Exhibit 10.22
NOTE
July 8, 2011
FOR VALUE RECEIVED, each of the undersigned (each a Borrower and collectively the
Borrowers) hereby promises, jointly and severally, to pay to COMERICA BANK or registered
assigns (the Lender), in accordance with the provisions of the Credit Agreement (as
hereinafter defined), the principal amount of each New Vehicle Floorplan Loan from time to time
made by the Lender to Sonic Automotive, Inc. (the Company) or any New Vehicle Borrower
under the Credit Agreement and the principal amount of each Used Vehicle Floorplan Loan from time
to time made by the Lender to the Company under that certain Amended and Restated Syndicated New
and Used Vehicle Floorplan Credit Agreement, dated as of July 8, 2011 (as amended, restated,
extended, supplemented or otherwise modified in writing from time to time, the Credit
Agreement, the terms defined therein being used herein as therein defined), among the Company,
certain Subsidiaries of the Company from time to time party thereto, the Lenders from time to time
party thereto, Bank of America, N.A., as Administrative Agent, New Vehicle Swing Line Lender, and
Used Vehicle Swing Line Lender, and Bank of America, N.A., as Revolving Administrative Agent (in
the capacity of collateral agent for the Secured Parties).
Each Borrower promises, jointly and severally, to pay interest on the unpaid principal amount
of each Loan from the date of such New Vehicle Floorplan Loan or Used Vehicle Floorplan Loan until
such principal amount is paid in full, at such interest rates and at such times as provided in the
Credit Agreement. Except as otherwise provided in Section 2.03(h) with respect to New
Vehicle Floorplan Swing Line Loans, and Section 2.08(f) with respect to Used Vehicle
Floorplan Swing Line Loans, all payments of principal and interest shall be made to the
Administrative Agent for the account of the Lender in Dollars in immediately available funds at the
Administrative Agents Office. If any amount is not paid in full when due hereunder, such unpaid
amount shall bear interest, to be paid upon demand, from the due date thereof until the date of
actual payment (and before as well as after judgment) computed at the per annum rate set forth in
the Credit Agreement.
This Note is one of the Notes referred to in the Credit Agreement, is entitled to the benefits
thereof and may be prepaid in whole or in part subject to the terms and conditions provided
therein. This Note is also entitled to the benefits of the Guaranties and is secured by the
Collateral. Upon the occurrence and continuation of one or more of the Events of Default specified
in the Credit Agreement, all amounts then remaining unpaid on this Note shall (if required by the
Credit Agreement) become, or may be declared to be, immediately due and payable all as provided in
the Credit Agreement. New Vehicle Floorplan Loans and Used Vehicle Floorplan Loans made by the
Lender shall be evidenced by one or more loan accounts or records maintained by the Lender in the
ordinary course of business. The Lender may also attach schedules to this Note and endorse thereon
the date, amount and maturity of its New Vehicle Floorplan Loans and Used Vehicle Floorplan Loans
and payments with respect thereto.
Each Borrower, for itself, its successors and assigns, hereby waives diligence, presentment,
protest and demand and notice of protest, demand, dishonor and non-payment of this Note.
[Signature page follows.]
THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NORTH
CAROLINA.
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SONIC AUTOMOTIVE, INC. |
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By:
Name:
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\David P. Cosper\
David P. Cosper
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Title:
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Vice Chairman and Chief Financial Officer |
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NEW VEHICLE BORROWERS:
ARNGAR, INC.
FAA CONCORD H, INC.
FAA LAS VEGAS H, INC.
FAA POWAY H, INC.
FAA SANTA MONICA V, INC.
FAA SERRAMONTE, INC.
FAA SERRAMONTE H, INC.
FAA STEVENS CREEK, INC.
FAA TORRANCE CPJ, INC.
FRANCISCAN MOTORS, INC.
KRAMER MOTORS INCORPORATED
SAI BROKEN ARROW C, LLC
SAI COLUMBUS MOTORS, LLC
SAI COLUMBUS VWK, LLC
SAI FORT MYERS H, LLC
SAI IRONDALE IMPORTS, LLC
SAI MONTGOMERY BCH, LLC
SAI MONTGOMERY CH, LLC
SAI NASHVILLE CSH, LLC
SAI NASHVILLE H, LLC
SAI NASHVILLE MOTORS, LLC
SAI OKLAHOMA CITY H, LLC
SAI ORLANDO CS, LLC
SAI RIVERSIDE C, LLC
SAI ROCKVILLE IMPORTS, LLC
SAI SANTA CLARA K, INC.
SANTA CLARA IMPORTED CARS, INC.
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By:
Name:
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\David P. Cosper\
David P. Cosper
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Title:
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Vice President and Treasurer |
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NEW VEHICLE BORROWERS:
SONIC 2185 CHAPMAN RD., CHATTANOOGA, LLC
SONIC LAS VEGAS C WEST, LLC
SONIC LONE TREE CADILLAC, INC.
SONIC NEWSOME CHEVROLET WORLD, INC.
SONIC NEWSOME OF FLORENCE, INC.
SONIC SHOTTENKIRK, INC.
SONIC AUTOMOTIVE-9103 E. INDEPENDENCE, NC, LLC
SONIC AUTOMOTIVE 5260 PEACHTREE INDUSTRIAL BLVD., LLC
SONIC TYSONS CORNER H, INC.
SONIC TYSONS CORNER INFINITI, INC.
SONIC-BUENA PARK H, INC.
SONIC-CALABASAS A, INC.
SONIC-CAPITOL CADILLAC, INC.
SONIC-CAPITOL IMPORTS, INC.
SONIC-HARBOR CITY H, INC.
SONIC-PLYMOUTH CADILLAC, INC.
SONIC-VOLVO LV, LLC
STEVENS CREEK CADILLAC, INC.
WINDWARD, INC.
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By:
Name:
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\David P. Cosper\
David P. Cosper
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Title:
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Vice President and Treasurer |
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SONIC LS CHEVROLET, L.P.
By: SONIC LS, LLC, as Sole General Partner
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By:
Name:
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\David P. Cosper\
David P. Cosper
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Title:
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Vice President and Treasurer |
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NEW VEHICLE BORROWERS:
PHILPOTT MOTORS, LTD.
SONIC CADILLAC D, L.P.
SONIC HOUSTON V, L.P.
SONIC LUTE RILEY, L.P.
SONIC ADVANTAGE PA, L.P.
SONIC AUTOMOTIVE 3401 N. MAIN, TX, L.P.
SONIC HOUSTON JLR, LP
SONIC HOUSTON LR, L.P.
SONIC MOMENTUM JVP, L.P.
SONIC MOMENTUM VWA, L.P.
By: SONIC OF TEXAS, INC., as Sole General Partner
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By:
Name:
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\David P. Cosper\
David P. Cosper
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Title:
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Vice President and Treasurer |
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LOANS AND PAYMENTS WITH RESPECT THERETO
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Amount of |
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Outstanding |
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End of |
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Principal or |
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Principal |
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Type of Loan |
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Amount of |
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Interest |
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Interest Paid |
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Balance This |
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Notation |
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Date |
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Made |
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Loan Made |
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Period |
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This Date |
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Date |
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Made By |
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