EXHIBIT 10.37
FIRST AMENDMENT TO
FIFTH AMENDED AND RESTATED
REVOLVING CREDIT AGREEMENT
EFFECTIVE AS OF JULY 25, 2003
AMONG
GROUP 1 AUTOMOTIVE, INC.,
THE SUBSIDIARY BORROWERS LISTED HEREIN,
THE LENDERS LISTED HEREIN,
JPMORGAN CHASE BANK,
AS ADMINISTRATIVE AGENT,
COMERICA BANK,
AS FLOOR PLAN AGENT,
AND
BANK ONE, NA,
AS DOCUMENTATION AGENT
* * * * *
J. P. MORGAN SECURITIES INC.
LEAD ARRANGER AND SOLE BOOKRUNNER
TABLE OF CONTENTS
Page
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ARTICLE I. DEFINITIONS............................................................................................1
Section 1.1 Terms Defined Above......................................................................1
Section 1.2 Terms Defined in Credit Agreement........................................................1
Section 1.3 Other Definitional Provisions............................................................1
ARTICLE II. AMENDMENTS TO CREDIT AGREEMENT........................................................................2
Section 2.1 Amendments and Supplements to Definitions................................................2
ARTICLE III. CONDITIONS...........................................................................................2
Section 3.1 Loan Documents...........................................................................2
Section 3.2 Representations and Warranties...........................................................2
Section 3.3 Other Instruments or Documents...........................................................2
ARTICLE IV. MISCELLANEOUS.........................................................................................3
Section 4.1 Adoption, Ratification and Confirmation of Credit Agreement..............................3
Section 4.2 Successors and Assigns...................................................................3
Section 4.3 Counterparts.............................................................................3
Section 4.4 Number and Gender........................................................................3
Section 4.5 Invalidity...............................................................................3
Section 4.6 Titles of Articles, Sections and Subsections.............................................3
Section 4.7 Release..................................................................................3
Section 4.8 Governing Law............................................................................4
Section 4.9 Entire Agreement.........................................................................4
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FIRST AMENDMENT TO FIFTH AMENDED CREDIT AGREEMENT
THIS FIRST AMENDMENT (THE "FIRST AMENDMENT") TO THE FIFTH AMENDED AND
RESTATED REVOLVING CREDIT AGREEMENT (THE "CREDIT AGREEMENT") dated effective as
of July 25, 2003 (the "EFFECTIVE DATE"), is entered into among GROUP 1
AUTOMOTIVE, INC., a Delaware corporation (the "COMPANY"), each of the
Subsidiaries of the Company listed on the signature pages hereof and such other
Subsidiaries of the Company which hereafter shall become parties the Credit
Agreement (the Company and the Subsidiaries are sometimes referred to herein as,
individually, a "BORROWER," and collectively, the "BORROWERS"), the lenders
listed on the signature pages hereof (the "Lenders"), JPMORGAN CHASE BANK (as
successor by merger to The Chase Manhattan Bank and Chase Bank of Texas, N.A.),
as Administrative Agent for the Lenders (in such capacity together with any
successor, the "AGENT"), COMERICA BANK, as Floor Plan Agent for the Lenders (in
such capacity together with any successor, the "FLOOR PLAN AGENT"), and BANK
ONE, NA, as Documentation Agent (in such capacity, together with any successor
the "Documentation Agent" and together with the Agent and the Floor Plan Agent,
the "Agents").
R E C I T A L S:
The Company, each of the other Borrowers, the Agents and the Lenders
are parties to the Credit Agreement dated June 2, 2003, pursuant to which the
Lenders agreed to make loans to and extensions of credit on behalf of the
Borrowers; and
The Company, the Borrowers, the Agents and the Lenders desire to amend
the Credit Agreement in the particulars hereinafter provided;
NOW, THEREFORE, in consideration of the premises and the mutual
covenants herein contained, the parties hereto agree as follows:
ARTICLE I. DEFINITIONS
Section 1.1 Terms Defined Above. As used in this First Amendment, each
of the terms defined in the opening paragraph and the Recitals above shall have
the meaning assigned to such terms therein.
