynamic Enterprises, Inc., 803 SE Plaza Ave., Ste. 1, Bentonville, AR 72712 |
Tahlequah | OK | 2900 S. Muskogee Ave | Tahlequah, OK 74464 | GE Ford Lease Co., Inc., c/o Lori D. Greenhaw McCollum, P.O. Box 1414, Tahlequah, OK 74465 |
Tulsa | OK | 6519 East 11th | Tulsa, OK 74112 | Jeannie Fleeman Rev Trust c/o Jeannie Fleeman, Dynamic Enterprises, Inc., 803 SE Plaza Ave., Ste. 1, Bentonville, AR 72712 |
Schedule 4
Tulsa South | OK | 4818 S. Peoria Ave. | Tulsa, OK 74105 | Mary Jo Samuel Trust - Mary Jo Samuel, 5906 Knoxville Ave., Tulsa, OK 74135 |
Clarksville | TN | 1630 Wilma Rudolph Boulevard | Clarksville, TN 37040 | Timothy R. LeMaster and Valarie A. LeMaster, 450 Dean Road, Clarksville, TN 37040. |
Jackson | TN | 1089 South Highland | Jackson, TN 38301 | Volunteer Homes, Ronald Boyd, P.O. Box 579, Paris, TN 38242 |
Corsicana | TX | 711 S. 7th Street | Corsicana, TX 75110 | Johnny Sirman Auto Co., Inc., Bill Griggs, 611 S. 7th St., Corsicana, TX 75110 |
Lufkin | TX | 905 North Timberland | Lufkin, TX 75901 | Mr. and Mrs. Stewart and Mr. and Mrs. Thomas, 702 N. Timberland Dr., Lufkin, TX 75901. Contact: Janis Stewart |
Mount Pleasant | TX | 2300 West Ferguson Rd | Mt. Pleasant, TX 75455 | Brickman Properties, LLC, Jim Koelliker and Chris Elliott, 307 N Jefferson, Mt. Pleasant, TX 75455. |
Sulphur Springs | TX | 1237 S Broadway | Sulphur Springs, TX 75482 | Wendell Sapaugh, c/o City National Bank, POBox 495, Sulphur Springs, TX 75483 |
Sulphur Springs | TX | 1237 S Broadway | Sulphur Springs, TX 75482 | Freddie McKee, 28 Vonda Dr., Sulphur Springs, TX 75482 |
Texarkana | TX | 3015 Summerhill | Texarkana, TX 75503 | Jeannie Fleeman Rev Trust c/o Jeannie Fleeman, Dynamic Enterprises, Inc., 803 SE Plaza Ave., Ste. 1, Bentonville, AR 72712 |
Wichita Falls | TX | 2710 Jacksboro Hwy | Wichita Falls, TX 76302 | Diana L. Parish, 1502 Parker Rd., Wichita Falls, TX 76310 |
Schedule 4
SCHEDULE 16
Patents, Trademarks and Copyrights
Patent | Owner | Status in Patent Office | Federal Registration No. | Registration Date |
None | ||||
Trademark | Owner | Status in Trademark Office | Federal Registration No. | Registration Date |
CAR-MART COMMITTED TO YOU! | ACM | Registered, Active | 2941129 | 4/19/2005 |
America's CAR-MART | ACM | Registered, Active | 2941128 | 4/19/2005 |
AMERICA'S CAR-MART | ACM | Registered, Active | 2941130 | 4/19/2005 |
Automobile Loan Information System | ACM | Registered, Active | 2755300 | 8/26/2003 |
America's Car-Mart Drive Easy | ACM | Registered, Active | 3186636 | 12/19/2006 |
AUTOMOBILE LOAN INFORMATION SYSTEM | ACM | Registered, Active | 2861739 | 7/6/2004 |
Copyright | Owner | Status in Copyright Office | Federal Registration No. | Registration Date |
Automobile Loan Information System | ACM | Registered, Active | TX0001146243 | 6/24/2002 |
Schedule 16