Section 1.2 Terms Defined in Credit Agreement. Each term defined in the
Credit Agreement and used herein without definition shall have the meaning
assigned to such term in the Credit Agreement, unless expressly provided to the
contrary.
Section 1.3 Other Definitional Provisions.
(a) The words "hereby", "herein", "hereinafter", "hereof", "hereto" and
"hereunder" when used in this First Amendment shall refer to this First
Amendment as a whole and not to any particular Article, Section, subsection or
provision of this First Amendment.
(b) Section, subsection and Exhibit references herein are to such
Sections, subsections and Exhibits to this First Amendment unless otherwise
specified.
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ARTICLE II. AMENDMENTS TO CREDIT AGREEMENT
The Company, each of the Borrowers, the Agents and the Lenders agree
that the Credit Agreement is hereby amended, effective as of the Effective Date,
in the following particulars.
Section 2.1 Amendments and Supplements to Definitions.
The following terms, which are defined in Section 1.1 of the Credit
Agreement, are hereby amended in their entirety to read as follows:
"Agreement" shall mean this Credit Agreement, as amended and
supplemented by the First Amendment and as the same may from time to
time be further amended or supplemented.
"EBITDA" means, for any Person, for any period for which the
amount thereof is to be determined, Net Income for such period, plus,
to the extent deducted in the determination of Net Income and without
duplication with items included in the adjustments under GAAP to Net
Income in the determination of net income, (a) provisions for income
taxes, (b) Interest Expense, (c) depreciation and amortization expense,
(d) other non-cash income or charges, and (e) any premium payments
required to be paid by the Company in connection with the redemption,
repurchase or prepayment of its 10 7/8% Senior Subordinated Notes
originally due March 1, 2009.
"First Amendment" shall mean that certain First Amendment to
Fifth Amended and Restated Credit Agreement, executed by the Company,
each of the other Borrowers, the Lenders and the Agents.
ARTICLE III. CONDITIONS
The effectiveness of this First Amendment is subject to the
satisfaction of the following conditions precedent:
Section 3.1 Loan Documents. The Agent shall have received multiple
original counterparts of this First Amendment executed and delivered by a duly
authorized officer of the Company and each of the Borrowers and the Required
Lenders.
Section 3.2 Representations and Warranties. Except as affected by the
transactions contemplated in the Credit Agreement and this First Amendment, each
of the representations and warranties made by the Company and the other
Borrowers in or pursuant to the Loan Documents shall be true and correct in all
material respects as of the Effective Date, as if made on and as of such date.
Section 3.3 Other Instruments or Documents. The Agent shall receive
such other instruments or documents as it may reasonably request.
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ARTICLE IV. MISCELLANEOUS
Section 4.1 Adoption, Ratification and Confirmation of Credit
Agreement. The Company, each of the Borrowers, the Agents and the Lenders do
hereby adopt, ratify and confirm the Credit Agreement, as amended hereby, and
the Security Documents, and acknowledges and agrees that the Credit Agreement,
as amended hereby, and each of the Security Documents, are and remain in full
force and effect.
Section 4.2 Successors and Assigns. This First Amendment shall be
binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns permitted pursuant to the Credit Agreement.
Section 4.3 Counterparts. This First Amendment may be executed by one
or more of the parties hereto in any number of separate counterparts, and may be
delivered in original or facsimile form, and all of such counterparts taken
together shall be deemed to constitute one and the same instrument and shall be
enforceable as of the Effective Date upon the execution of one or more
counterparts hereof by the Company, the other Borrowers, the Agents and the
Lenders. In this regard, each of the parties hereto acknowledges that a
counterpart of this First Amendment containing a set of counterpart execution
pages reflecting the execution of each party hereto shall be sufficient to
reflect the execution of this First Amendment by each necessary party hereto and
shall constitute one instrument.
Section 4.4 Number and Gender. Whenever the context requires, reference
herein made to the single number shall be understood to include the plural; and
likewise, the plural shall be understood to include the singular. Words denoting
sex shall be construed to include the masculine, feminine and neuter, when such
construction is appropriate; and specific enumeration shall not exclude the
general but shall be construed as cumulative. Definitions of terms defined in
the singular or plural shall be equally applicable to the plural or singular, as
the case may be, unless otherwise indicated.
Section 4.5 Invalidity. In the event that any one or more of the
provisions contained in this First Amendment shall for any reason be held
invalid, illegal or unenforceable in any respect, such invalidity, illegality or
unenforceability shall not affect any other provision of this First Amendment.
Section 4.6 Titles of Articles, Sections and Subsections. All titles or
headings to Articles, Sections, subsections or other divisions of this First
Amendment or the exhibits hereto, if any, are only for the convenience of the
parties and shall not be construed to have any effect or meaning with respect to
the other content of such Articles, Sections, subsections, other divisions or
exhibits, such other content being controlling as the agreement among the
parties hereto.
Section 4.7 Release.
The Company and each of the other Borrowers do hereby release the
Agents and each Lender and each Affiliate thereof and their respective
directors, officers, employees and agents from, any and all losses, liabilities,
claims or damages (including reasonable legal fees and expenses) to which any of
them may become subject, insofar as such losses, liabilities, claims or damages
arise out of or result from the Loan Documents or the transactions contemplated
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thereby, or the actions or inactions of any Person in regard thereto, including
any Person hereby released, and the Company and each of the other Borrowers
shall reimburse each Lender and each Affiliate thereof and their respective
directors, officers, employees and agents, upon demand, for any expenses
(including legal fees) reasonably incurred in connection with any investigation
or proceeding involving such matters. Without prejudice to the survival of any
other obligations of the Company and the other Borrowers hereunder and under the
other Loan Documents, such release shall survive the termination of the Credit
Agreement or this Amendment and the other Loan Documents, the payment of the
Obligations, or the assignment of the Notes.
Section 4.8 Governing Law. THIS FIRST AMENDMENT SHALL BE DEEMED TO BE A
CONTRACT MADE UNDER AND SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE INTERNAL LAWS OF THE STATE OF TEXAS.
Section 4.9 Entire Agreement. THE CREDIT AGREEMENT, AS AMENDED BY THIS
FIRST AMENDMENT AND THE OTHER LOAN DOCUMENTS, CONSTITUTE THE ENTIRE AGREEMENT
AMONG THE PARTIES HERETO WITH RESPECT TO THE SUBJECT THEREOF. ALL PRIOR
UNDERSTANDINGS, STATEMENTS AND AGREEMENTS, WHETHER WRITTEN OR ORAL, RELATING TO
THE SUBJECT THEREOF ARE SUPERSEDED BY THE CREDIT AGREEMENT, AS AMENDED BY THIS
FIRST AMENDMENT AND THE OTHER LOAN DOCUMENTS.
[SIGNATURES BEGIN ON NEXT PAGE]
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IN WITNESS WHEREOF, the parties hereto have caused this First Amendment
to be duly executed and delivered by their proper and duly authorized officers
as of the Effective Date.
BORROWERS: GROUP 1 AUTOMOTIVE, INC.,
a Delaware corporation
By: /s/ Scott L. Thompson
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Name: Scott L. Thompson
Title: Executive Vice President
GROUP 1 REALTY, INC., a Delaware corporation;
GROUP 1 FL HOLDINGS, INC., a Delaware
corporation
By: /s/ Scott L. Thompson
------------------------------------------
Name: Scott L. Thompson
Title: President
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BOB HOWARD AUTOMOTIVE-EAST, INC., an Oklahoma
corporation;
BOB HOWARD AUTOMOTIVE-H, INC., an Oklahoma
corporation;
BOB HOWARD CHEVROLET, INC., an Oklahoma
corporation;
BOB HOWARD DODGE, INC., an Oklahoma
corporation;
BOB HOWARD MOTORS, INC., an Oklahoma
corporation;
BOB HOWARD NISSAN, INC., an Oklahoma
corporation;
BOHN HOLDINGS-DC, INC., a Delaware
corporation;
BOHN HOLDINGS-F, INC., a Delaware
corporation;
BOHN HOLDINGS-GM, INC., a Delaware
corporation;
BOHN HOLDINGS-S, INC., a Delaware
corporation;
CASA CHEVROLET, INC., a New Mexico
corporation;
CASA CHRYSLER PLYMOUTH JEEP, INC., a New
Mexico corporation;
DANVERS-DC, INC., a Delaware corporation;
DANVERS-DCII, INC., a Delaware corporation;
DANVERS-DCIII, INC., a Delaware corporation;
DANVERS-GM, INC., a Delaware corporation;
DANVERS-N, INC., a Delaware corporation;
DANVERS-NII, INC., a Delaware corporation;
DANVERS-S, INC., a Delaware corporation;
DANVERS-SU, INC., a Delaware corporation;
DANVERS-T, INC., a Delaware corporation;
DANVERS-TII, INC., a Delaware corporation;
DANVERS-TL, INC., a Delaware corporation;
FMM, INC., a California corporation;
GPI ATLANTA-F, INC., a Georgia corporation;
GPI ATLANTA-FLM, INC., a Delaware
corporation;
GPI ATLANTA-FLMII, INC., a Delaware
corporation;
GPI ATLANTA-T, INC., a Delaware corporation;
GROUP 1 ASSOCIATES, INC., a Delaware
corporation;
HARVEY-T, INC., a Delaware corporation;
HIGHLAND AUTOPLEX, INC., a Texas corporation;
HOWARD FORD, INC., a Delaware corporation;
HOWARD PONTIAC-GMC, INC., an Oklahoma
corporation;
HOWARD-DC, INC., a Delaware corporation;
HOWARD-DCII, INC., a Delaware corporation;
HOWARD-GM, INC., a Delaware corporation;
HOWARD-GMII, INC., a Delaware corporation;
HOWARD-GMIII, INC., a Delaware corporation;
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HOWARD-H, INC., a Delaware corporation;
HOWARD-HA, INC., a Delaware corporation;
HOWARD-FLM, INC., a Delaware corporation;
HOWARD-SB, INC., a Delaware corporation;
HOWARD-SI, INC., a Delaware corporation;
JIM TIDWELL FORD, INC., a Delaware
corporation;
LUBY CHEVROLET CO., a Delaware corporation;
MIKE SMITH AUTOMOTIVE-H, INC., a Delaware
corporation;
MIKE SMITH AUTOMOTIVE-N, INC., a Texas
corporation;
MIKE SMITH AUTOPLAZA, INC., a Texas
corporation;
MIKE SMITH AUTOPLEX BUICK, INC., a Texas
corporation;
MIKE SMITH AUTOPLEX DODGE, INC., a Texas
corporation;
MIKE SMITH AUTOPLEX, INC., a Texas
corporation;
MIKE SMITH AUTOPLEX-GERMAN IMPORTS, INC., a
Texas corporation;
MIKE SMITH AUTOPLEX-V, INC., a Texas
corporation;
MIKE SMITH GM, INC., a Delaware corporation;
MIKE SMITH IMPORTS, INC., a Texas
corporation;
MIKE SMITH MOTORS, INC., a Texas corporation;
MILLBRO, INC., a California corporation;
MILLER AUTOMOTIVE GROUP, INC., a California
corporation;
MILLER FAMILY COMPANY, INC., a California
corporation;
MILLER IMPORTS, INC., a California
corporation;
MILLER INFINITI, INC., a California
corporation;
MILLER MOTORS VAN NUYS, INC., a California
corporation;
MILLER NISSAN, INC., a California
corporation;
MILLER-NII, INC., a Delaware corporation;
PERIMETER FORD, INC., a Delaware corporation;
SUNSHINE BUICK PONTIAC GMC TRUCK, INC., a New
Mexico corporation
By: /s/ Scott L. Thompson
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Name: Scott L. Thompson
Title: Vice President
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AMARILLO MOTORS-C, LTD., a Texas limited
partnership;
AMARILLO MOTORS-F, LTD., a Texas limited
partnership;
AMARILLO MOTORS-FM, LTD., a Texas limited
partnership;
AMARILLO MOTORS-J, LTD., a Texas limited
partnership;
AMARILLO MOTORS-SM, LTD., a Texas limited
partnership;
CHAPERRAL DODGE, LTD., a Texas limited
partnership;
COLONIAL CHRYSLER-PLYMOUTH, LTD., a Texas
limited partnership;
GPI, LTD., a Texas limited partnership ;
KUTZ-DC, LTD., a Texas limited partnership;
KUTZ-N, LTD., a Texas limited partnership;
LUBBOCK MOTORS, LTD., a Texas limited
partnership;
LUBBOCK MOTORS-F, LTD., a Texas limited
partnership;
LUBBOCK MOTORS-S, LTD., a Texas limited
partnership;
LUBBOCK MOTORS-SH, LTD., a Texas limited
partnership;
LUBBOCK MOTORS-T, LTD., a Texas limited
partnership;
MAXWELL CHRYSLER DODGE JEEP, LTD., a Texas
limited partnership;
MAXWELL FORD, LTD., a Texas limited
partnership;
MAXWELL-G, LTD., a Texas limited partnership;
MAXWELL-N, LTD., a Texas limited partnership;
MAXWELL-NII, LTD., a Texas limited
partnership;
MAXWELL-SM, LTD., a Texas limited
partnership;
MCCALL-H, LTD., a Texas limited partnership;
MCCALL-HA, LTD., a Texas limited partnership;
MCCALL-N, LTD., a Texas limited partnership;
MCCALL-T, LTD., a Texas limited partnership;
MCCALL-TII, LTD., a Texas limited
partnership;
MCCALL-TL, LTD., a Texas limited partnership;
PRESTIGE CHRYSLER NORTHWEST, LTD., a Texas
limited partnership;
PRESTIGE CHRYSLER SOUTH, LTD., a Texas
limited partnership;
ROCKWALL AUTOMOTIVE-DCD, LTD., a Texas
limited partnership;
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ROCKWALL AUTOMOTIVE-F, LTD., a Texas limited
partnership;
By: GROUP 1 ASSOCIATES, INC.,
a Delaware corporation
By: /s/ Scott L. Thompson
------------------------------------------
Name: Scott L. Thompson
Title: Vice President
GROUP 1 HOLDINGS-DC, L.L.C., a Delaware
limited liability company;
GROUP 1 HOLDINGS-F, L.L.C., a Delaware
limited liability company;
GROUP 1 HOLDINGS-GM, L.L.C., a Delaware
limited liability company;
GROUP 1 HOLDINGS-H, L.L.C., a Delaware
limited liability company;
GROUP 1 HOLDINGS-N, L.L.C., a Delaware
limited liability company;
GROUP 1 HOLDINGS-S, L.L.C., a Delaware
limited liability company;
GROUP 1 HOLDINGS-T, L.L.C., a Delaware
limited liability company;
By: GROUP 1 AUTOMOTIVE, INC.,
a Delaware corporation
By: /s/ Scott L. Thompson
------------------------------------------
Name: Scott L. Thompson
Title: Executive Vice President
COURTESY FORD, LLC, a Delaware limited
liability company;
GULF BREEZE FORD, LLC, a Delaware limited
liability company;
KEY FORD, LLC, a Delaware limited liability
company;
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KOONS FORD, LLC, a Delaware limited liability
company
By: GROUP 1 FL HOLDINGS, INC.,
a Delaware corporation
By: /s/ Scott L. Thompson
------------------------------------------
Name: Scott L. Thompson
Title: President
BOHN-DC, LLC, a Delaware limited liability
company
By: BOHN HOLDINGS-DC, INC.,
a Delaware corporation
By: /s/ Scott L. Thompson
------------------------------------------
Name: Scott L. Thompson
Title: Vice President
BOHN-FII, LLC, a Delaware limited liability
company;
BOHN-FIII, LLC, a Delaware limited liability
company;
HARVEY FORD, LLC, a Delaware limited
liability company;
HARVEY-FLM, LLC, a Delaware limited liability
company
By: BOHN HOLDINGS-F, INC.,
a Delaware corporation
By: /s/ Scott L. Thompson
------------------------------------------
* Name: Scott L. Thompson
Title: Vice President
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HARVEY GM, LLC, a Delaware limited liability
company
By: BOHN HOLDINGS-GM, INC.,
a Delaware corporation
By: /s/ Scott L. Thompson
------------------------------------------
Name: Scott L. Thompson
Title: Vice President
HARVEY SM, LLC, a Delaware limited liability
company
By: BOHN HOLDINGS-S, INC.,
a Delaware corporation
By: /s/ Scott L. Thompson
------------------------------------------
Name: Scott L. Thompson
Title: Vice President
HARVEY OPERATIONS-T, LLC, a Delaware limited
liability company
By: HARVEY-T, INC., a Delaware corporation
By: /s/ Scott L. Thompson
------------------------------------------
Name: Scott L. Thompson
Title: Vice President
IRA AUTOMOTIVE GROUP, LLC, a Delaware limited
liability company
By: DANVERS-T, INC., a Delaware corporation
By: /s/ Scott L. Thompson
------------------------------------------
Name: Scott L. Thompson
Title: Vice President
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GROUP 1 LP INTERESTS-F, INC., a Delaware
corporation;
GROUP 1 LP INTERESTS-DC, INC., a Delaware
corporation;
GROUP 1 LP INTERESTS-T, INC., a Delaware
corporation;
GROUP 1 LP INTERESTS-GM, INC., a Delaware
corporation;
GROUP 1 LP INTERESTS-H, INC., a Delaware
corporation;
GROUP 1 LP INTERESTS-S, INC., a Delaware
corporation;
GROUP 1 LP INTERESTS-N, INC., a Delaware
corporation
By: /s/ Mathew J. Baer
------------------------------------------
Name: Mathew J. Baer
Title: President
DELAWARE ACQUISITION-DC, LLC, a Delaware
limited liability company
By: GROUP 1 LP INTERESTS-DC, INC.,
a Delaware corporation
By: /s/ Mathew J. Baer
------------------------------------------
Name: Mathew J. Baer
Title: President
DELAWARE ACQUISITION-F, LLC, a Delaware
limited liability company
By: GROUP 1 LP INTERESTS-F, INC.,
a Delaware corporation
By: /s/ Mathew J. Baer
------------------------------------------
Name: Mathew J. Baer
Title: President
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DELAWARE ACQUISITION-GM, LLC, a Delaware
limited liability company
By: GROUP 1 LP INTERESTS-GM, INC.,
a Delaware corporation
By: /s/ Mathew J. Baer
------------------------------------------
Name: Mathew J. Baer
Title: President
DELAWARE ACQUISITION-N, LLC, a Delaware
limited liability company
By: GROUP 1 LP INTERESTS-N, INC.,
a Delaware corporation
By: /s/ Mathew J. Baer
------------------------------------------
Name: Mathew J. Baer
Title: President
DELAWARE ACQUISITION-T, LLC, a Delaware
limited liability company
By: GROUP 1 LP INTERESTS-T, INC.,
a Delaware corporation
By: /s/ Mathew J. Baer
------------------------------------------
Name: Mathew J. Baer
Title: President
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AGENT, ISSUING BANK AND JPMORGAN CHASE BANK
LENDER:
By: /s/ H. David Jones
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Name: H. David Jones
Title: Vice President
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FLOOR PLAN AGENT,
SWING LINE BANK AND COMERICA BANK
LENDER:
By: /s/ Joseph A. Moran
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Name: Joseph A. Moran
Title: Senior Vice President
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DOCUMENTATION AGENT BANK ONE, NA
AND LENDER:
By:
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Name:
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Title:
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Address:
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Telecopy No.:
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LENDER: TOYOTA MOTOR CREDIT CORPORATION
By:
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Name:
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Title:
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Address:
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LENDER: U.S. BANK N.A.
By:
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Name:
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Title:
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Address:
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LENDER: SOVEREIGN BANK
By:
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Name:
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Title:
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Address:
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LENDER: KEY BANK NATIONAL ASSOCIATION
By:
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Name:
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Title:
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Address:
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LENDER: BNP PARIBAS
By:
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Name:
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Title:
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Address:
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LENDER: WELLS FARGO BANK, N.A.
By:
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Name:
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Title:
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Address:
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LENDER: SOUTHWEST BANK OF TEXAS, N.A.
By:
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Name:
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Title:
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Address:
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LENDER: BANK OF OKLAHOMA, N.A.
By:
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Name:
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Title:
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Address:
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LENDER: BMW FINANCIAL SERVICES NA, LLC
By:
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Name:
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Title:
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Address:
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LENDER: AMARILLO NATIONAL BANK
By:
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Name:
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Title:
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Address:
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